THE ADVOCATE 157
VOL. 79 PART 1 JANUARY 2021
seeks Major League Soccer expansion and “currently plays in the USL
Championship, the largest Division 2 professional league in the world”.
For those who do not think that members of the legal profession are likely
to populate romance novels, think again! FictionDB, an online guide to
fiction books and their authors, describes Janice Graham’s book Firebird as
Concert violinist Annette Zeldin feels every inch the outsider when she
arrives in the closed ranching community of Cottonwood Falls to settle
her mother’s estate. Under the thumb of her cold and overbearing father,
she clings to her young daughter, her lifeline.
Unexpectedly, she finds moments of comfort and communion in the
presence of Ethan Brown, an Ivy-educated lawyer and gentleman
rancher who is as comfortable among his books as he is at ease in the
company of cowboys. Engaged to the daughter of the wealthiest
landowner in the county, he is within reach of the life he has worked so
hard to achieve. But since meeting Annette, Ethan feels that life slipping
from his grasp. Intensely aware of the consequences of their growing
attraction, both Annette and Ethan surrender to the passion that burns
between them—igniting a flame that will never die.
In First Independent Factors & Finance Ltd v Mountford, 2008 EWHC 835
(Ch.), Mr. Justice Lewison described the “phoenix syndrome”:
The ‘phoenix’ problem results from the continuance of the activities of a
failed company by those responsible for the failure, using the vehicle of a
new company. The new company, often trading under the same or a similar
name, uses the old company’s assets, often acquired at an undervalue,
and exploits its goodwill and business opportunities. Meanwhile, the creditors
of the old company are left to prove their debts against a valueless
shell and the management conceal their previous failure from the public.
The phoenix company rises out of the ashes of the defunct company.
Clearly not viewing highly the investment scheme to which Firstar Bank
Sioux City v. Beemer Enterprises, Inc., 976 F. Supp. 1233 (1997) related, the
U.S. District Court for the Northern District of Iowa noted there that “the
only Phoenix to rise from the ashes of John Morken’s ‘Adventure Cattle’
investment scheme is litigation in a plethora of lawsuits among the various
parties embroiled in the scheme over who should bear what part of the millions
of dollars lost in the scheme’s conflagration”.
Thought du mois:
“The greatest glory in living lies not in never falling, but in rising
every time we fall.”
—Nelson Mandela (1918–2013), former president of South Africa