Friday, March 27, 2009 VOLUME 6 ISSUE 1   HOME REGIONS CENTRAL AMERICA EUROPE NORTH AMERICA NORTH AMERICA Regulation of Greenhouse Gases: The Management of Uncertainty Watching from the Wings with Baited Breath – The WAL-MART Cases Before the Supreme Court of Canada and What They Might Mean for Employers in Canada Bankruptcy Primer for Landlords with Commercial Leases in the United States Distressed Real Estate: Can Possible Tax Advantages Be As Simple As ABC? De-stressing the Due Diligence Process: Issues to Consider When Acquiring Distressed Residential Developments Product Safety in the USA: Consumer Product Safety Improvement Act of 2008 Major Overhaul of the Air Carrier Access Act Effective May 13, 2009 Hall Street Associates and the Federal Arbitration Act: Toward the Eventual Arbitration of Legal Questions With Factual Issues CENTRAL AMERICA The Economic Incentives for the Development of Puerto Rico Act: Puerto Rico’s latest tool for business development and investment EUROPE London as a seat of arbitration? Amendments to Tax Legislation in the Czech Republic Consequences of a Declaration of Bankruptcy against the Property of an Entity which is a Partner in a Czech Limited Liability Company Abroad Bankruptcy proceedings under Bulgarian law – creditors’ perspective NORTH AMERICA Regulation of Greenhouse Gases: The Management of Uncertainty Beirne, Maynard & Parsons LLP , Houston by James E. Smith & Benjamin A. Escobar Public awareness and perception of global warming accelerated by carbon emissions is increasingly compelling to lawmakers and regulators around the world. Under the Bush administration, regulatory control within the U.S. lagged behind Europe and much of the world, although it is by far the leading generator of greenhouse gases (GHG). [FULL STORY]   Watching from the Wings with Baited Breath – The WAL-MART Cases Before the Supreme Court of Canada and What They Might Mean for Employers in Canada Robinson Sheppard Shapiro LLP, Montreal by Mr. Theodore Goloff Two sets of cases before the Supreme Court of Court, that were recently pleaded and which derive from Wal-Mart’s closing of its Jonquière store some years ago - Pedneault and Desbiens – have the potential of becoming a legal tsunami in terms of their impact on employers! These cases have morphed into an allegedly Charter based challenge to what seemed to be an already clearly established employer right to go out of business at any time and for any reason – all of this with the possibility of very serious and unexpected consequences for employers. [FULL STORY]   Bankruptcy Primer for Landlords with Commercial Leases in the United States Howard, Rice, Nemerovski, Canady, Falk and Rabkin, San Francisco by Gary M. Kaplan Lease agreements in the United States are subject to special treatment in bankruptcy cases that is often contrary to the terms of the lease itself or relevant non-bankruptcy law. This article discusses several of the most important matters impacting a commercial landlord in the U.S. bankruptcy case of its tenant, including the tenant’s assumption (i.e., ratification), rejection (i.e., anticipatory repudiation) or assignment of a lease; lease obligations pending assumption, rejection or assignment; and the treatment of claims arising from the assumption, rejection or assignment of a lease. [FULL STORY]   Distressed Real Estate: Can Possible Tax Advantages Be As Simple As ABC? Arnstein & Lehr, LLP, Chicago by James A. Chatz, William A. Brandt, Jr. & Catherine E. Vance What the tempting simplicity of the above title refers to is the possible tax advantages that could be engendered for builders and developers through the use of an “ABC,” otherwise known as an Assignment for the Benefit of Creditors. An ABC is one of those arcane vehicles employed by professionals in the world of restructuring, and it’s just another means of arranging for the disposition of a troubled entity’s assets. [FULL STORY]   De-stressing the Due Diligence Process: Issues to Consider When Acquiring Distressed Residential Developments Epstein Becker & Green, P.C., Atlanta by M. Maxine Hicks, Linda Ragan Warnke and Jenny A. Lipana “Distressed properties” is a term that for some represents opportunity - a chance to capitalize on bargain prices. A low price, however, is not always the benchmark of a good deal. Numerous issues beyond just the dirt and the bricks impact whether a distressed property is a good investment opportunity. If you are considering acquiring a distressed property, proper attention to adequate due diligence will help you understand the issues and obligations you stand to inherit and avoid costly hidden surprises. [FULL STORY]   Product Safety in the USA: Consumer Product Safety Improvement Act of 2008 Epstein Becker & Green, P.C., Atlanta by Jeffrey Y. Lewis On August 14,2008, a new product safety law came into effect. The "Consumer Product Safety Improvement Act of 2008," with more than 40 provisions, constitutes the fullest compilation of the American product safety laws, which since 1972 fall under the authority of the "Consumer Product Safety Commission." Even though the majority of requirements relate to the toy industry, there is one requirement which is of importance to all manufacturers of consumer goods. [FULL STORY]   Major Overhaul of the Air Carrier Access Act Effective May 13, 2009 Beirne, Maynard & Parsons LLP , Houston by Andrew McGill On May 13, 2009, the provisions of the reformed Air Carrier Access Act (ACAA) will be effective, and commercial carriers (including foreign carriers) need to prepare to comply with its amendments. The Act has been amended ten times since 1990, and the Department of Transportation has frequently issued guidance and interpretation of the Act. Recognizing the need for the patch-work body of law relating to the ACAA to be collected in one place, the Department of Transportation issued multiple notices of proposed rulemaking in 2007 and 2008, and then issued a notice on May 13, 2008 announcing its final rule that the entire ACAA would be reorganized and updated. [FULL STORY]   Hall Street Associates and the Federal Arbitration Act: Toward the Eventual Arbitration of Legal Questions With Factual Issues Beirne, Maynard & Parsons LLP , Houston by George B. Murr & James. E. Smith In March of 2008, the U.S. Supreme Court ruled in a 6-3 decision that the Federal Arbitration Act does not allow a federal court to consider and decide issues of law as part of its confirming an arbitration award. Hall Street Associates, L.L.C. v. Mattel, Inc., 552 U.S. ___ (2008), No. 06-989, slip op. at 1-2 (U.S. March 28, 2008) (Souter, J.). Despite the traditional deference afforded to the contracting parties' arbitration agreement, the Supreme Court held that the specific language of the Federal Arbitration Act simply does not allow a federal court to do anything other than either confirm the arbitration award or vacate, modify or correct it where there has been "egregious departures from the parties' agreed-upon arbitration," such as "corruption," "fraud," "evident partiality," "misconduct," or "misbehavior." Id. at 9. Accordingly, the language of the Federal Arbitration Act does not afford the federal court "review for just any legal error." Id. Concluding, the majority recognized the potential need for having the courts decide the law, but stated that, "whatever the consequences of our holding, the statutory text gives us no business to expand the statutory grounds." Id. at 12. 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