Australian Court Finds For Music Company
October 03, 2005
Justice Murray Rutledge Wilcox of the Federal Court held that certain defendants associated with Sharman Networks were liable for "authorization" of copyright infringement as a result of having distributed the Kazaa file-sharing software. <br>Notwithstanding substantial differences between the legal systems and copyright jurisprudence in Australia and the United States, <i>Grokster</i> and <i>Sharman</i> demonstrate remarkable similarities in analysis.
Cape Town Convention: Complex Questions and Significant Opportunities
October 03, 2005
The Cape Town Convention on International Interests in Mobile Equipment ("Cape Town" or "CT") and the related Aircraft Protocol ("Protocol") (<i>www.unidroit.org/english/conventions/mobile-equipment/main.htm</i>) continue to advance slowly toward an expected effective date in 2006. When the Protocol enters into force it will affect virtually every commercial and business aviation transaction in the United States and many other nations around the world. Although Cape Town and the Protocol (collectively, the "Treaty") promise to facilitate aircraft financing and provide new financing opportunities, the Treaty also poses numerous questions and requires new approaches to documenting and closing aviation transactions.
Are Your Lease Payments Still Deductible? The Confounding IRS Guidance Limiting the 'Entertainment' Use of Business Aircraft
October 03, 2005
In its zeal to eradicate perceived abuses and further clip the wings of executives who, based on press reports, took great pleasure in using the company's airplane for personal purposes, Congress amended section 274(e)(2) of the Internal Revenue Code (the "Code") in the American Jobs Creation Act of 2004 ("AJCA"). Effective on the date of enactment (Oct. 22, 2004), these amendments effectively reversed the decisions of the Tax Court and Eighth Circuit in <i>Sutherland Lumber-Southwest, Inc. v. Commissioner</i>, 114 T.C. 197 (2000), <i>aff'd</i> 255 F.3d 495 (8th Cir. 2001), <i>acq.</i> AOD 2002-02 (Feb. 11, 2002), and prompted the Internal Revenue Service ("IRS" or the "Service") to issue guidance containing a myriad of rule changes and hinting at others, leaving tax practitioners scratching their heads and companies running for cover.
In the Marketplace
October 03, 2005
Highlights of the latest equipment leasing news from around the country.
<b>Op Ed</b> Extreme Makeover: Law Firm Edition
October 03, 2005
While doing my research for the MLF 50, there was a moment in time when it suddenly became clear to me that, for the most part, law firm management still doesn't understand marketing and what it can ' and more importantly cannot ' do for a firm. When it comes to marketing, lawyers are still in the "everyone else is doing it so we better do it too" mode. Without regard to actually making a concerted effort to understand marketing, the unfinished agenda of law firm marketing programs spills out on to the streets and are left at the curb of every city and town in the United States. <br>Let's face facts. There may be 50 firms that are doing some great things that will impact their respective firms; but in reality, most marketing programs are doomed to fail because of the lack of commitment and vision on the part of the partnership and the management of law firms.
Substance Over Style As a Winning Combination
October 03, 2005
It is unfortunate that firms do not fully understand or appreciate the importance of marketing and communications, but nevertheless continue to throw money at their programs without analyzing their needs. The firms that made the list were chosen on the basis of their accomplishments and not as much about their staffing or budgets. While these aspects were taken into consideration, the number of staffers and the budgets did not affect the final listing. Some firms actually do quite a bit more with less staff and less money. As a veteran of law firm marketing and communications, I felt extremely confident in including these firms because I know what they are about and I know their people. The valuation of all the firms is reflective of programs that are differentiators in the world of law firms and in many ways mirror Corporate America's marketing programs. <br>Some of the more important aspects of several marketing and communications programs that struck a chord as having well thought-out and meaningful programs that provide a glimpse into the substance over style world of law firm marketing and communications programs.
Trends in Corporate Fraud Enforcement
October 03, 2005
For high-profile defendants, timing is everything. In 1989, former junk bond king Michael Milken was indicted on RICO violations, stock manipulation and insider trading. After Milken pleaded guilty to securities, mail and tax fraud and market manipulation, he was sentenced to 10 years in prison, with anticipated actual service of 40 months. Due to cooperation and good behavior, Milken emerged from prison after serving less than 2 years, with a personal fortune in place. He has remained a power broker in financial and charitable circles since his release. In 2005, former WorldCom, Inc. CEO Bernard Ebbers was indicted for conspiracy, securities fraud and filing false statements with the Securities and Exchange Commission (SEC) after WorldCom announced that it had overstated earnings. After a New York jury found Ebbers guilty, Judge Barbara Jones sentenced 63-year-old- Ebbers -- a first-time violator -- to 25 years in prison, of which he must serve at least 21.
New Agreements with Europe
October 03, 2005
Conscientious corporate counsel and other careful practitioners soon should familiarize themselves with yet another prosecutorial and investigative weapon devised and implemented as a result of the terrorist attacks of 9/11. Prompted by an idea to promote cooperation between the European Union (EU) and the United States in fighting terrorism, the EU-U.S. Agreements on Extradition and Mutual Legal Assistance ("the Agreements"), once in effect, will provide new and powerful weapons for police and prosecutors on both sides of the pond. While the Agreements were created for a noble cause, their reach and grasp beyond terrorist activity is potentially troubling.
The KPMG Tax Shelter Prosecutions
October 03, 2005
On Aug. 29, 2005, the Department of Justice, the IRS and KPMG LLP (KPMG) announced that an agreement had been reached with the U.S. Attorney's Office for the Southern District of New York resolving the Grand Jury investigation into tax shelters designed, developed and sold by KPMG from 1996 to 2002 and related conduct. The settlement also resolved the IRS's examination of these activities. KPMG and the government entered into a deferred prosecution agreement (DPA), pursuant to which KPMG acknowledged responsibility for engaging in a massive tax fraud conspiracy that generated at least $11 billion in fraudulent tax losses, which cost the government at least $2.5 billion in evaded taxes.
