Borrowers and Lenders Coming to Grips with the Pitfalls and Opportunities when Modifying the Terms of Distressed Debt [Tax Alert]

Publication - Business, Tax

Borrowers and Lenders Coming to Grips with the Pitfalls and Opportunities when Modifying the Terms of Distressed Debt - Tax Alert - According to First American CoreLogic, almost $165
billion of commercial real estate loans will mature in 2009. Trepp LLC, a commercial bond and real estate loan statistician based in New York City and London, reported that another $3.8 billion of commercial mortgage loans were transferred to special servicers in June, increasing the total balance of securitized commercial mortgages under the control of special servicers by 10%, to almost $40 billion. As the per square foot office rents in

Cozen O'Connor and MidMarket Capital Advisors host China Great Wall Asset Management Company

Press Release

Cozen O'Connor and MidMarket Capital Advisors host China Great Wall Asset Management Company

Fight for Your Right to (the Correct) Party [Real Estate Finance]

Publication - Real Estate Litigation

Fight for Your Right to (the Correct) Party - Real Estate Finance -

Cozen O’Connor Attorney Jennifer A. Brandt Discusses Michael Jackson Custody Case

Press Release - Family Law

Cozen O’Connor Attorney Jennifer A. Brandt Discusses Michael Jackson Custody Case

Recent Pennsylvania Tax Decisions [Tax Alert!]

Publication - Business, Tax

Recent Pennsylvania Tax Decisions - Tax Alert! - EXEMPT SPLIT-OFF INCURS ROLLBACK TAX

A panel of the Commonwealth Court held that a qualifying two acre split-off of land subject to a preferential assessment incurred rollback taxes, notwithstanding a statutory provision that states that a qualifying two acre split-off will not be subject to tax. Donnelly v. York County Board of Assessment Appeals, No. 1015 C.D. 2008 (Pa. Commw. July 2, 2009). The decision appears to be incorrect, probably due at least in part to a badly worded statute.

Commercial Liability for Damages Caused by Drunk Drivers in Washington State: Faust v. Albertson [Insurance Coverager Alert!]

Publication - Insurance Coverage

Commercial Liability for Damages Caused by Drunk Drivers in Washington State: Faust v. Albertson - Insurance Coverager Alert! - In Washington state, commercial sellers of alcohol that negligently overserve an “apparently intoxicated” patron may be liable for damages caused by that patron. In Faust v. Albertson, No. 81356-6, 2009 WL 2048332 (Wash. July 16, 2009) the Washington Supreme Court held that direct or circumstantial evidence of the patron’s “postservice” appearance, including blood alcohol content and autopsy reports, was admissible to support an inference that the patron was

Federal Minimum Wage Increase to $7.25 Per Hour Goes Into Effect July 24, 2009 [Labor and Employment Alert!]

Publication - Labor & Employment

Federal Minimum Wage Increase to $7.25 Per Hour Goes Into Effect July 24, 2009 - Labor and Employment Alert! - Beginning on Friday, July 24, 2009, the federal minimum wage will increase from $6.55 to $7.25 per hour. This is the last of three increases called for by the Fair Minimum Wage Act of 2007. This latest increase will raise the minimum wage in thirty states (Alabama, Alaska, Arkansas, Delaware, Florida, Georgia, Idaho, Indiana, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New York, North Carolina, North Dakota, Oklahoma,

Expanded FBAR Reporting Requirements for Employee Benefits Plans [Employee Benefits and Executive Compensation Alert!]

Publication - Employee Benefits & Executive Compensation, Labor & Employment

Expanded FBAR Reporting Requirements for Employee Benefits Plans - Employee Benefits and Executive Compensation Alert! - Recent IRS pronouncements have expanded the obligation of retirement and other employee benefits plans, along with other taxpayers, to file the Report of Foreign Bank and Financial Accounts (“FBAR”). FBAR reporting requirements have been around for many years. A “U. S. person” (U. S. citizens and residents, certain foreign persons doing business in the U. S. and domestic corporations, partnerships and trusts, including employee benefits trust)

'Safe Harbor' Not Very Safe: The Bankruptcy of LandAmerica 1031 Exchange Services [Real Estate Alert]

Publication - Real Estate Litigation

'Safe Harbor' Not Very Safe: The Bankruptcy of LandAmerica 1031 Exchange Services - Real Estate Alert - Arecent decision by the United States Bankruptcy
Court for the Eastern District of Virginia, if upheld on appeal, portends great risk for some property sellers who are in the midst of tax-deferred forward exchanges under Section 1031 of the Internal Revenue Code. In Millard
Refrigerated Services v. LandAmerica 1031 Exchange Services, the court reasoned that some sale proceeds held by a qualified
intermediary pending use in acquiring exchange

Title Insurance: Washington Supreme Court Holds No Coverage for Easements Not Disclosed by Public Records or Arising After Issuance of Policy [Insurance Coverage Alert!]

Publication - Insurance Coverage

Title Insurance: Washington Supreme Court Holds No Coverage for Easements Not Disclosed by Public Records or Arising After Issuance of Policy - Insurance Coverage Alert! - In Campbell v. Ticor Title Insurance Company, 2009 WL 1709577, ----P.3d ----, (Wash No. 80999-2, June 18, 2009), the Washington Supreme Court held that a title insurer had no duty to defend a policyholder where the policy excluded
coverage for easements not disclosed by the public record or arising after issuance of the policy. The Court addressed the issue of whether a title company had a duty to defend an
insured-landowner in a suit against the landowner

Chinese Drywall Litigation [Subrogation Whitepaper]

Publication - Construction Law, Subrogation & Recovery - Real Estate & Construction

Chinese Drywall Litigation - Subrogation Whitepaper - In a prior Alert, Defective Drywall: The Not‐So‐Great Wall of China1, we discussed the reported problems with Chinese‐manufactured drywall (“Chinese drywall”). This whitepaper provides an overview of pending litigation
arising out of the issues associated with Chinese drywall. From 2004 through 2006, the housing boom and rebuilding efforts necessitated by various hurricanes led to a shortage of construction materials. As a result, U.S. builders and suppliers

Cozen O’Connor Recognized for Commitment to Women in the Profession

Press Release

Cozen O’Connor recognized for commitment to women in the profession

Cozen O’Connor Launches Capital Markets Group Multidisciplinary Team Serves Expanding, Global Capital Markets’ Client Base

Press Release

Cozen O’Connor Launches Capital Markets Group Multidisciplinary Team Serves Expanding, Global Capital Markets’ Client Base

Ready, Aim, Fire? District of Columbia v. Heller and Communities of Color [Harvard Black Letter Law Journal]

Publication

The Supreme Court’s recent decision in District of Columbia v. Heller held that a municipal ban on handguns is unconstitutional under the Second Amendment, but left open the possibility of reasonable regulations on firearms. Given the outrageous levels of firearms-related violence in many urban areas—violence that disproportionately affects communities of color—the question of what constitutes a reasonable regulation should be an issue of major concern to civil rights activists and lawyers. This article evaluates Heller in light of these issues, and argues in favor of a general presumption that local legislatures are best situated to balance the costs and benefits of firearms regulations. Moving forward, municipalities should be afforded broad discretion in enacting such regulations, consistent with the Court’s decision in Heller.

Are You Ready For The New A1A Contract Documents [Structure Magazine]

Publication - Construction Law

Are You Ready For The New A1A Contract Documents - Structure Magazine -

Indemnity and Infidelity: Advancement of Defence Costs in Actions 'By…the Corporation' [Canadian Business Law Journal]

Publication

Cozen O’Connor: On Top Of The Hot Issues In Executive Compensation [The Metropolitan Corporate Counsel]

Publication - Employee Benefits & Executive Compensation, Labor & Employment

''It’s unclear what impact ‘say on pay’ votes will have. A shareholder vote that ‘yes this is a good program’ or ‘no this is not a good program’ doesn’t provide any guidance on why the shareholders have concluded a program is or is not appropriate.''

Something to Prove: The Impact of the Burden of Proof in Property Damage Claims [Burden of Proof]

Publication

Using the 'B' Word: An Examination of the Ontario Position on the Bifurcation of Trials [The Advocates' Journal]

Publication

Denial of Tax Credit is Appealable [Tax Alert!]

Publication - Business, Tax

Denial of Tax Credit is Appealable - Tax Alert! -A panel of the Commonwealth Court held that the denial by the Department of Community and Economic Development of a tax credit claimed under the Neighborhood Assistance Act is appealable. Dijas v. Department of Community and Economic Development, No.1388 C.D. 2008 (Pa. Commw. Apr. 28, 2009). The Act authorizes the Department to grant a tax credit to a taxpayer that contributes to certain approved improvements or programs in needy communities.