When you hear of cases that involve fraud and business, you would like to think that it is something that is done to you (or to the victimized party) from the outside, mainly because that seems the most logical way for fraud to occur. But, in fact, many business fraud cases actually happen from inside -- a rogue employee or someone with nefarious intent undermines your company and deliberately neglects his or her fiduciary duty to steal money or assets from the company.
December 2016 Archives
Back in 2012, the company CoStar Group Inc., which specializes in commercial real estate data, acquired LoopNet Inc in an $860 million deal. LoopNet held a partial stake in another company, Xceligent, which was a competitor of CoStar's. So in order for the acquisition to go through, the Federal Trade Commission imposed a number of requirement on CoStar to ensure the deal was fair. Two of these conditions involved having LoopNet sell its stake in Xceligent and forcing CoStar to give Xceligent a list of broker that were used by LoopNet in the years prior to the deal.
When a business is deciding whether to go bankrupt or not, there are usually three chapters of bankruptcy that they would be considering. The first is Chapter 7 bankruptcy, a fairly standard form of bankruptcy whether you are a business or an individual. In Chapter 7, liquidation is the process by which the bankrupt entity fulfills its debts, while also clearing out other debts through discharge. For a business, Chapter 7 usually means the end. It is also a good option for companies that don't have significant assets.
Iceland is a tiny country off the eastern coast of Greenland and to the north and west of Europe. Iceland is also a supermarket that primarily is known for its frozen foods in the United Kingdom. Why are we talking about these two entities?