New York Law Journal | Analysis
By Corinne Ball | February 27, 2019
In her Distress Mergers and Acquisitions column, Corinne Ball discusses the decision in 'Ultra Petroleum', in which the U.S. Court of Appeals for the Fifth Circuit held that contractual make-whole damages claims arising out of a bankruptcy filing should be characterized as claims for “unmatured interest” within the meaning of §502(b)(2) of the Bankruptcy Code and therefore disallowed.
New York Law Journal | Analysis
By Elliot Pisem and David E. Kahen | February 20, 2019
In their Taxation column, Elliot Pisem and David E. Kahen discuss a recent order of the Tax Court addressing a motion for partial summary judgment in 'H R B-Delaware v. Commissioner'. The analysis in the decision underscores steps that are important to the evaluation of built-in gains (BIG) tax exposure, and may also inform analysis in non-BIG tax contexts regarding the existence of goodwill or going concern value.
New York Law Journal | Analysis
By Joseph M. McLaughlin and Shannon K. McGovern | February 13, 2019
In their Corporate Litigation column, Joseph M. McLaughlin and Shannon K. McGovern write: Last year, the Ninth Circuit diverged from a nearly 50-year consensus, holding in 'Varjabedian v. Emulex Corp.' that mere negligence is enough to plead and prove a claim for a material misstatement or omission under Exchange Act §14(e). The Supreme Court recently granted certiorari to resolve the resulting Circuit split, the resolution of which will surely affect the number of federal securities lawsuits challenging mergers consummated through tender offers.
New York Law Journal | Analysis
By Barbara M. Goodstein | February 6, 2019
In her Secured Transactions column, Barbara M. Goodstein discusses 'In re Woodbridge Group of Companies, LLC et al.', which upheld a provision in a promissory note prohibiting transfers. In so doing, it not only unsettled the robust bankruptcy claims trading market, but was roundly criticized by commentators for its analysis of UCC §§9-406 and 9-408, admittedly among the most complex and inscrutable provisions in UCC Article 9.
New York Law Journal | Analysis
By Carlos J. Cuevas | January 30, 2019
McKinsey's participation is consequential because the Puerto Rico bankruptcy case is the largest municipal bankruptcy case ever filed.
New York Law Journal | Analysis
By David A. Katz and Laura A. McIntosh | January 23, 2019
In their Corporate Governance Update, David A. Katz and Laura A. McIntosh write: In light of continued SEC scrutiny and possibly increasing enforcement activity, companies should ensure that they follow the relevant reporting requirements. In order for non-GAAP financial statements to provide high-quality information that is useful to investors, they should be accurate, complete, consistent, and in compliance with applicable regulations.
By John C. Coffee Jr. | January 16, 2019
In his Corporate Securities column, John C. Coffee Jr. writes: The results are now in for 2018, and, in terms of securities class actions, it was another near-record year with a bumper crop of lawsuits.
By Philip M. Berkowitz | January 9, 2019
In his Employment Issues column, Philip M. Berkowitz writes: What are the risks of misusing confidential supervisory information? A recent matter involving a former Federal Reserve Bank of New York examiner and a Goldman Sachs banker is instructive.
New York Law Journal | Analysis
By Steven Witzel and Amanda Giglio | January 2, 2019
In this Corporate Crime column, Steven Witzel and Amanda Giglio discuss the practice colloquially known as “prison gerrymandering” through which incarcerated people are counted as residents of the towns where they are imprisoned (rather than where they lived before they were incarcerated) for purposes of drawing parameters for legislative districts.
New York Law Journal | Analysis
By David E. Kahen and Elliot Pisem | December 19, 2018
In their Taxation column, David E. Kahen and Elliot Pisem discuss a recent decision that offers guidance as to when a taxpayer will be considered to have adopted, or changed, an accounting method, which can be an issue in many contexts other than that of accounting for advance payments
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