Block

December 10, 2008 | New York Law Journal

Kenneth M. Block and Eric S. Schoenfeld, partners of Tannenbaum Helpern Syracuse & Hirschtritt, write that the present economic crisis has resulted in stalled construction projects and related borrower defaults under their construction loans. In response, lenders have been compelled to make critical decisions as to the best course of action to protect their collateral and ensure repayment. Rather than immediately declaring a default under the loan documents, many lenders have opted to negotiate loan workouts with their borrowers which, if properly structured, can salvage the project and maintain the viability of the construction loan.

By Kenneth M. Block and Eric S. Schoenfeld

8 minute read

August 11, 2006 | Legaltech News

When EMC Corp. bought Documentum Inc. in 2003, FileNet Inc. seemed to be the next logical target in content management software. Later than anticipated, FileNet fell -- to IBM Corp., Thursday. The move leapfrogs IBM to market leader in terms of revenue.

By Donna Block

3 minute read

July 23, 2004 | Law.com

The Financial Accounting Standards Board was dealt a blow Tuesday when the House overwhelmingly approved legislation limiting how companies account for employee stock options. However, the bill faces an uphill battle in the Senate, where the chairman of the Senate Banking Committee has pledged not to interfere with FASB.

By Donna Block

3 minute read

May 05, 2006 | Law.com

For the first time since his appointment as the markets' top regulator, Christopher Cox testified before his former congressional colleagues on his initiatives at the SEC. Cox reiterated that the SEC's mission is to protect investors, promote capital formation, and maintain orderly markets but it "must always put ordinary Americans first." Cox announced separately that the SEC will reduce by $1 billion the fees it levies on securities transactions, a move that will be a boon to ordinary investors.

By Donna Block

4 minute read

September 22, 2004 | Law.com

Technology executives fanned out across Capitol Hill Tuesday in a last-ditch effort to drum up support in the Senate for legislation that would limit corporate expensing of employee stock options. Lawmakers backing the bill also rallied in support of the measure, which is aimed at derailing a plan by the Financial Accounting Standards Board to require companies to deduct the cost of options from their earnings.

By Donna Block

4 minute read

October 12, 2007 | Corporate Counsel

Recognizing that its rollout of interactive financial statements has been tepid, the SEC announced this week that it has created a division aimed at helping companies modernize their financial disclosures. The Office of Interactive Disclosure is the latest development in the SEC's push to persuade companies to prepare financial reports in Extensible Business Reporting Language, which allows insertion of computer codes to enable investors to more easily compare companies and analyze financial data.

By Donna Block

3 minute read

March 09, 2006 | Law.com

The New York Stock Exchange's 213-year existence as a not-for-profit institution ended Tuesday as it closed its $9 billion acquisition of all-electronic rival Archipelago Holdings. Wednesday morning the new company, NYSE Group Inc., began trading just like any other stock on the Big Board. But a chorus of boos from the floor accompanied the ringing of the opening bell; traders face the prospect of losing their jobs as the NYSE shifts to electronic trading in the next few years.

By Donna Block

4 minute read

January 15, 2002 | New York Law Journal

W ith the passage of the federal E-Sign Act, 1 has the era of electronic mortgage closings dawned? Apparently, not in New York. Despite this federal legislation, aimed at facilitating electronic commerce, New York`s Attorney General has taken the position that certain transactions requiring recordation cannot be conducted electronically. 2 In this article we will examine the E-Sign Act, New York`s equivalent 3 and the opinion of the Attorney General.

By Kenneth M. Block And Jeffrey B. Steiner

11 minute read

July 19, 2001 | Law.com

A New York federal court thwarted a borrower's effort to repudiate, on the ground of economic duress, a release given as a condition to a mortgage assignment to a new lender. The court concluded that the release was negotiated at arm's length and supported by valuable consideration, and therefore barred the borrower from bringing suit. The case provides lenders with the assurance that carefully negotiated written agreements will be enforced by the courts.

By Kenneth M. Block and Jeffrey B. Steiner

11 minute read

March 09, 2005 | Law.com

Former White House economic adviser Lawrence B. Lindsey is expressing misgivings about rules that will require companies to expense employee stock options starting June 15 -- a move likely to bolster opponents of the controversial regulations. Lindsey sent a letter to SEC Chairman William Donaldson stating that if the accounting rules are adopted "as is," firms may find that their reports are ultimately inaccurate.

By Donna Block

2 minute read