Ethics Keyed to Hazard
SEC v. National Student Marketing
Remaining Defendants considered in this portion of the opinion, two partners at Lord Bissell & Brook, were representing Interstate National Corporation in its proposed merger with National Student Marketing. The closing of the merger was to be conditioned upon a mutual exchange of opinion letters from each corporation’s attorneys as well as “comfort letters” from each corporation’s accountants. Defendant attorneys became aware of serious concerns-involving NSMC’s financial statements, which probably should have demonstrated a net loss, rather than a net profit-held by the accountants a few hours before the merger was scheduled to close, but proceeded with the closing in the face of these concerns after a brief discussion.
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