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No Proration of Lessors' Payments in Bankruptcy
On March 15, 2007, the U.S. Court of Appeals for the Third Circuit (the 'Third Circuit') issued an important decision regarding the rights of equipment lessors who find themselves ensnarled in court proceedings as a result of a lessee's filing for bankruptcy protection. In Re: Federal-Mogul Global Inc v. Computer Sales International considered whether two lower courts properly modified an equipment lease under 11 U.S.C. '365(d)(5) of the Bankruptcy Code ' formerly codified at 11 U.S.C. '365(d)(10) ' by permitting proration of payment obligations as of the date of rejection of the leases. The Third Circuit reversed, holding that modification of the lease terms was improper.
In October 2001, Federal-Mogul Corporation, a large automotive parts supplier ('Federal-Mogul' or the 'Debtors') filed for relief under Chapter 11 of the Bankruptcy Code in Delaware. Computer Sales International ('CSI') is a lessor of computer equipment. CSI's customers identify equipment from third-party vendors that they wish to lease and then the customer and CSI execute a sale and lease-back transaction. Starting in 1992, CSI and Federal-Mogul entered into a Master Lease Agreement that set forth the basic terms of all future equipment leasing transactions. Over the following years, Federal-Mogul leased thousands of pieces of equipment from CSI under some 70 leasing schedules. The Master Lease Agreement provided for monthly rental payments that were due in advance on the first day of each month.
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.
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.
CLE Shouldn't Be the Only Mandatory Training for Attorneys
Each stage of an attorney's career offers opportunities for a curriculum that addresses both the individual's and the firm's need to drive success.
Discovery of Claim Construction and Infringement Analysis May be Compelled Prior to a Markman Hearing
A defendant in a patent infringement suit may, during discovery and prior to a <i>Markman</i> hearing, compel the plaintiff to produce claim charts, claim constructions, and element-by-element infringement analyses.