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SEC Proposes "Naked" Short Selling Anti-Fraud Rule
Top Legal News | 2008/03/26 16:15
On March 17, 2008 the Securities and Exchange Commission (SEC or Commission)
issued a release proposing a new anti-fraud rule under the Securities Exchange Act of
1934, as amended (Exchange Act), which addresses “naked” short selling, which the
SEC has generally defined as “selling short without having stock available for delivery
and intentionally failing to deliver stock within the standard three-day settlement
cycle.”

Specifically, proposed Rule 10b-21 is intended to target: (i) short sellers who
deceive certain persons, such as their broker-dealers, about the source of borrowable
shares, to circumvent the Regulation SHO “locate” requirement; and (ii) long sellers
who misrepresent to their broker-dealers that they own the shares being sold, also to
circumvent Regulation SHO, as well as certain other rules.

The deadline for submitting comments on proposed Rule 10b-21 is May 20, 2008.


Cyclist Landis Appeals Arbitration Court Ruling
Top Legal News | 2008/03/19 18:00
US cyclist Floyd Landis, stripped of his 2006 Tour de France victory for doping, began making his appeal to a three-man panel from the Court of Arbitration for Sport (CAS) here on Wednesday.

The private hearing is expected to continue through Monday with no comments from any of the participants, both Landis and the US Anti-Doping Agency (USADA) having agreed to the closed-door session unlike last May's open US hearing.

Landis, 32, has denied wrongdoing and fought his positive test for steroid testosterone on July 20, 2006, but a USADA arbitration panel ruled 2-1 against him last September, resulting in a two-year ban through January 29, 2009.

The International Cycling Union stripped Landis of his 2006 crown after that verdict, awarding the title to Spain's Oscar Pereiro.

In a Manhattan law office, Landis will make much the same case as he did last year, attacking the credibility of the French laboratory which handled his doping samples, and hope the global panel sees matters differently.

The CAS appeal board includes David Williams of New Zealand, Paris attorney Jan Paulsson and New York lawyer David Rivkin.

Swiss-based CAS will announce its binding ruling from Lausanne after completion of the hearing and consideration of the evidence presented.

Landis tested positive for synthetic testosterone after the penultimate 17th stage of the 2006 race. He fell back in stage 16 but rallied in stage 17 to reclaim almost eight minutes on his way to a now-disgraced victory moment.

The USADA arbitration panel noted several areas in which the French lab's handling of the test sample was improper but said the carbon ratio isotope test that showed Landis testing positive outweighed those issues.



Jackson Lawyer: Neverland Auction Off
Top Legal News | 2008/03/14 16:21
Michael Jackson still has Neverland, having cut an 11th-hour deal Thursday to keep it off the auction block.

But the magic that once made the financially troubled entertainer's 2,500-acre paradise in the rolling hills of central California's wine country one of the most talked-about places on Earth seems to have vanished along with its reclusive owner.

Jackson hasn't been seen in this bucolic area of oak-studded hills since he was acquitted in June 2005 of molesting a 13-year-old visitor to his estate, and his absence leaves the future of Neverland, a sort of Hearst Castle for 12-year-olds, in doubt.

"We're all, of course, wondering what's going to happen. We've heard rumors but we don't know anything," said Kim Morrison, one of the administrators of a private school located just across the road from Neverland.



NewsScandal-hit Spitzer faces wait for law firm role
Top Legal News | 2008/03/13 21:32

So what will Eliot Spitzer do next, assuming he escapes criminal prosecution and disciplinary sanction following his alleged involvement with a high-end prostitution ring? If he follows the example of his three living predecessors as governor, he will join a law firm.

George Pataki last year joined Chadbourne & Parke as a counsel in the environmental practice, and Mario Cuomo has long hung his hat at Willkie Farr & Gallagher. Hugh Carey survived the 1987 collapse of Finley Kumble Wagner Underberg Manley Myerson & Casey and is now a partner in the Manhattan office of Harris Beach.

But Spitzer's reasons for resigning office mark him as something of a different candidate.

"It matters how you leave," said the chairman of one large New York firm who asked to remain unnamed.

Former governors and other prominent political names generally have a cachet with clients that makes them attractive to firms, he said, but the scandal forcing Spitzer out of office may have exhausted the current governor's quotient of good will.

"He would need to rehabilitate himself first," agreed the managing partner of another large New York firm who also requested anonymity. It would probably be a year or more before any firm would even consider bringing the soon-to-be ex-governor aboard, the partner said. "He's radioactive in this environment," he added.



MobiTV, HowardForums avoid legal skirmish
Top Legal News | 2008/03/09 16:32

Mobile broadcast service provider MobiTV appears to be softening its stance against mobile community resource community HowardForums after hitting the site with a cease-and-desist letter last week. HowardForums earned MobiTV's wrath after posting a web address purportedly enabling end-around access to premium MobiTV content, promising readers free access to all of the firm's streaming mobile TV channels via mobile device or PC. The URL, posted by a HowardForums member, was originally discovered on a Sprint forum and reportedly has been circulating on the web for several months. MobiTV threatened HowardForums with legal action if the site did not remove the URL and related links by 5 p.m. PST Friday, alleging the post constitutes "a violation and infringement of MobiTV's intellectual property rights, including, without limitation, its copyright, trademark, and trade secret rights."

But in a statement issued late Friday, MobiTV said it would attempt to solve the problem via technological means instead of legal recourse, stating it was "actively implementing additional security measures to address this unauthorized access as well as the isolated issue of certain content feeds posted on HowardForums.com and on other websites. It is our responsibility to ensure that our service and the programming entrusted to us by our content providers is protected at all times." MobiTV added it would not attempt to interrupt or shut down HowardForums. While MobiTV maintains the URL was not publicly available, and procured only through hacking or debugging, HowardForums proprietor Howard Chui told OnlineMediaDaily that is untrue: "No hacking was involved," he said. "MobiTV could've added access control and people wouldn't be able to view it anymore. When I want to protect something online I put a password on it or encrypt it."



Judge KOs Challenge to Internet Bet Law
Top Legal News | 2008/03/07 17:00
A federal judge has dismissed a challenge to a ban on Internet gambling brought by an online gambling association, but gave the group legal standing to challenge the law in an appellate court.

U.S. District Judge Mary L. Cooper in Trenton determined that the Interactive Media Entertainment & Gaming Association had not shown sufficient cause to order her to block enforcement of the Unlawful Internet Gambling Enforcement Act, passed by Congress in 2006.

That law was designed to stop online gambling by choking off the electronic processing of money for online wagers or payouts.

The industry group had argued that the law was unconstitutional on many fronts, including freedom of speech and invasion of privacy concerns. It wanted the court to declare that people should be allowed to gamble from the privacy of their own homes.



Bush: 'US Must Not Let Down Its Guard'
Top Legal News | 2008/03/07 09:00
President Bush said Thursday that while it's been more than six years since the Sept. 11 attacks, the United States must not become complacent about terrorism.

In a speech marking the fifth anniversary of the creation of the Department of Homeland Security, Bush said U.S. officials have helped foil numerous planned attacks, including a plot to fly an airplane into the tallest building on the West Coast and another to blow up trans-Atlantic passenger jets.

"The enemy remains active — deadly in its intent — and in the face of this danger, the United States must never let down its guard," Bush said.

Bush continued to pressure the House to act on Senate-passed legislation needed to renew an intelligence law that governs how the government can eavesdrop on suspected terrorists. The law expired Feb. 16 and the House and Senate have yet to reconcile different versions of a new intelligence bill.



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