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Kmart Bankruptcy: Lessons for Lessors and Secured Parties
One of the most fundamental and critical principles that enables the equipment leasing industry to function on a day-to-day basis is commercial certainty ' certainty in expectations regarding financing; certainty in the meaning of documentation; and reliance on the certainty of the application of legal principles that will be brought to bear in the event of a lease default or bankruptcy.
A currently pending proceeding in the massive Kmart bankruptcy challenges those underpinnings of certainty through the imaginative invocation of the 'equitable powers' of the Bankruptcy Court by a debtor-in-possession who may succeed in bringing about a result which is, by any standard, unfair, unanticipated and 'inequitable' ' at least in any commercial meaning of the word. [Note, On January 22, 2002, Kmart and its affiliate debtors filed a voluntary petition in the U.S. Bankruptcy Court for the Eastern District of Illinois seeking relief under Chapter 11 of Title 11 of U.S.C., 11 U.S.C. '' 101, et seq as amended. On January 24, 2003 Kmart filed its Joint Plan of Reorganization. The Plan was confirmed and Kmart emerged from Bankruptcy on May 5, 2003. Even though Kmart has emerged from Chapter 11, the Plan of Reorganization provided that if a motion for assumption was pending at the time of confirmation, that the Plan would not control, and the motions would.]
The DOJ's Corporate Enforcement Policy: One Year Later
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.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.