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Right to Funds from Sale of Tax Credits At Issue In Litigation Between Production Companies
State tax credits are valuable tools for helping meet the costs of producing films, TV shows, commercials, and other media and entertainment productions. To entice production companies to work locally — and depending on its particular tax-credit program — a state may allow production companies to use the credits to pay tax liabilities to that state, as collateral for loans and even to sell the credits to third parties.
But if more than one production company is involved with a project, a legal dispute can arise over which company owns the right to the tax credit funds. That's what happened in Feel Films Ltd. v. AP Production Services Inc. (APP), 21 Civ. 451 (S.D.N.Y. 2022), a current case involving Georgia's tax credit incentives.
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.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.