Ch 37: Q 6
Stephen Wainger is a former partner of the law firm Glasser & Glasser. According to the partner ship agreement, a withdrawing partner is entitled to compensation for “any undivided profits of the firm with respect to uncollected fees which were fully earned by the firm prior to the effective date of his withdrawal, but which fees are received by the firm subsequent to such date.” Before leaving the firm, Wainger worked on several asbestos com- pensation cases. After he left the partnership, the cases were settled and the firm received significant profits. Wainger argued that he should be compen- sated for his work despite the fact that he left the firm before the settlement of the cases. Do you agree? The trial court found that Wainger was entitled only to fees that had been fully earned at the time of his withdrawal. How do you think the court decided the case on appeal? [Wainger v. Glasser & Glasser, 462 S.E.2d 62 (1995).]
Ch 37 : Q 7
Astroline Company, a limited partnership, is in the investment business. Astroline heard of an opportunity to purchase the license to a television station, and the company developed a second limited part nership. Astroline Communications Company, to purchase the station. Astroline provided the funding for Astroline Communications but remained a limited partner of the company. Astroline Commu- nications began to experience financial problems and filed for bankruptcy. Do you think the court found Astroline Company, as a limited partner. liable for Astroline Communications Company’s debts? Why or why not? [In re Astroline Commu nications Company Limited Partnership, 188 BR 98 (1995).]
Required in the following questions:
For each assigned case, write an analysis of the issue based on the following criteria:
Be prepared to defend your decision and objectively evaluate the other points of view.
A sad and three business associates have decided to start a business: Saudi Construction. They will do work for oil companies in Saudi Arabia at first, but he hopes the firm will grow within two or three years to gain heavy construction contracts throughout the Middle East. A sad wonders whether he should form a corporation, a partnership, or maybe a limited liability company under Saudi Companies Law.
Asad believes they will initially need about $10 million in capital to run the business and have sufficient financial reserves to do large-scale projects. After two years, they will need an additional $20 million in capital.
Asad will be in charge of business operations. He realizes they need a business plan that will address how to value the corporation in order to raise the necessary capital in two years. It also needs to address how Saudi Construction can legally protect its assets in an industry where lawsuits are a common hazard.
Meanwhile, his associates have pressured Asad to kick-start the business by signing a couple of lucrative contracts right away; they tell him he shouldn’t worry about the administrative paperwork. They say that nobody ever looks at the paperwork once a business is formed and it’s no big deal.
Action Items
In at least a two-page paper, fully respond to the following:
A sad has hired you as his business consultant to help him make good decisions. Give him advice on his questions:
What are the advantages and disadvantages of forming the business as:
What is his potential liability as an individual and what can he do to limit his risk?
What issues might arise from following his business associates’ advice?
What other factors should he take under consideration?
In helping A sad with the business plan, explain:
Apply legal issues and concepts related to the duty of loyalty to create appropriate solutions in case study scenario.
Apply main concepts of Saudi Company law in case study scenario.
Saudi Construction Case Study Part 1:
Asad and three business associates have decided to start a business: Saudi Construction. They will do work for oil companies in Saudi Arabia at first, but he hopes the firm will grow within two or three years to gain heavy construction contracts throughout the Middle East. Asad wonders whether he should form a corporation, a partnership, or maybe a limited liability company under Saudi Companies Law.
Asad believes they will initially need about $10 million in capital to run the business and have sufficient financial reserves to do large-scale projects. After two years, they will need an additional $20 million in capital.
Asad will be in charge of business operations. He realizes they need a business plan that will address how to value the corporation in order to raise the necessary capital in two years. It also needs to address how Saudi Construction can legally protect its assets in an industry where lawsuits are a common hazard.
Meanwhile, his associates have pressured Asad to kick-start the business by signing a couple of lucrative contracts right away; they tell him he shouldn’t worry about the administrative paperwork. They say that nobody ever looks at the paperwork once a business is formed and it’s no big deal.
Action Items
In at least a two-page paper, fully respond to the following:
Asad has hired you as his business consultant to help him make good decisions. Give him advice on his questions:
What are the advantages and disadvantages of forming the business as:
What is his potential liability as an individual and what can he do to limit his risk?
What issues might arise from following his business associates’ advice?
What other factors should he take under consideration?
In helping Asad with the business plan, explain:
How he can value his business
What the business can do to reduce its risk
How the owners can limit their liability
What the business should (and should not!) do to protect against lawsuits
What factors he must consider on how to raise capital
What mix of capital the business should have
Write a reaction paper on Introduction to Medicare.
National Federation of Independent Business v. Sebelius 132 S. Ct. 2566 (2012)
Please do apa format with the Facts, Issue, Holdings, and Legal Conflict plus these 3 questions at the end:
Write a reaction paper essay on History of Mental Health in the United States.
Choose a city in the U.S. that you wish to discuss. Do some brief research based on the City’s website to allow you to discuss the goals of the City. You will most likely find this information in the City’s discussion of its general plan. Prepare to make an oral presentation during our live session using PowerPoint to briefly introduce your chosen city and its land use goals.
Part 1: Short Writing Exercise- Issue Spotting
Introduction: In this simulation, students analyze the Stipulated Facts and Longville case law and spot as many contract law issues as possible. The analysis is articulated in a 3-page neutral (i.e., not advocating a particular side) memorandum.
Part 2: Mediation Simulation
Introduction: In this simulation, students analyze the Stipulated Facts and Longville case law and then work towards mediating a tenable solution to the dispute. This should be 2 pages long.
Critically examine the significance of governing law clause in Islamic finance documents and illustrate how the choice of governing law can be a point of confusion for cross-border finance transactions involving parties from multiple jurisdictions.
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