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Many months ago, federal grand subpoenas arrived on your client's door step. Their unexpected arrival and broad scope set off typical alarm bells and suddenly displaced a good deal of ongoing business. Your client immediately turned to you to undertake an investigation of the matter and a response. Your client's Information Services Department swept all electronic databases, and you directed phalanxes of young lawyers to conduct interviews and review documents for responsiveness. Now what?
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Judge Lewis Kaplan's eloquent and eminently correct decision striking down the Justice Department's policy embodied in the 'Thompson Memo' that pressures corporations, by threat of indictment, to cut off legal fees to 'culpable' employees, was widely publicized and acclaimed. But it may ultimately produce little change in the real world of white-collar criminal defense.
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Recent rulings of importance to you and your practice.
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Maximizing the recovery for unsecured creditors is the primary goal of every liquidating trustee. In proposing the Farmland Industries liquidating plan, the debtor estimated that the maximum recovery for unsecured creditors would not exceed 85% of their allowed claims and that it would take the liquidating trustee approximately 5 years to reach that payout. Instead, JPMorgan, the appointed liquidating trustee, paid unsecured creditors more than 100% of their allowed claims 3 years earlier than anticipated. Several factors played a crucial role in maximizing the payout for Farmland Industries' unsecured creditors; these are explained in this article.
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The September Issue of this newsletter discussed the Delaware Bankruptcy Court's recent decision, In re Scott Acquisition Corp., 2006 WL 1732277 (Bankr. D. Del. 2006), which ruled that directors and officers of insolvent subsidiary companies owe fiduciary duties to both its creditors and the subsidiary itself. Hot on the heels of that decision, the Delaware Chancery Court, Vice-Chancellor Leo E. Strine presiding, has again waded into the breach of fiduciary duty and zone of insolvency arena with its decision in <i>Trenwick America Litigation Trust v. Ernst & Young, L.L.P., et al.</i>
The treatment of loans to a debtor's former employees can result in unforeseen and unfavorable tax consequences. An unwary trustee or administrator of a plan of reorganization (each a 'Responsible Individual') who employs the wrong approach can expose the estate to unanticipated payroll tax liability. Moreover, if the Responsible Individual fails to reserve sufficient funds for payment of such payroll tax liability, he may be forced to pay such liability out of his own pocket. As a result, it is critical that a Responsible Individual be familiar with the issues, and employ the strategies discussed herein.
The latest rulings of importance to you and your practice.
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Recent happenings in this important arena.
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It is becoming increasingly common for medical company representatives to be present in examination rooms, procedure rooms and even in operating rooms. Because of this trend, it is important not only for medical companies, but also for hospitals and physicians to be aware of the potential liability related to having these representatives present during examinations or procedures.