New York Law Journal | Analysis
By David A. Katz and Laura A. McIntosh | March 27, 2019
In their Corporate Governance column, David A. Katz and Laura A. McIntosh write: There is also a steep learning curve for incoming directors, particularly those who are not industry insiders and those who are new to public company board service. Accordingly, onboarding new directors is becoming a more extensive and significant undertaking than it has been in the past. At the same time, the onboarding process is increasingly important to the success of the board in fulfilling its oversight role.
New York Law Journal | Analysis
By John C. Coffee Jr. | March 20, 2019
In his Corporate Securities column, John C. Coffee Jr. writes: Securities litigation is now near an all-time high. Why? It seems to be the product of multiple factors, but two stand out: (1) the migration of “merger objection” cases from Delaware to federal court, and (2) the appearance of a new style of securities litigation that is increasingly called “event-driven” litigation.
New York Law Journal | Analysis
By Philip M. Berkowitz and Margaret Watson | March 13, 2019
In this Employment Issues column, Philip M. Berkowitz and Margaret Watson write: At the end of the day, again, the Guidance is sound. But it is issued on facts that demonstrate that what are suggestions today may turn into minimum requirements tomorrow. The warning shot has been fired, and employers, whether in financial services or otherwise, would do well to review and conform policies in this area.
New York Law Journal | Analysis
By William F. Johnson | March 6, 2019
In his Corporate Crime column, William F. Johnson provides an overview of 18 U.S.C. §1001—the federal statute prohibiting false statements to federal officials—before reviewing the Special Counsel's use of §1001 and exploring the future ramifications of its use.
New York Law Journal | Analysis
By Corinne Ball | February 27, 2019
In her Distress Mergers and Acquisitions column, Corinne Ball discusses the decision in 'Ultra Petroleum', in which the U.S. Court of Appeals for the Fifth Circuit held that contractual make-whole damages claims arising out of a bankruptcy filing should be characterized as claims for “unmatured interest” within the meaning of §502(b)(2) of the Bankruptcy Code and therefore disallowed.
New York Law Journal | Analysis
By Elliot Pisem and David E. Kahen | February 20, 2019
In their Taxation column, Elliot Pisem and David E. Kahen discuss a recent order of the Tax Court addressing a motion for partial summary judgment in 'H R B-Delaware v. Commissioner'. The analysis in the decision underscores steps that are important to the evaluation of built-in gains (BIG) tax exposure, and may also inform analysis in non-BIG tax contexts regarding the existence of goodwill or going concern value.
New York Law Journal | Analysis
By Joseph M. McLaughlin and Shannon K. McGovern | February 13, 2019
In their Corporate Litigation column, Joseph M. McLaughlin and Shannon K. McGovern write: Last year, the Ninth Circuit diverged from a nearly 50-year consensus, holding in 'Varjabedian v. Emulex Corp.' that mere negligence is enough to plead and prove a claim for a material misstatement or omission under Exchange Act §14(e). The Supreme Court recently granted certiorari to resolve the resulting Circuit split, the resolution of which will surely affect the number of federal securities lawsuits challenging mergers consummated through tender offers.
New York Law Journal | Analysis
By Barbara M. Goodstein | February 6, 2019
In her Secured Transactions column, Barbara M. Goodstein discusses 'In re Woodbridge Group of Companies, LLC et al.', which upheld a provision in a promissory note prohibiting transfers. In so doing, it not only unsettled the robust bankruptcy claims trading market, but was roundly criticized by commentators for its analysis of UCC §§9-406 and 9-408, admittedly among the most complex and inscrutable provisions in UCC Article 9.
New York Law Journal | Analysis
By Carlos J. Cuevas | January 30, 2019
McKinsey's participation is consequential because the Puerto Rico bankruptcy case is the largest municipal bankruptcy case ever filed.
New York Law Journal | Analysis
By David A. Katz and Laura A. McIntosh | January 23, 2019
In their Corporate Governance Update, David A. Katz and Laura A. McIntosh write: In light of continued SEC scrutiny and possibly increasing enforcement activity, companies should ensure that they follow the relevant reporting requirements. In order for non-GAAP financial statements to provide high-quality information that is useful to investors, they should be accurate, complete, consistent, and in compliance with applicable regulations.
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