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In Search of Intangible Asset Value
It used to be that when faced with the question of “duplication” or “double dipping” in connection with assets that are distributed upon marital dissolution and income used as a basis for maintenance awards, one needed to look no further than the income that was capitalized in determining the value of the asset. In other words, it was typically held that income that forms the basis for the value of an asset is not also available for purposes of maintenance, lest you would effectively be distributing the same income stream twice. It did not matter whether the income was derived from a medical practice, a car dealership, a widget manufacturer, commercial real estate, or an enhanced earnings capacity.
Since 2004, however, with the troubling Court of Appeals decision in Keane v. Keane, 8 NY 3d 115 (NY 2004), the identification of income that is unavailable for purposes of maintenance awards (should one wish to avoid a distribution of an earnings stream more than once) has become more complex In Keane, the court distinguished between tangible and intangible income-producing assets, and decided that income associated with the former should not be off limits when considering a maintenance award. In other words, it allowed the “double dip” on income generated from “tangible” assets. Subsequent Appellate Division decisions have cited the Keane decision in allowing this overlapping award with respect to income produced by “tangible income producing properties,” which has been deemed to include service businesses (not just commercial real estate).
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.