For Kidder's top lawyer, caseload cleanup looms

Article Abstract:

Kidder, Peabody and Company Inc sold selected assets to PaineWebber Group Inc but retained legal liabilities in the form of around 300 lawsuits. John M. Liftin, Kidder's chief legal officer, must resolve these suits. Theodore Levine, PaineWebber's general counsel, plans to increase PaineWebber's in-house staff but has had difficulty recruiting Kidder lawyers who have cited an industry perception that PaineWebber's salaries were too low. Levine must also deal with compliance concerns raised by the Joseph Jett affair.

Management, Corporate counsel, Kidder, Peabody and Company Inc., Levine, Theodore

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Reforms clarify treatment of bankrupt firms; bankruptcy of a partner may allow a stranger to be manager of a law firm

Article Abstract:

The National Bankruptcy Review Commission, created by the US Congress in 1994, is considering revisions to the Bankruptcy Code of 1978 including how to treat bankrupt partnerships. The panel surprised the legal community with its idea for allowing a partnership to replace a bankrupt partner with a stranger as a means of continuing the partnership.The bankrupt party would sell his management rights to a stranger in this solution designed to keep the wealthy from sheltering their assets in partnerships.

Bankruptcy Law, Other Justice, Public Order, and Safety Activities, Evaluation, Laws, regulations and rules, Finance, Law firms, Corporate reorganizations, United States. National Bankruptcy Review Commission

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A risk-taker faces an unimpressed judge: Norbert A. Schlei's character witnesses couldn't save him from a five-year sentence

Article Abstract:

Prominent attorney Norbert A Schlei on Aug 4 received a five-year sentence for attempting to sell phony Japanese bonds, despite an amicus brief from 105 other lawyers attesting to his good character. Judge Elizabeth A Kovachevich was unswayed, though the sentence she handed down was slightly less than that recommended by the probation dept. Schlei, who helped devise the naval blockade in the Cuban Missile Crisis, remains undaunted and insists an appeal will find him innocent.

Interpretation and construction, Attorneys, Biography, Crime, Securities fraud, Schlei, Norbert

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