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Letter from the Editor
October 28, 2003
A "hello" from our new Editor-in-Chief, Elizabeth Anne "Betiayn" Tursi.
Quiz of the Month
October 27, 2003
Test your knowledge of the law!
The Application of the USA Patriot Act to Private Equity Funds
October 24, 2003
Part one of this article discussed the temporary exemption to the Patriot Act for investment companies and the proposed rule for unregistered investment…
Cameo Clips
October 24, 2003
Copyright Jurisdiction/ Television Licenses The issue of whether a TV programming license was properly terminated is to be decided by a state, rather…
Quiz of the Month
October 22, 2003
Test your knowledge of the law!
Quiz of the Month
October 21, 2003
Test your knowledge of the law!
CA Governor Signs Harshest Anti-Spam Bill in U.S.
October 21, 2003
He may be voted out of office soon, but California Governor Gray Davis is making his mark in the Internet world before he goes. On September 23, Davis signed what to date is the toughest anti-spam bill in the U.S.
Non-Prescription Drug Ad Restructions Eased in UK
October 17, 2003
The latest from the UK.
Counterfeit Drugs: FDA Suggests New Counter Measures
October 16, 2003
<b><i>No 'Magic Bullet,' Says Task Force</i></b> The FDA's Counterfeit Drug Task Force issued its interim report on October 2. It contains potential options for a multi-pronged approach to combat counterfeit drugs. In recent years, the FDA has seen an increase in the number and sophistication of efforts to introduce counterfeit drugs. The FDA noted at the time the report was issued that the problem of counterfeit drugs is being treated separately from the problem of unapproved and potentially unsafe drugs that are being imported via the Internet and other unregulated international channels. Under current law, those drugs are purchased outside of U.S. and foreign consumer protection systems, so they are "buyer beware" products that have traveled outside of the regulatory protections of the legal U.S. drug distribution system.
<i>Daubert </i>Tool Lets Lawyers Track History of Experts
October 16, 2003
Expert testimony can be the linchpin that makes or breaks a case. But lawyers have had a tougher time getting that testimony admitted since 1993, when the U.S. Supreme Court decided in <i>Daubert v. Merrell Dow Pharmaceuticals</i> that scientific testimony must be not only relevant, but reliable. In 1999's <i>Kumho Tire v. Carmichael</i>, the Court extended that rule to all experts. This means that a lawyer preparing to qualify or challenge an expert at trial must answer a number of questions. What is the state of the case law under <i>Daubert</i>? How has the particular court or judge applied the rule? How have courts ruled on this type of expertise? Has this expert ever come before a judge?

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    At the Oscars in March, Best Actress winner Frances McDormand made “inclusion rider” go viral. But Kalpana Kotagal, a partner at Cohen Milstein Sellers &amp; Toll had already worked for months to write the language for such provisions. Kotagal was developing legal language for contract provisions that Hollywood's elite could use to require studios and other partners to employ diverse workers on set.
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  • Private Equity Valuation: A Significant Decision
    Insiders (and others) in the private equity business are accustomed to seeing a good deal of discussion ' academic and trade ' on the question of the appropriate methods of valuing private equity positions and securities which are otherwise illiquid. An interesting recent decision in the Southern District has been brought to our attention. The case is <i>In Re Allied Capital Corp.</i>, CCH Fed. SEC L. Rep. 92411 (US DC, S.D.N.Y., Apr. 25, 2003). Judge Lynch's decision is well written, the Judge reviewing a motion to dismiss by a business development company, Allied Capital, against a strike suit claiming that Allied's method of valuing its portfolio failed adequately to account for i) conditions at the companies themselves and ii) market conditions. The complaint appears to be, as is often the case, slap dash, content to point out that Allied revalued some of its positions, marking them down for a variety of reasons, and the stock price went down - all this, in the view of plaintiff's counsel, amounting to violations of Rule 10b-5.
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