Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Third Circuit Revives Committee's Deepening Insolvency and Breach of Fiduciary Duty Claims
In a recent opinion issued in the Chapter 11 case of In re Lemington Home for the Aged, — F.3d –, 2011 WL 4375676 (3d Cir. Sept. 21, 2011), the Third Circuit Court of Appeals revived claims of breach of fiduciary duty and deepening insolvency against directors and officers of a nonprofit Pennsylvania corporation. This decision touches upon the operation of the business judgment rule and the doctrine of in pari delicto in an insolvency context, and provides important guidance to officers and directors leading a business concern toward a potential Chapter 11 filing.
Facts
In 1877, Mary Peck Bond, the daughter of African-American abolitionist and minister John Peck, established a care center for elderly and infirm members of Pittsburgh's African-American community. On July 4, 1883, “The Home for the Aged and Infirm Colored Women” was incorporated and dedicated; the facility was later known as the Lemington Home for the Aged and the Lemington Center (Lemington Home). Lemington Home and Lemington Elder Care Service (Lemington Care), an affiliated entity, shared an interlocking Board of Directors. Additionally, certain officers were paid employees of both Lemington Home and Lemington Care.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.