Business Law News. Crime Stories, Law on News and Legal Publications in November, 2011

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Goldman buys real estate portfolio from Lehman
MSN MoneyNovember 1, 2011

The sale was previously approved by the bankruptcy court in August. The portfolio is comprised of 10 buildings representing 3 million square feet of space and 30 percent of all commercial real estate in Rosslyn, Va. Monday Properties, which originally ...more »

Time Warner Trims Its Excesses
New York TimesNovember 1, 2011

To him, the company's corporate headquarters in the gleaming towers of the Time Warner Center is an “indulgence,” a giant reminder of past mistakes made by one of the world's largest media companies. “There was a burgeoning overhead reaching $500 ...more »

Business Law News and Stories

Advertising
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Some Question Legoland's Offerings for Younger Children
The LedgerNovember 1, 2011

I think it's kind of false advertising to say, 'We cater to kids 2 to 12.' " "We are dedicated to entertaining families with children ages 2 to 12 at Legoland Florida. We know that with a little imagination and planning all of our guests will find ...more »

Foreign Investments
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Sri Lanka planned expropriation law under fire
Lanka Business OnlineNovember 1, 2011

Chandra Jayaratne, a retired business executive who is now active in campaigning for citizens liberties and just rule of law said the 'selective criteria' defined classifying underperforming and underutilized assets could be applied to many other ...more »

Antitrust Law, Domestic
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Greenberg Traurig Takes Top Spot in Florida on mergermarket Legal Adviser ...
MarketWatch (press release)November 1, 2011

MIAMI, Nov 01, 2011 (BUSINESS WIRE) -- The international law firm Greenberg Traurig LLP once again ranks among the world's top mergers and acquisitions legal advisers, according to league table reports published by Bloomberg, mergermarket and Thomson ...more »

Franchising
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CIO Profile: Domino's Colin Rees on the franchise business model
CIO UKNovember 1, 2011

The British Isles group also recently acquired the master franchise within Germany to secure the last big market on mainland Europe. It sub-franchises the brand to around 130 operators in the UK and Ireland, who among themselves will operate 700 stores ...more »

Gaming Law
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Sports Betting Is Still Illegal, But New Jersey Doesn't Care
Wall Street Journal (blog)November 10, 2011

... Oregon and Montana were grandfathered from the law. Among the opponents of legalized sports betting is the National Football League. In September, NFL spokesman, Brian McCarthy said the league has “a long-held, unwavering opposition to gambling on ...more »

Banking Law
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3VR's CrimeDex Expands to Six Continents to Combat Financial Crime Internationally
MarketWatch (press release)November 1, 2011

IAFCI members will be able to share crime data with law enforcement professionals, financial crime and regional fraud investigator groups, organized retail crime associations and bank associations across international borders and within their ...more »

Government Construction Contracts
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Construction Spending Up Slightly in September, Down $10B for Year
Site PrepNovember 1, 2011

“In less than a year's time, the public sector has gone from propping up the construction industry to holding,” said the association's chief economist, Ken Simonson. “Even as local and state budgets continue to contract, the federal government is ...more »

Business Formation
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Madoff's Wife and Surviving Son Say They Were Unaware of $65 Billion Fraud
BloombergNovember 1, 2011

The brothers both worked for the legitimate, market-making side of their father's business. After his arrest, both said they had no knowledge of the fraud he ran for decades until the day he confessed it to them. That day, the brothers sought legal ...more »

Institutional Investing
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Tortoise Power and Energy Infrastructure Fund, Inc. Provides Unaudited Balance ...
MarketWatch (press release)November 1, 2011

As of Oct. 31, 2011, the company was in compliance with its asset coverage ratio under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company's asset coverage ratio under the 1940 Act with respect to senior ...more »

Commercial
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Case That Reunited Mother, Daughter Spanned 3 States, 2 Continents
The American LawyerNovember 1, 2011

When the sister-in-law refused, the woman was left with few options in the Ivory Coast, which, according to Leidholdt, has a legal system favoring fathers. "The Ivory Coast has a completely broken justice system," said Leidholdt. "Family law is very ...more »

Bill Nemitz: Take ad at its word: Beware 'outsiders'
Press HeraldNovember 6, 2011

“Today,” she continues, “outside interests are trying to get rid of Maine's election ethics law.” Maine's “election ethics law"? Where, pray tell, did that never-before-uttered phrase come from? Good luck getting an answer to that one. ...more »

Commercial Bankruptcy
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Law Offices of Howard G. Smith Announces Class Action Lawsuit Against HCA ...
Bradenton HeraldNovember 1, 2011

Specifically, the Complaint alleges that the Registration Statement and Prospectus failed to disclose that: (a) the Company improperly accounted for its prior business combinations in violation of Generally Accepted Accounting Principles, ...more »

Internal Investigative Services
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Investigating Police Conduct in New York City
New York TimesNovember 15, 2011

The Internal Affairs Bureau did, in fact, “uncover” most of the “problems” to which you allude. In all cases, it participated actively, to the extent that was appropriate, in investigations that resulted in many indictments of corrupt police officers ...more »

Commercial Leasing
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Law firm and legal eagle are high-flying winners
Doncaster TodayNovember 1, 2011

Legal eagle Natalie Aitken, an employment law specialist at Atteys Solicitors, swooped to pick up the Rising Star crown at the Yorkshire Lawyer Awards. Natalie, who advises commercial and private clients on all aspects of employment law, ...more »

International Transactions
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IAG Strikes Deal for bmi
Wall Street JournalNovember 4, 2011

IAG, the company formed through the merger of British Airways and Spain's Iberia, said it expects to sign the deal on bmi in weeks and to complete the transaction in the first quarter of 2012. The deal came as the company reported a 26% decline in ...more »

Communications & Media
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Nearly two thirds of UK social media users not aware of legal rights: report
Computer Business ReviewNovember 2, 2011

DLA Piper's Intellectual Property & Technology Group digital media law partner and author of the report Duncan Calow said social media has evolved dramatically over the last three years; however their research indicates that users' awareness of the law ...more »

Casino commission hopes Cleveland casino will open on time
Plain DealerNovember 2, 2011

Commission chairwoman Jo Ann Davidson said Wednesday that she understands Rock's position but that Ohio's "proscriptive" gambling law doesn't allow her much room to negotiate. Still, Davidson said the two sides are close to an agreement that will ...more »

Construction & Development
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New indictment may be handed down in DeKalb school scandal
WSB AtlantaNovember 1, 2011

Winne spoke by phone with Tony Axam, attorney for Pat Reid, former Chief Operating Officer of DeKalb Schools who oversaw construction projects for them. Axam said the DeKalb district attorney's office has told him it intends to seek a superseding, ...more »

Locating Funds
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Study: Few Hospitals Qualify for Digital Funds
New York Times (blog)November 1, 2011

Two years ago, President Obama signed into law the Health Information Technology for Economic and Clinical Health Act, which was part of the federal stimulus legislation. Nearly $18 billion was to be made available to medical-care providers for the ...more »

Contracts Involving State & Minicipality
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Butler Rubin Named Among Best Law Firms in US News Media Group and Best ...
MarketWatch (press release)November 1, 2011

US News also ranked Butler Rubin as a Tier 2 "Best Law Firm" in the areas of arbitration, commercial litigation and bankruptcy/reorganization. Best Lawyers named eight Butler Rubin attorneys as leaders in their fields: Louis J. Aurichio (Insurance Law) ...more »

Mergers, Acquisitions & Divestitures
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Evercore Partners to Purchase a 45 Percent Interest in ABS Investment ...
MarketWatch (press release)November 14, 2011

Evercore's Investment Banking business advises its clients on mergers, acquisitions, divestitures, restructurings, financings, public offerings, private placements and other strategic transactions and also provides institutional investors with high ...more »

Corporate Finance & Taxation
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Follow Occupy Wall Street
SalonNovember 2, 2011

Legislation has been proposed that would accelerate the process, but right now we're still in the banking dark ages. But just moving your money from one bank to another, while symbolically important, is still only a tiptoe dip into the new sea of ...more »

Mortgages & Foreclosures
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Some UAE banks sue property defaulters with assets to spare
Emirates 24/7November 3, 2011

... which had won the first foreclosure order in Dubai in 2010, became the first bank to successfully sell a property (villa in the Springs community) at a public auction for Dh1.22 million. According to Boustany, under the UAE mortgage laws, ...more »

Creditor's Rights
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MF Global Files Bankruptcy as Broker-Dealer Unit Liquidates
BusinessWeekNovember 1, 2011

The firm listed debt of $39.7 billion and assets of $41 billion in Chapter 11 papers filed yesterday in US Bankruptcy Court in Manhattan. MF Global's board met through the weekend to consider options including sale, a person with direct knowledge of ...more »

Non-Profit Corporations
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Charity 'reform' about cutting funding
Victoria Times ColonistNovember 4, 2011

But it's hardly the unaccountable, inefficient system that the federal government made it sound like this week in media coverage of the new Canada Not-For-Profit Corporations Act. "Right now, we ask [the non-profit sector] to take on these jobs," ...more »

Customs Disputes
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ACLU Lawsuit: Warrantless Raid on Tennessee Apartment Complex Aimed to Clear ...
International Business TimesNovember 1, 2011

Multiple Immigration and Customs Enforcement agents, in addition to officers from the Metropolitan Nashville Police Department and the employees for the private security company Crime Suppression Services, forced their ways into multiple residences in ...more »

Professional Corporations
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Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against K-V ...
MarketWatch (press release)November 1, 2011

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud. ...more »

Debt Collection
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Allied, FirstPlus, News Corp., Transocean in Court News
BusinessWeekNovember 2, 2011

3 Degrees Asset Management, ordered by Singapore regulators to shut down over allegations that founder Moe Ibrahim diverted assets, sued former lawyer Ng Wee Chong, claiming breach of duties. 3 Degrees claims Ng, 37, failed in “handling all legal ...more »

Public Offerings
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Feds Say They Have 'Express Authority' to Investigate Alabama Public Schools ...
Fox NewsNovember 5, 2011

The Justice Department initially requested the enrollment information at Alabama public schools Monday after receiving complaints that the state's immigration law may violate federal anti-discrimination statutes related to education. ...more »

Debt Settlement
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Shining spotlight on solar panel bankruptcy
Washington TimesNovember 1, 2011

The White House's half-billion-dollar loan to a now-bankrupt solar-energy firm is just the first act in an emerging scandal of insider political influence over a deeply flawed clean energy program. What has come to light so far as part ...more »

Reorganizations & Restructuring
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Dynegy Announces Third Quarter 2011 Results, Provides Restructuring Update
MarketWatch (press release)November 14, 2011

The Company has recast its segment information for all prior periods to reflect this reorganization. General and administrative expenses are allocated to each segment. Management does not allocate interest expense and income taxes on a segment level ...more »

Directors' & Officers' Liability
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Role of company's director in corporate governance
Times of SwazilandNovember 1, 2011

The misuse of information by the director could constitute unfair competition, especially if the information has economic value and disclosure of such information will be prejudicial to the company. Therefore an act of a director engaging in ...more »

State & Minicipal Bonds
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WSU hosts 'Business and the Bill of Rights'
Moscow-Pullman Daily NewsNovember 1, 2011

Business and the Bill of Rights, a free public symposium at WSU, will cover business, law and ethics topics. The symposium is 8 am-5 pm Saturday in Todd Hall 278. An online service is needed to view this article in its entirety. ...more »

False Advertising
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Hiring of lawyers is rising slowly, survey shows | Philadelphia Inquirer ...
Philadelphia InquirerNovember 1, 2011

The demand is for lawyers with several years of experience in litigation, commercial transactions and health care, reflecting a modest uptick in work in those practice areas, the survey said. "Signs of a tightening talent market are becoming more ...more »

Trade Associations
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If Senate's Anti-Yuan Bill Becomes Law, China Will Retaliate
ForbesNovember 1, 2011

Nevertheless, Washington is getting serious about trade distortions between the US and China. The US trade deficit with China is at an all time high, hitting $189 billion in the months ending Aug. 31, 2011. Last week, the US Commerce Department said it ...more »

Federal Contracts
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Gray, others ordered to testify in DC Lottery lawsuit
Washington TimesNovember 1, 2011

A federal judge has compelled Mayor Vincent C. Gray and two council members to testify about a controversial lottery contract awarded in 2008. The order by US District Magistrate Judge Deborah A. Robinson means Mr. Gray and member ...more »

Unfair Competition
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Role of company's director in corporate governance
Times of SwazilandNovember 1, 2011

The misuse of information by the director could constitute unfair competition, especially if the information has economic value and disclosure of such information will be prejudicial to the company. Therefore an act of a director engaging in ...more »

Federal Grants
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Are Pirates state bound?
Cibola County BeaconNovember 1, 2011

GRANTS/TULAROSA – At the “Port of the Pirates” Friday night, the Grants Pirates may have secured a state tournament berth with their 62-7 demolishing of visiting Gallup, while further south, the Laguna-Acoma Hawks faced a top-ranked foe ...more »

Venture Capital
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SEOmoz CEO on Raising Venture Capital
Practical EcommerceNovember 2, 2011

This was surely the case when he recently wrote an insightful blog post that described his aborted attempt to raise venture capital financing. Readers of that post have described it as the most public and honest account of the venture-capital-raising ...more »

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