Over the past several months, law firms have discharged both lawyers and staff in unprecedented numbers. Although it may be too early to assess whether these layoffs will result in significant legal fallout, law firms may make particularly attractive targets for lawsuits.
Laptops, thumb drives, data sticks, e-mails, and USB ports make it easy for employees to walk out of a company with valuable information, customer lists, and trade secrets. An employer's remedies are often limited.
Recent rulings of interest to you and your practice.
Part One of this article, which ran in the May 2009, issue of this newsletter, discussed the differences between assignment and subletting and assignments pro tanto. Part Two herein explores some of the problems that can arise in a transaction involving assignment or subletting.
This article addresses certain terms, provisions and concerns that should be covered in a tenant's lease transaction, which will not only be important if the landlord experiences financial difficulties, but will also assist the tenant if it should confront a difficult financial situation on its own account.
Part One of this article in last month's issue discussed a variety of methods to keep the tenant operating. The article herein continues the discussion.
With the recent financial crisis that has affected many American importers, wholesalers, and retailers, Chinese manufacturers should be prepared to deal with financially distressed U.S. customers that seek to rehabilitate their businesses through Chapter 11 bankruptcy.
The U.S. Court of Appeals for the Seventh Circuit held on May 5, 2009, that two secured lenders were fully secured, "entitled to a full recovery" from the debtor ("UAL") despite the bankruptcy court's improper valuation of the collateral (improved airport terminal space) securing the lenders' underlying $60 million loan.
The recent financial crisis and dislocation in the financial markets has had significant consequences for bankruptcy and restructuring professionals. One such consequence is a dramatic increase in the use of debt exchange offers as a liability management tool.
