As the most recent fiscal quarter has come to a close, public companies are preparing their periodic reports in the midst of turmoil in the general economy and upheaval in credit markets. These developments create special challenges for the disclosures required in periodic reports filed with the securities and exchange commission and warrant a discussion of current issues and approaches.
October 15, 2008
A California district court recently held that a local water district was entitled to pursue a claim for punitive damages relating to a company's release of a chemical that contaminated drinking water.
October 14, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
October 14, 2008
The SEC and FASB staffs have recently issued additional guidance on the application of FASB No. 157 ("Fair Value Measurements") when determining the fair value of illiquid financial instruments. First, the SEC and FASB staffs issued a joint press release on September 30, 2008, which included a series of Q&As on this topic.
October 13, 2008
The SEC's Division of Enforcement issued its first-ever manual this week. Intended as a reference for Enforcement Division staff, the Manual provides important insight into SEC decision-making and processes on such key matters as evaluating possible investigations, opening and closing matters, issuing Wells letters, communicating with senior SEC officials, responding to document subpoenas, "witness assurance" letters, contacting current and former employees, and respecting the attorney-client privilege during an investigation. It will be an essential guide for anyone with a matter before the Division of Enforcement.
October 10, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
October 9, 2008
On July 7, 2008, the U.S. District Court for the Southern District of New York became one of the first courts to apply the United States Supreme Court's recent decision in Hall Street Associates, LLC v. Mattel, Inc., 128 S.
October 7, 2008
With the Emergency Economic Stabilization Act (EESA) now law, Treasury is moving quickly to choose advisers, issue regulations, and hire companies to serve as asset managers for the Troubled Asset Relief Program (TARP).Today, Secretary Paulson announced that he has selected Neel Kashkari to be the interim head of the new Office of Financial Stability, which will implement the Troubled Asset Relief Program. Kashkari is currently Assistant Secretary for International Economics and Development and has been a key adviser to Secretary Paulson. It is our understanding that Secretary Paulson intends to hire a small staff with expertise in asset management, accounting, and legal issues to commence the Troubled Asset Relief Program.
October 6, 2008
Los Angeles partner Michael Farhang is the author of "Option Backdating and Independent Directors: An Analysis of Litigation Trends" [PDF] published in the October 6, 2008 issue of BNA Inc.'s Corporate Governance Report.
October 6, 2008
The conviction in August of two former Bank of China managers and their wives in Las Vegas for money laundering and other crimes illustrates the continuing vulnerability of casinos to money laundering.
October 3, 2008
As a result of President Bush's signing of the Emergency Economic Stabilization Act of 2008 (H.R. 1424), the Securities and Exchange Commission's Division of Trading and Markets announced today that the prohibition on short sales in the securities of financial institutions will expire at 11:59 p.m.
October 3, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
October 3, 2008
We are pleased to provide our clients and friends with a section-by-section analysis of the Emergency Economic Stabilization Act of 2008 (hereinafter, the "Act") as passed by the Senate, by a vote of 74-25, on October 2, 2008.
October 2, 2008
Companies law in England and Wales is undergoing reform and modernisation by way of the phased implementation of the Companies Act 2006 (the "2006 Act").
October 1, 2008
Our Program: Our briefing provides first-hand information on compensation data and staffing and talent management strategies for in-house legal personnel from Hildebrandt's consultants.
October 1, 2008
Los Angeles of counsel William E. Thomson and associate Kahn A. Scolnick are the authors of "The Supreme Court Sets New Punitive Damage Limits Under Federal Common Law" [PDF] published in the October 2008 issue of Class Action Watch.
October 1, 2008
Munich partner Hans Martin Schmid and of counsel Christian Schmidt are the authors of "Double Taxation of Profits from a Hybrid US LLC" [PDF] published in the October 2008 issue of Practical European Tax Strategies.
October 1, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
September 30, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group continues to closely monitor statements from the Executive Branch and Congressional leaders concerning the structure of proposed Treasury auctions to buy up collateralized debt from investors and banks holding illiquid securitiesLast week, Treasury Secretary Henry Paulson testified before the House Committee on Financial Services that the Treasury Department would employ market mechanisms" to value mortgage securities. Paulson identified key goals of the auctions as "price discovery" and "transparency."The Secretary mentioned instituting reverse auctions as a means of pinpointing market prices and allowing smaller financial institutions to enter the process. In a reverse auction, the gove
September 30, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Bipartisan RejectionLawmakers labored over the weekend to craft a financial package that would be palatable to both Democrats and Republicans, as well as to constituents back home. Draft legislation was circulated and tinkered with all weekend until the House Rules Committee, at 12:01 a.m.
September 29, 2008