At the crossroads of insolvency and securities law lies the question as to whether defrauded shareholders should rank equally with unsecured creditors in cases involving fraudulent or misleading behaviour. Important questions arise at this juncture concerning the efficiency, certainty, transparency and fairness of the treatment of such claims in insolvency situations. In Sons of Gwalia Ltd (admin apptd) v Margaretic [2007] HCA 1, the High Court chose not to apply a rule said to be germane to insolvency cases involving fraudulent or misleading conduct inducing share purchase known as the rule in Houldsworth's case. The "rule " said to have been developed in Houldsworth v City of Glasgow Bank (1880) 5 App Cas 317 had up until the High Court's decision been used to interpret legislative pr...
Eventually, perhaps inevitably, power came to rest with those with the greatest interest or the most money at stake. [...] was the Special Interest State created, with various interest groups seizing control over particular power centers of government and use them for their own ends. [...] special interests have become their own special interest: the millions of lobbyists, governmental officials and compliance officers that make a living from the system and resist all reform.
By Luther Turmelle North Bureau Chief lturmelle@nhregister.com WALLINGFORD -- There's new interest in the former American Legion building on South Main Street, one week after a Superior Court judge in New Haven ruled that it could not be torn down.
A topic much discussed in recent months is the relationship over the past year or so between long-term and short-term interest rates. Some observers have argued that the failure of long rates to trend up as the Fed has increased its target federal funds rate is a puzzle. Others have argued that Fed policy is ineffective because increasing the rising short rate is not affecting the long rate. The author will not say much about the policy issue, but he did want to address the puzzle. Since June 2004, the Federal Open Market Committee (FOMC) has increased the target federal funds rate by 25 basis points every time they have met, including the recent meeting on May 3. Moreover, the federal funds futures market predicted that the Committee would raise the target funds rate by another 25 basi...
In 2004, City of Gardena was unable to meet its obligations on $26 million in debt. The authors examined City of Gardena financial reporting as of June 30, 2004 and 2003 to determine if the publicly available financial reports adequately disclosed the situation. Information about the long-term debt was properly displayed in the financial statements and disclosed in notes. There was no mention of the situation in the MD&A either year. The auditors' did not include an explanatory paragraph highlighting the debt, nor did they issue a 'substantial doubt about the ability to continue to exist as a going concern' report. This paper examines existing accounting and auditing standards to determine their adequacy to protect the public interest.
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