In the recent decision in Murphy v Inman, No. 161454, Mich ; NW2d (April 5, 2022), the Michigan Supreme Court clarified the standard for determining whether an aggrieved shareholder may bring a direct claim (in his individual capacity) or a derivativ…
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As has been frequently observed, Michigan is a water wonderland. Not only is Michigan the Great Lakes State, it also has more than 11,000 inland lakes and countless miles of rivers and streams. It is difficult to identify another state where water-re…
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The Michigan Supreme Court recently granted leave to allow the Michigan Waterfront Alliance (“MWA”) to file an amicus curiae brief in the momentous environmental law case titled, Lakeshore Group v Department of Environmental Quality. The…
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The SEC recently adopted rule amendments to the current exemptions from registration under the Securities Act. The amendments are part of the SEC’s continued efforts to modernize and improve its rules. Among other things, the amendments will increa…
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On October 1, 2020, the US Department of the Treasury’s Office of Terrorism and Financial Intelligence issued a press release announcing two advisories regarding ransomware cyberattacks. Ransomware is a form of malicious software designed to block…
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On March 27, 2020, the US government passed the CARES Act in response to the COVID-19 crisis. Under the CARES Act, the Small Business Administration (“SBA”) offered loans under the Paycheck Protection Program (“PPP”) designed to provide a dir…
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On September 1, 2020, the Centers for Disease Control and Prevention (“CDC”), announced an order imposing a temporary moratorium on residential evictions to halt the further spread of the 2019 novel coronavirus disease (“COVID-19”) (Order).
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On August 26, 2020, the Securities and Exchange Commission (the “SEC”) adopted final rule amendments to modify the definition of an accredited investor in Rule 501(a) under the Securities Act. These amendments will become effective 60 days after…
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Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 governs the accounting treatment of all share-based payment transactions in which a company acquires goods or services by either (1) issuing com…
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Closing a business can be an exciting, difficult, or bittersweet decision depending on the circumstances. Regardless, and whether you are celebrating a liquidity event or heading back to the drawing board, founders, directors, and shareholders of Mic…
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