Features
Order in the Court: Limits on the Court's Preservation of Debtor Assets
Telecom companies invest substantial amounts to acquire their assets, such as underground cables or fiber optic networks. As a consequence of building or acquiring this capital-intensive infrastructure, telecom companies often pay millions of dollars in annual property tax assessments. When telecom asset values drop (as has most recently been the case), telecom companies generally focus on keeping their businesses afloat, rather than on their property taxes.
Bankruptcy Courts Allowed to Reopen Section 363 Auctions
A bankruptcy judge's mandate, and the purpose of a section 363 sale process, is to obtain the "highest and best" offer for the assets. Finality and integrity of the process are also important policy considerations. Bankruptcy sales are designed to facilitate the estate's ready realization of value from its assets, while at the same time giving purchasers some degree of certainty that they will obtain clear title to an asset, without the fear of having the transaction later reversed. At times, however, these principles may be in conflict, as outlined by the Seventh Circuit.
Features
From Cradle to Grave
Bankruptcy lawyers may not get involved in their clients' transactions until it is too late. They may be called in only upon the occurrence of a default, litigation, or the commencement of a bankruptcy case. At that point, they are faced with deals that have been "set in stone" -- drafted and structured by lawyers specializing in the front-end, who may have looked at the transaction from an overly optimistic viewpoint, especially in the case of a long-term deal with another party that presently is in good financial health.
New Proposed Franchise Rule Released
On August 25, the Federal Trade Commission released a proposed final rule, 'Disclosure Requirements and Prohibitions Concerning Franchising and Business Opportunity Ventures," known more commonly as the "Franchise Rule." FBLA's editorial staff is now working on an in-depth analysis of the Franchise Rule in a special report that will be distributed to all subscribers. To read the proposed Franchise Rule, go to the FTC's Web site at <a href="http://www.ftc.gov/opa/2004/08/franchiserule.htm">www.ftc.gov/opa/2004/08/franchiserule.htm. </a>
Features
The Applicability Of The WARN Act To Law Firms
In addition to its obligations to its clients and creditors, a law firm partnership which is in dissolution, or about to merge or be sold, may have certain statutory obligations to its employees. In recent years there has been litigation surrounding whether the Workers Adjustment and Retraining Notification Act (WARN) is applicable to partnerships, and in particular, law firm partnerships.
Outsiders As Overseers
In the wake of Enron, WorldCom, and other corporate scandals, corporate governance has come under the microscope. One reform that has been widely endorsed is the election of more independent, outside, nonexecutive directors to boards of publicly owned corporations. Outside corporate directors provide not only accountability but also perspective, diverse experience, and credibility. <br>Law firms might well benefit from outside directors in the same way. Indeed, some non-U.S. firms have already done so.
Look Before You Leap
One of the most difficult decisions any partner faces is whether to make a lateral move. Unlike associate lateral moves, which are relatively straightforward and can be accomplished in as little as one week, the issues facing partners are far more complex, and the process can typically take three to four months ' sometimes much longer. <BR>Before making the leap, partners should consider these questions.
Features
Successful Succession Planning For Law Firms
Succession planning is one of those management issues that rarely gets much attention until a senior partner or rainmaker announces plans to leave or retire ' and then the firm goes into crisis mode.
Features
Insurers' Billing Complaints
Insurers and auditing firms say that the following types of billing inconsistencies are the most common.
Need Help?
- Prefer an IP authenticated environment? Request a transition or call 800-756-8993.
- Need other assistance? email Customer Service or call 1-877-256-2472.
MOST POPULAR STORIES
- Law Firms and the Rise of HospitalityThe law firm office cannot remain unchanged, as if frozen in time set to some date prior to the onset of pandemic, when the terms and meaning have all changed. In fact, the office must now provide benefits or an experience the lawyers and staff cannot get at home.Read More ›
- Disconnect Between In-House and Outside Counsel'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.Read More ›
- The DOJ's Corporate Enforcement Policy: One Year LaterThe 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.Read More ›
- Lack of Logo Placement At Center of Ruling Over Meat Loaf Album PackagingTo build visibility for its brand, a record label or production company will want its logo included on products containing its master recordings manufactured and distributed by third parties. This will be addressed in the agreement between the label or production company and manufacturer/distributor. The failure to include the logo may raise a host of issues, from the breadth of the logo-placement obligation ' such as whether it includes Internet downloads ' to the proper theory on which to base any damages and just which album-sales figures are subject to evidentiary discovery. A recent ruling by the U.S. Court of Appeals for the Sixth Circuit ' in a long-running dispute between Cleveland International Records and Sony Music Entertainment ' illustrated how these issues may be argued and decided.Read More ›