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Features
John and Timothy Rigas ('the Rigases') were convicted in 2004 by a federal jury for their roles in looting millions of dollars from Adelphia Communications Co. and for failing to disclose billions of dollars in company liabilities on Adelphia's financial statements. In their appeal to the Second Circuit, the Rigases argued that because their convictions were predicated on Adelphia's accounting for liabilities in its financial statements, the prosecution was required to call an accounting expert to explain the technical aspects of applicable Generally Accepted Accounting Principles (GAAP). The Second Circuit recently affirmed all but one of the counts of convictions. Here is an analysis of the case.
Features
The authors are longtime members of the ABA Section of Taxation Civil and Criminal Tax Penalties Committee. Their thrice-annual Saturday morning meetings used to involve continuing education only among lawyers joined by the common bond of representing clients who were not just aggressive in their tax affairs but who really cheated (or at least were thought to have by the government). For the past few years, though, their sessions have been packed with practitioners who never before cared much about developments in the world of criminal tax law. Here's why.
Features
Given that the raison d'etre of KERPs was to retain top management, it is perhaps ironic that debtors now must show that a compensation plan is not retentive ' or at least that retention is not its primary purpose ' in order to obtain bankruptcy court approval. This article offers a complete explanation and analysis.
Features
The First Circuit recently added its weight to the list of authorities allowing as unsecured claims unreasonable prepayment penalties asserted by oversecured creditors, but, by implication, the court may have added further fuel to the debate regarding the allowability of claims by unsecured creditors for contractual, post-petition attorney fees ...
Features
The value of athletes' personas and related indicia is a bedrock component of the sports industries. Merchandising and endorsement deals date back decades. But this tradition hasn't meant a smooth ride today. Disputes over athlete indicia are as common as those for entertainers. An examination of several court rulings from the past few weeks demonstrates common claims and defenses over licensed and unlicensed uses.
Features
Quiznos successfully beat back a class action challenging its supplier arrangements in <i>Westerfeld v. The Quiznos Franchise Company.</i> One important aspect of this decision is that the Eastern District of Wisconsin court had no problem dismissing a class action challenge to Quiznos' supplier arrangements on the basis that various disclaimer clauses commonly used by most franchisors were fully enforceable and effective to bar the franchisees' fraud and RICO claims.
Features
'Earmark' is a 16th century form of cattle branding. But this case presents a contemporary Congressional earmark that cut out the right of Last Best Beef, LLC to register or enforce its brand.
Features
Buying assets out of a bankruptcy case represents one of the best ways to profit from financial distress. However, just as there is no typical bankrupt company, there is no typical asset sale in a bankruptcy case. Bankruptcy and distressed company investing, while potentially lucrative, is also complex and oftentimes contentious.
Features
Last month, the authors discussed the law in the U.S. and beyond pertaining to the establishment of a child's habitual residence. The next issue to cover, once habitual residence of the child has been established, is whether or not the petitioning party has a right to custody of the child in question.
