Mr. Kern referred to his team of lawyers, who worked with the firm's top litigation, tax, antitrust and securities experts, as "a flying squad geared for instant response".
8. End the litigation tax.
Frensley calls this "the litigation tax".
With no obvious quick end in sight to the litigation, lawyers, taxes and administration expenses are certain to eat up much of the estate.
A Litigation Excise Tax could place a 15% excise tax on all lawyer revenue from any litigation that results in attorney fees [over] $400,000.
That's why we call this type of litigation a tax on innovation.
Weil, Gotshal & Manges, the lead bankruptcy counsel, and Simpson Thacher & Bartlett, which serves as litigation and tax counsel, have together billed Global Crossing more than $2.2 million so far.
Weil, Gotshal & Manges of New York, the lead bankruptcy counsel, has billed about $1.6 million and Simpson Thacher & Bartlett, also of New York, which serves as litigation and tax counsel, has billed Global Crossing more than $600,000, people close to the company said.
As part of long-running litigation over tax treatment of interest payments and dividends, his Berkshire Hathaway just sued in its hometown Omaha federal court seeking another year's worth of federal tax refunds.
But the post-Enron standards also force companies to do more to prevent fraud, by examining confidential areas like pending litigation, internal investigations, tax reserves and tax shelters, stock option plans and exposure to environmental liabilities.
Mba, who trained as a barrister in Nigeria and completed his master's degree at Oxford, worked in the personal-tax litigation team that dealt with the Goldman Sachs tax issue.
