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BLT: July 2013

Exit Stage Left: Getting out of Your Limited Liability Company

Feature Articles

Exit Stage Left: Getting out of Your Limited Liability Company

The importance of addressing exit mechanisms in an LLC Agreement, including a brief description of possible exit mechanisms.

SEC Chairman Mary Jo White in mid-June announced an important change to the Commission's policy of permitting parties to settle SEC securities claims without admitting wrongdoing. Her announcement and other remarks illuminate how co-directors George S. Canellos and Andrew J. Ceresney will oversee the SEC's Enforcement Division.

On May 29, 2013, the Delaware Court of Chancery, in In re MFW Shareholders Litigation, issued an important securities-law decision, holding that the Business Judgment Rule standard of review applies to going-private transactions with controlling stockholders under certain conditions.

The problem of multi-forum litigation, wherein shareholders simultaneously challenge a single transaction in many courts throughout the country, has garnered lots of attention from the judiciary, scholars, and the popular press. One potential solution the Delaware Court of Chancery recently confronted is the enactment of so-called "forum selection bylaws."

Former Business Law Section chair E. Norman Veasey served as the Chief Justice of Delaware for 12 years. During his tenure, the U.S. Chamber of Commerce ranked Delaware's courts first in the nation for three consecutive years for their fair and efficient litigation environment.

While the vast majority of the Committees within the ABA Business Law Section seek to further members' understanding of particular areas of law or areas of practice within the broad umbrella of business law, several Committees focus on how all attorneys can do well, do good, and do right.

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Question: In 2013, Edward Snowden facilitated the release of more than 58,000 classified documents and exposed the Section 215 bulk data collection and PRISM monitoring programs. Who is credited in some circles as pulling off the first network “hack” in history? 

Please see Inside Business Law for the answer to this month’s Business Law Section Trivia Question.

The June 2016 issue of Business Law Today will have two main themes: compliance and white collar crime. Compliance topics include practical tips ranging from hiring in the workplace to regulatory compliance with company jets. White collar crime will look inside encryption for lawyers as well as multijurisdictional bribery enforcement. In this issue, readers will get acquainted with the brand-new cyber technology column and the second piece in a three-part series on commercial contracts.

Do you have a great idea for a BLT article? Would you like to see more of a featured column? Let us know how we can make Business Law Today the best resource for you and your clients. We welcome any suggestions. Please send us your feedback here.

Saratoga Institute on Equine, Racing and Gaming Law
August 9-10, 2016
Saratoga Springs, NY

Business Law Section Annual Meeting
September 8-10, 2016
Boston, MA

Miscellaneous IT Related Legal News (MIRLN) 17 April - 7 May 2016 (v19.07)

BLT is a web-based publication drawing upon the best of the Section's resources, including featured articles and other information from around the Section. Stay informed on the latest business law practice news and information that will benefit you and your clients.