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SB 657 California Attorney General gearing up for enforcement actions

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 28 2015

Perhaps you have just received a letter from the California Attorney General seeking your voluntary participation in an on-line survey regarding your

General Motors fails to consummate $27.2 billion exchange offers for public notes

  • Alston & Bird LLP
  • -
  • USA
  • -
  • May 27 2009

Today, General Motors (GM) announced that, following last evening's expiration of its exchange offers for $27.2 billion of its unsecured public notes and the related consent solicitations, "the principal amount of notes tendered was substantially less than the amount required by GM to satisfy the debt reduction requirement under its loan agreements with the U.S. Department of the Treasury, to meet the debt reduction objectives under its Viability Plan, or to meet the minimum tender condition of the exchange offers as required by the U.S. Treasury."

Recent state gift card policy changes are all over the map

  • Alston & Bird LLP
  • -
  • USA
  • -
  • February 23 2015

The Oregon Legislature recently introduced legislation that would reestablish gift cards as a type of unclaimed property reportable to Oregon

Delaware Supreme Court holds that directors may not use equitable standing to pursue derivative actions

  • Alston & Bird LLP
  • -
  • USA
  • -
  • February 22 2008

A recent decision by the Delaware Supreme Court Schoon v. Smith, No. 554, 2008 Del. LEXIS 67 (Feb. 12, 2008) further reinforced a principle well entrenched in Delaware jurisprudence namely, that an individual who is a member of the board of directors cannot initiate a derivative suit on behalf of the corporation unless he or she complies with Section 327 of the Delaware General Corporation Law

Hampshire v. Kuttner: Delaware court reviews fiduciary duties of corporate officers and remedies for breach

  • Alston & Bird LLP
  • -
  • USA
  • -
  • July 27 2010

In Hampshire Group, Limited v. Kuttner, et. al., the Delaware Court of Chancery recently addressed fiduciary duties and standards of conduct applicable to corporate officers when those officers were involved in conduct that benefited their superior officer and consciously caused the company to violate the law

North-South spinoffs

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 9 2012

A North-South spinoff is a section 355 distribution that is accompanied by a contribution of property from the shareholder to the Distributing corporation

Increased risks to disclosure of proprietary information and trade secrets presented by new California environmental legislation

  • Alston & Bird LLP
  • -
  • USA
  • -
  • October 18 2010

Product design and manufacture used to be functions that a company could conduct internally, and in so doing, protect valuable proprietary processes and trade secret information from public disclosure

Uniform Unclaimed Property Act may literally be “reformed” if drafting effort is successful

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 10 2014

On February 21-22, 2014, the Uniform Law Commission's (ULC) Drafting Committee assigned to engage in a rewrite of the 1995 Uniform Unclaimed Property

Unclaimed property update: Delaware promulgates audit look-back regulation and the Supreme Court denies cert. in New Jersey stored value card litigation

  • Alston & Bird LLP
  • -
  • USA
  • -
  • November 9 2012

This advisory addresses two recent developments of particular importance to holders of unclaimed property: (1) Delaware’s promulgation of a regulation impacting the look-back period for unclaimed property audits and (2) the U.S. Supreme Court’s denial of certiorari in the ongoing New Jersey stored value card litigation

GM and Chrysler restructuring plans not viable; government extends working capital for "finite" time period

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 31 2009

Yesterday, President Obama and other members of his Administration announced several plans to provide a "new finite path forward" for General Motors (GM) and Chrysler, following the Administration's analysis of the restructuring plans submitted by GM and Chrysler February 17th in accordance with the terms of the loans provided by the U.S. Treasury to the automakers late last year