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A More Secure Investment?
For many decades, U.S. institutional investors and large bond insurers have viewed the general obligation (GO) municipal bonds from rated investment grade municipalities as a much higher value investment vehicle than an illiquid municipal lease subject to annual appropriation. Have the recent large municipal bankruptcies and the increasing recognition of underfunded pension funds improved the attractiveness of the less liquid municipal lease? In the current climate, with cities like Stockton, CA, and Detroit, MI, causing concern for municipal investors, are the municipal lease and its annual appropriation risk are now more secure because of the fully assigned security in the municipality's essential equipment?
In the wake of the recession, unprecedented large U.S. city bankruptcies are emerging, under significantly different circumstances than previous municipal bankruptcies. The Great Recession put more declining revenue pressure on most municipal entities due to generally lower property tax revenue and a reduction in grants and revenue sharing from U.S. federal and state sources, which had been relatively stable or increasing for decades. On a national scale, the 10 worst housing markets saw declines of at least 55% from their peak (NBC News, Sept. 26, 2012).
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
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.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.