De-Malling: The New Alternative
December 30, 2004
In today's complex real estate world, shopping center owners are finding that redeveloping a shopping center may not be enough to remain competitive. Well-known retail analysts are commenting that consumers are tired of the mall concept that forces someone to wade through a department store to access an enclosed mall, when all they are really looking for is the quick purchase of a pair of shoes. Analysts, including PricewaterhouseCoopers and others, have concluded that as many as one-third of the nation's 1200 malls are obsolete, or nearly so. After decades of both owner and retailer consolidation, the 10 largest mall real estate investment trusts now control approximately 47% of all malls. About 20% of these are "D" level malls which should probably be de-malled. The Congress for the New Urbanism has called many of these lower-performing enclosed regional malls, "greyfields." This is a comparison to "brownfields," the term commonly used to refer to abandoned and partially contaminated commercial facilities.
In the Spotlight: A Computer Program That Can Help Building Managers Prepare for Chemical, Biological, Radiological Threats
December 30, 2004
A team of researchers at the Department of Energy's Lawrence Berkeley National Laboratory has developed an interactive computer program that building managers and owners can use to assess their vulnerability to — and to prepare for — chemical, biological, and radiological (CBR) weapons attacks or accidental toxic releases. The Building Vulnerability Assessment and Mitigation Program (BVAMP) can be obtained free through a Web site established by Berkeley Lab, which provides advice on CBR responses for buildings. (<i>www.lbl.gov</i>) CBR threats can include deliberate terrorist attacks, resulting in the release of hazardous materials, or accidents such as freight-train derailments and refinery releases. The heating, ventilation, and air conditioning system (HVAC) is often the first line of defense in the case of airborne CBR agents. Consequently, according to one of Berkeley Lab's principal investigators, preplanning and manipulating the HVAC system can significantly reduce the severity of a release.
FTC Staff Report on Franchise Rule Attracts Many Comments
November 30, 2004
In general, commenters were supportive of the proposed rule changes and praised the FTC for its detailed approach. An introductory statement in the comment from the law firm Kaufmann, Feiner, Yamin, Gildin & Robbins LLP (New York) called the Staff Report "a remarkable effort to ascertain, and as prudent, incorporate ... the desires, needs, and policy positions both of franchisors who will be regulated by the forthcoming revised Franchise Rule, and franchisees whose interests are sought to be protected and advanced thereunder."
In The Marketplace
November 30, 2004
Highlights of the latest equipment leasing news from around the country.
New Leasing Rules under the American Jobs Creation Act of 2004
November 30, 2004
On Oct. 22, 2004, the President signed the American Jobs Creation Act of 2004 (AJCA), one of the most significant pieces of tax legislation in recent years. AJCA makes a number of major changes to the tax rules applicable to capital-intensive businesses in general and to the leasing industry in particular. AJCA's major provisions include: 1) limitations on tax-exempt leasing structures; 2) improvement to the rules relating to offshore aircraft leasing and incentives for domestic manufacturing and production activities; 3) the application of "bonus" depreciation to non-commercial aircraft and syndicated lease transactions; 4) increased "Section 179" expensing; and 5) limitations on the depreciation of sport utility vehicles.
Contractual Jury Waivers: New Case Before California Supreme Court Presents a Challenge
November 30, 2004
A closely watched case now before the California Supreme Court will impact the way equipment lessors do business. In <i>Grafton Partners L.P. v. Superior Court,</i> 9 Cal.Rptr.3d 511 (2004), the California Court of Appeal held that predispute contractual jury waivers are unenforceable under the California Constitution. The case has been accepted for review by the California Supreme Court, and a decision is expected next year.
Index
November 30, 2004
Everything in this issue at your fingertips
New ADA Guidelines Will Affect Many Employers
November 29, 2004
For nearly 15 years, the Americans With Disabilities Act of 1990 (ADA) has helped clear away barriers to public accommodations, employment, transportation, government services and telecommunications for disabled Americans. This landmark legislation granted long-overdue civil rights protections and equal opportunity guarantees to individuals with disabilities, just as earlier civil rights legislation addressed discrimination based on race, color, sex, national origin, religion or age. While the ADA improved the lives of countless disabled individuals, it also created new challenges for many employers. And as of this summer, some employers will likely face an even tougher, more complex set of ADA accessibility guidelines, the impact of which is only beginning to be understood.
The Costly Road
November 29, 2004
The voluntary winding-up (<i>liquidation volontaire</i>) of a corporation is one of the many, though expensive, options available to shareholders wishing to withdraw from a corporation facing financial difficulties. Other options include the sale of their stake or of the corporation itself, possibly following a restructuring. The corporation may be sold as a whole or, where these exist, through the divestment of one or more branches of activity. The transaction may then be effected through various share deals for the different subsidiaries, or through the sale of assets, subsequent to which the corporation will still have to be wound up. A lease of business (<i>location g'rance</i>) followed by the sale of the business may also be an option.
