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Second Circuit Revisits Mandatory Subordination Under Section 510(b)
For the third time in six years, the Second Circuit visited mandatory subordination of claims under Title 11 of the United States Code (the Bankruptcy Code). In CIT Grp. Inc. v. Tyco Int'l. Ltd., No. 12-1692-bk, the Second Circuit affirmed a bankruptcy court decision holding that claims arising under a tax-sharing agreement entered into as part of stock divestment restructuring was not subject to mandatory subordination under section 510(b) of the Bankruptcy Code. In this article, we discuss the history of mandatory subordination and the current state of the law.
History
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.
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.
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.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.