Bill to alter business bankruptcy under fire; critics say that the legislation will hurt small companies

Article Abstract:

Issues regarding the controversial draft of the Bankruptcy Reform Act of 1999 are discussed. Both the consumer debot provisions and the law's burdens on small business have caused the controversy. Moreover, both debtors' counsel and the banking industry oppose the portion of the draft dealing with commercial leases.

Innovations, Finance, Small business, Bankruptcy law, Corporate reorganizations

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Court limits securities law reach; stock appreciation rights not subject to Rule 10(b)

Article Abstract:

The US Court of Appeals for the 11th Circuit held in Clay v. Riverwood International Corp. that the exercise of stock appreciation rights would not, unlike stock options and other derivative securities, implicate sections 10(b), 20(d) and 20(A) of the Securities Exchange Act of 1934. The exercise of the stock appreciation rights granted to four officers of the Riverwood International Corp before news of its possible merger was made public formed the issue of the case.

Securities fraud, Employee stock options

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Grace faces SEC over financials; defense lawyers say suit breaks new legal ground

Article Abstract:

The actions against WR Grace and Co hope to stop the company from engaging in the corporate practice known as earnings management, by which businesses attempt to shift revenues to approximate Wall Street projections of corporate performance more closely. The complaint alleges that National Medical Care, a Grace subsidiary, underreported excess income, creating instead "excess reserves" to comport its results with projections.

Cases, GRA, Financial statements, W.R. Grace & Co.

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