To what extent does the increasing availability of information change statutory or constitutional obligations to provide notice of tax foreclosure proceedings?
Guilty pleas have been entered for the first time under new Sarbanes-Oxley Provisions. On April 5, 2003, <i>The New York Times</i> reported that Richard Scrushy, former Chief Executive Officer for HealthSouth Corporation, the largest provider of diagnostic imaging, outpatient surgery, and rehabilitation services with locations in 50 states and abroad, has been targeted by regulators for allegedly helping to overstate the company's earnings by more than $2 billion during the past 6 years.
In March, the United States Supreme Court issued a decision in a False Claims Act case that has been closely watched by public and private entities alike. <i>See Cook County v. United States ex rel.</i> Chandler, 123 S. Ct. 1239 (2003). This article is intended to put that decision in perspective, to help readers understand what Chandler actually holds, and to reflect upon the future of False Claims Act litigation in the wake of Chandler and other recent Supreme Court decisions on punitive damages.
The Office of the Inspector General, in OIG Advisory Opinion Number 03-5, recently ruled whether an ambulatory surgery center (ASC) could be jointly owned by a hospital and a multi-specialty group practice that had a substantial number of physician members who would not personally use the ASC (the "Proposed Arrangement"). More specifically, the OIG was asked to provide an opinion about whether or not the Proposed Arrangement would constitute a violation of the anti-kickback statute.
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
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.
The 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.
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
With trillions of dollars to keep watch over, the last thing we need is the distraction of costly litigation brought on by patent assertion entities (PAEs or "patent trolls"), companies that don't make any products but instead seek royalties by asserting their patents against those who do make products.
