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NY Court of Appeals Rules on Damages Clauses In Commercial Leases
February 01, 2021
In The Trustees of Columbia University in the City of New York v. D'Agostino Supermarkets, the NY Court of Appeals split on the issue of whether the relevant damages clause in a commercial lease was unenforceable as a matter of law because it was so grossly disproportionate to the ascertainable amount due upon full performance.
The Small Business Reorganization Act: How It Started. How it's Going. Where to Next?
February 01, 2021
This article provides a brief overview of the SBRA and these first several months of its use — especially in light of the COVID-19 pandemic — concluding that in 2021, Congress should permanently adopt the CARES Act's expanded definition of a "small business debtor" as including businesses with up to $7.5 million in aggregate non-contingent liquidated debts.
Challenges for Real Estate Lenders When Borrowers Default
February 01, 2021
During periods of distress in the real estate industry, if a lender is not going to enter into a consensual workout or loan restructuring with their defaulted borrower, the lender will be presented with the choice of either enforcing rights under its loan documents or marketing and selling the distressed loan.
Law Firms Renegotiating Leases to Reflect 'New Normal'
February 01, 2021
As their commercial leases approach expiration and renewal, law firms are renegotiating the future of in-office legal work. For many, the "new normal" will feature an efficient floor plan that deemphasizes personal offices while paradoxically accommodating a growing attorney headcount.
Does Corporate Attorney-Client Privilege Extend to Company Executive?
February 01, 2021
The question of when does company counsel also represent a company executive often comes up in white-collar issue investigations.
Best Practices for Virtual Internal Investigations
February 01, 2021
In order to ensure that remote internal investigations are probative and effective, companies and their outside counsel should employ a few simple and practical practices.
Considerations When Entering Into a Tolling Agreement
February 01, 2021
Defense counsel in complex white-collar investigations are often asked to waive these important protections by entering into tolling agreements, stopping the clock on the statute of limitations at issue. Whether such an agreement is actually in a target or subject's best interest presents a difficult question, and COVID-19 has impacted the calculus.
Leveraging Data to Drive Innovation in A Post-Pandemic World
February 01, 2021
With a new year and fresh outlook for the future, the time is ripe for legal technologists and innovators to take the delivery of legal services and client experience to the next level. One key is recognizing that successful innovation is equal parts mindset, method and message.
Perfecting Notice and Saving $$
February 01, 2021
The number one goal to save money while perfecting notice should be elimination of the production and mailing of paper notices while expediting notice delivery and eliminating postage costs.
U.S. Supreme Court Allows Repossessing Secured Lender to Hold Collateral Pending Bankruptcy Stay
February 01, 2021
A secured lender's "mere retention of property [after a pre-bankruptcy–repossession] does not violate" the automatic stay provision of the Bankruptcy Code, held a unanimous U.S. Supreme Court in City of Chicago v. Fulton.

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    When a company declares bankruptcy, avoidance actions under Chapter 5 of the Bankruptcy Code can assist in securing extra cash for the debtor's dwindling estate. When a debtor-in-possession does not pursue these claims, creditors' committees often seek the bankruptcy court's authorization to pursue them on behalf of the estate. Once granted such authorization through a “standing order,” a creditors' committee is said to “stand in the debtor's shoes” because it has permission to litigate certain claims belonging to the debtor that arose before bankruptcy. However, for parties whose cases advance to discovery, such a standing order may cause issues by leaving undecided the allocation of attorney-client privilege and work product protection between the debtor and committee.
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    Many U.S. financial institutions that have participated in equipment leasing transactions (particularly in the large-ticket and municipal markets) in the last 20 years will be keenly aware that as the structures grew ever more complicated, Congress and the federal regulatory agencies grew intensely interested. Whether the institution had a major role in the transaction or simply provided a service, some degree of scrutiny could be expected, often in conjunction with a tax audit of its client. The risks to financial institutions from participating in complex structured finance transactions of all types became a source for concern for banking and securities regulators. The principal federal regulators responded in 2004 with a proposal that financial institutions investigate, and bear responsibility for evaluating, the legal, tax, and accounting basis of their clients' complex structured finance transactions. The goal: to limit the institutions' own credit, legal, and reputational risk from such participation.
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