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Enron Probe Examines Firms' Roles
R. Neal Batson, the court-appointed examiner investigating the exotic financing schemes that contributed to Enron Corp.'s bankruptcy, publicly released his much-anticipated second report on March 5. Batson's first installment, released in September 2002, examined a handful of structured finance deals. The 160-page document also raised questions about legal opinions furnished in those deals to Enron and some of its banks by several major law firms.Most Delta Creditors Could End Up at the Back of the Line
If a federal bankruptcy judge decides in the coming days that a pilot strike at Delta Air Lines Inc. has irreparably crippled the carrier, companies that Delta owes money to, such as The Boeing Co., IBM and Michelin North America Inc., may find themselves with little recourse. A liquidation would offer only pennies on the dollar for most creditors. "All you could do is stick your head in the corner and cry," said William J. Rochelle, a Fulbright & Jaworski partner who represents Boeing.DOJ Revs Up Export Prosecutions of Individuals, Companies
For defense contractors and arms exporters, 2007 is the year the feds turned up the heat. Government agencies report a record number of criminal investigations and prosecutions of individuals and companies accused of running afoul of laws restricting the transfer of sensitive technology and military parts to foreign countries. And even U.S. companies like banks, insurers and airlines, which support the export industry or conduct business with embargoed nations, are apparently facing more scrutiny.Jenkens & Gilchrist In New York Joins Troutman Firm
After Wilmer-Hale Merger, Who's Next?
Since the announcement of Wilmer Cutler Pickering's merger with Hale and Dorr, law firm managers and industry insiders have been buzzing about the possibility of similar unions involving the D.C. market -- now second only to New York as a prime target for expansion. Predicts consultant Peter Zeughauser, "There's more than one on the horizon, I can tell you that."Lawyers Learn From HomeBanc's Demise
Although a bankruptcy judge has saved real estate attorneys from financial ruin, they said they learned a lesson from HomeBanc's collapse: Never accept anything but a wire transfer at closing. Before HomeBanc filed for Chapter 11, at least a dozen Atlanta-area firms received from the company bounced checks worth some $18 million to $28 million. On Tuesday, a judge transferred ownership of the loans to the closing attorneys, enabling them to recover their money by selling the loans to banks or other lenders.Trending Stories
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