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Full-Text Articles in Law
Lessons From General Growth Properties: The Future Of The Special Purpose Entity, Samantha J. Rothman
Lessons From General Growth Properties: The Future Of The Special Purpose Entity, Samantha J. Rothman
Fordham Journal of Corporate & Financial Law
With the crash of the financial market, the effectiveness of “bankruptcy remote” provisions has been tested and examined. In the recent case of In re General Growth Properties, the court allowed a bankruptcy remote special purpose entity to voluntarily file for relief under Chapter 11 of the Bankruptcy Code along with its related corporate entities, despite the fact that bankruptcy remote provisions are designed to avoid precisely this result. This Note analyzes the General Growth decision and explores its potential future implications for the special purpose entity as a securitization tool. While General Growth casts doubt on the viability of …
Answering To A Higher Authority: Sovereign-Mandated Oversight In The Board Room And The C-Suite, Thomas F. O’Neil Iii, T. Brendan Kennedy
Answering To A Higher Authority: Sovereign-Mandated Oversight In The Board Room And The C-Suite, Thomas F. O’Neil Iii, T. Brendan Kennedy
Fordham Journal of Corporate & Financial Law
The relationship between business organizations and the sovereign agencies that regulate them is being redefined domestically and abroad. In the context of corporate enforcement proceedings, a critical challenge is how to achieve, most effectively, the timehonored public sector objectives of punishment, deterrence, financial restitution and rehabilitation. At issue are important policy considerations and at stake are the integrity and security of the commercial marketplace. The public sector increasingly must balance the pressures of limited resources against the need to ensure that corporate citizens behave not only lawfully, but ethically and responsibly. One solution that has been adopted is the imposition …
Reforming Nonprofit Exemption Requirements, Peter Molk
Reforming Nonprofit Exemption Requirements, Peter Molk
Fordham Journal of Corporate & Financial Law
This Article proposes a reform for nonprofit exemption and unrelated business income tax. Current tax law provides unclear guidance and requires exempt organizations to risk their entire exemptions on this guidance, leading them to make the socially inefficient choice to use for-profit subsidiaries to preserve their exemptions. Reforming the tax law will solve this inefficiency while providing exempt nonprofits with the desirable option to undertake efficient nonexempt activities to augment their operating budgets. This reform is particularly timely in light of changes to the healthcare field; reform will enable exempt healthcare organizations to offset rising health costs and decreased reimbursements …
Hybrid Entities: Distributing Profits With A Purpose, Heather Sertial
Hybrid Entities: Distributing Profits With A Purpose, Heather Sertial
Fordham Journal of Corporate & Financial Law
This Note elaborates on the introduction of a new legal structure for organizations known as the “hybrid entity.” A hybrid encompasses aspects of both the for-profit model, to generate revenue; as well as the nonprofit model, to distribute funds to a community in need. The objective of this Note is to offer a structural guide to entrepreneurs who are interested in this new model. This Note first examines the limitations of for-profits that would like to contribute to social goals, as well as the limitations of nonprofits that wish to increase their revenues. This Note then discusses two current statutory …