LJN Newsletters

This edition of the Quarterly State Compliance Review looks at some legislation of interest to corporate lawyers that went into effect recently. It also discusses some recent decisions of interest, including one from the Delaware Supreme Court and two from the Delaware Chancery Court.

In law, exceptions can swallow the rules if the rule-makers are not careful. One area of particular concern is when the privilege over communications with lawyers is called into question because those communications have been invoked to show someone's good faith in attempting to follow the law.

An in-depth analysis of recent rulings.

Recent national rulings of interest.

With ever widening budget deficits and economic limitations on raising taxes, the IRS will go in the only direction it can, that is, to mine the "tax gap" ' the difference between the taxes that should have been collected under current law and those that actually are collected.

As the financial crisis has deepened, the pressure for prosecutions from politicians, the media and the public has grown. In turn, federal and state law enforcement and regulatory agencies have devoted vast resources to investigating the crisis.

The combination of new people, priorities, resources and coordination ' coupled with public and Congressional outrage ' promises to bring a surge of white-collar enforcement, but perhaps accompanied by some sanity in sentencing.

The Bankruptcy Code ' 362(d)(3) provides unique grounds for stay relief by permitting a creditor secured by a bankruptcy debtor's "single asset real estate" to pursue an act against the property as early as 90 days after the case's filing. To take full advantage of this provision, however, secured creditors should carefully manage the dual time frames set forth in this Bankruptcy Code section.