Trust The Leaders

Issue 25/ Winter 2009/2010

• TRUST BENEFICIARIES AND TRUSTEES: Three Rules Never To Forget In our practice we continue to observe the proliferation of fiduciary litigation and, in particular, the growth of lawsuits against trustees. We receive many calls from beneficiaries claiming to be harmed by their trustee’s management, vexatious conduct or investment decisions. With that in mind, we thought it would be useful for clients and friends to be aware of certain sections of the Restatement (Third) of Trusts and its accompanying commentary. The Restatement is an influential treatise for practitioners of law, trustees and investment advisors, as well as a fundamental source of legal authority.
• The Court That’s All Business Among the courts called upon to oversee the intricate business legal landscape of New York City, the Commercial Division of the Supreme Court of the State of New York for the County of New York is certainly the busiest.
• Come Together…Right Now In a market increasingly dominated by low-cost carriers, how will the consolidation of the “legacy” airlinesactually affect the industry — and consumers?
• TIPPING the BALANCE In a challenging economy, the opportunity for a debtor to sell its assets “free and clear” of its liabilities can be an attractive and practical solution for financially distressed companies.
• The Finish Line: Wally Finally Gets Her Day in Court In the case that many say launched a stream of Nazi-era looted-art litigation in the late 1990s, New York SGR attorney William Barron and his team are finally getting Egon Schiele’s Portrait of Wally — kept under wraps and out of the public eye since it was seized in 1998 — her day in court.