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CNet to Appeal Court's Bylaw Ruling
Court Press News |
2008/03/17 11:02
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| CNet Networks Inc. said Monday that it will appeal a lower court's decision on bylaw provisions to the Delaware Supreme Court.pLast week the Delaware Chancery Court ruled that CNet's bylaws do not give it the ability to prevent a group of dissident shareholders led by an affiliate of hedge fund Jana Partners LLC from nominating directors to the company's board or proposing an increase to the board's size./ppThe court's decision incorrectly calls into question the bylaws of a large number of companies with the same or similar bylaw provisions, CNet said in a release. The company said its stockholder-approved bylaws are fully applicable to the hedge fund./ppA costly and disruptive proxy contest is not in the best interest of stockholders, and Jana should not be able to seek control of CNet without paying a premium, the company said./ppIn a letter to CNet Chief Executive Neil Ashe issued earlier Monday, Jana managing partner Barry Rosenstein questioned whether an appeal would benefit shareholders. We believe it is time for fundamental strategic and operational change at CNet, and that the nominees we have proposed... have the collective experience and expertise to successfully implement this change, he wrote./ppJana had about a 10 percent stake in CNET as of Dec. 31./p |
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Verdict upheld for Valley law firm suing over fees
Court Press News |
2008/03/12 14:35
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A federal Appeals Court has upheld a nearly $3.3 million verdict obtained by a Valley law firm against another firm from Texas for unpaid legal fees.
In their unanimous ruling, the judges of the 9th U.S. Circuit Court of Appeals rejected arguments by the attorney for John M. O'Quinn amp; Associates that the legal fees being charged by Brown amp; Bain were not reasonable. Neil McCabe said that put the Phoenix law firm in violation of ethical rules adopted by the Arizona Supreme Court.
But appellate Judge John Noonan, writing for the panel, said the O'Quinn firm had in fact agreed to pay Brown amp; Bain a certain amount once the case settled.
Potentially more significant for attorneys, the appellate judges said Ethical Rule 1.5, which bars fees that are unreasonable, applies only to the dealings that lawyers have with their clients. It does not regulate what one law firm charges another.
The case involves a lawsuit filed by about 900 property owners in the Phoenix area who filed suit against Motorola contending that toxic chemicals from its plant caused environmental damage. The deal the property owners had was the O'Quinn law firm would get 40 percent of any recovery plus the cost of litigation. |
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Saddam Kickbacks Earn Oil Exec Prison
Court Press News |
2008/03/08 11:13
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Texas oilman David Chalmers was sentenced to two years in prison on Friday after admitting to paying millions of dollars in kickbacks to Iraq in connection with the U.N. oil-for-food program.
Chalmers, 54, and his two corporations, Bayoil Supply and Trading Ltd. and Bayoil USA Inc., were sentenced in federal court in Manhattan. Chalmers and his companies were ordered to forfeit $9 million dollars.
He pleaded guilty to one count of conspiracy to commit wire fraud in August, weeks before he was due to go on trial with Texas oil tycoon Oscar Wyatt. Wyatt was sentenced to a year in prison in November for his role in the oil-for-food scandal.
I feel horribly remorseful for this, a sniffling Chalmers told U.S. District Judge Denny Chin. Because others were doing it I thought it was OK. But I was wrong.
Chalmers' lawyer told Chin that Chalmers deserved a lighter sentence than Wyatt, who met directly with Saddam Hussein and became the most prominent figure jailed over the scandal.
Chin disagreed, saying Chalmers had agreed to buy many more barrels of oil than Wyatt that represented money that should have gone to the Iraqi people.
Prosecutors said they could prove Wyatt paid at least $200,000 in kickbacks, compared to Chalmers, whom they said played a leading role in corrupting the program by agreeing to pay at least $9 million while other oil companies refused. |
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U.S. treasure firm ordered to identify disputed wreck
Court Press News |
2008/03/07 08:55
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| A U.S. judge ordered a Florida treasure-hunting company on Thursday to disclose the identity of a disputed shipwreck and dismissed some of its claims against Spain in a legal wrangle over a $500 million haul of silver and gold.span id=midArticle_byline/spanspan id=midArticle_0/spanpOdyssey Marine Exploration and Spain have been arguing over the treasure since the trove was found last year at an undisclosed location in the Atlantic Ocean./pspan id=midArticle_1/spanpU.S. District Judge Steven Merryday ruled on Thursday that Odyssey's lawsuit claiming rights to the treasure could go forward provided the company promptly identifies the wreck for Spain, or gives its best available hypothesis of the identity./pspan id=midArticle_2/spanpAt a court hearing on Wednesday, the company's lawyers said Odyssey did not know for certain the name or nationality of the wreck, from which the company recovered some 17 tonnes of silver coins and gold./pspan id=midArticle_3/spanpWe want to know the identity of this vessel, and what this ruling is saying is 'It's not an answer to say we haven't decided for sure,' said lawyer James Goold, who is representing Spain./pspan id=midArticle_4/spanpMerryday ruled that parts of Odyssey's lawsuit could go forward through the courts, including claims for possession and ownership of the wreck and the artifacts./pspan id=midArticle_5/spanpBut he sided with Spain on several other elements of the suit, dismissing Odyssey's claims for monetary damages from Spain and a request for an injunction to secure the integrity of the recovery operation against interference from a third party./pspan id=midArticle_6/spanpThe two sides have been at odds since Odyssey announced last May that it had found half a million silver coins and other artifacts. It said the wreck, which it code-named Black Swan, was discovered in the Atlantic Ocean outside any country's territorial waters./pspan id=midArticle_7/spanpThe dispute turned ugly when Spanish warships twice intercepted the company's treasure hunting ships after they left the British territory of Gibraltar and escorted them to Spanish ports./p |
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Court of Appeals weighs scope of extortion law
Court Press News |
2008/03/06 11:26
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pA lawyer for the state came under sharp attack from several Court of Appeals judges when he urged them to reinstate the extortion conviction of a man who sent expletive-laden letters to a former boss and his attorney, threatening to sue them unless they paid him $100,000. /ppAssistant Attorney General Brian S. Kleinbord said Scott L. Rendelman’s letters constituted extortion because the grounds for his threatened lawsuit were “baseless” and the written messages were a “threat to obtain something of value to which [he] is not otherwise entitled.” /ppA Montgomery County jury had convicted Rendelman of trying to extort money from William Elmhirst and attorney Kevin P. Fay, but the Court of Special Appeals threw out the conviction, saying that a threat to sue, unlike a threat of bodily harm, is not evidence of extortion. /ppThree of the seven judges hearing the matter on Thursday — retired Judges Alan M. Wilner, Lawrence F. Rodowsky and Dale R. Cathell — echoed that reasoning.
Click to download the Webcast of the State of Maryland v. Scott L. Rendelman /ppExtending the crime of extortion to include threats of litigation might discourage individuals and their lawyers from validly informing an opponent that they might file suit, lest they find themselves in criminal court, the judges said. /ppBy contrast, all seven were largely silent as Rendelman’s lawyer, Karen C. Daly of Washington, said prosecutors go too far when they charge with extortion a person proclaiming his or her legal right to sue – even if vulgarly expressed. /p |
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