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IN THIS ISSUE
- Corporate Transparency Act Compliance-Obtain your FinCEN ID Now
- Generative Artificial Intelligence and Its Pitfalls
- Protecting an Elder Person's Assets
- Prescription drug advertising may soon get a dose of honesty
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Corporate Transparency Act
Compliance-Obtain your FinCEN ID Now
By R. Kymn Harp
T:312.456.0378 (Chicago Office)
E:rkharp@robbinsdimonte.com
| The Corporate Transparency Act (“Transparency Act”) is a new federal law that went into effect this year. It applies to most privately held companies, especially those typically used for commercial real estate investment and most small businesses. There are exceptions but they are limited. Failure to comply exposes you to fines and criminal liability, including possible jail time. | |
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Generative Artificial Intelligence and Its Pitfalls
By Anastas Shkurti
T:847.698.9600 (Park Ridge Office)
E:ashkurti@robbinsdimonte.com
The age of generative artificial intelligence (GAI) is upon us. All major tech companies have entered the arena, and countless vendors are vying to build their own platforms. Every business and their tool chests are uniquely suited for training GAI large language models. Everyone can now access some form of GAI.
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Protecting an Elder Person's Assets
By Anthony B. Ferraro
T:847.698.9600 (Park Ridge Office)
E:aferraro@robbinsdimonte.com
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Is your loved one challenged by dementia, Alzheimer’s or diminished mental capacity?
A concern of many seniors is the loss of assets due to extended long-term care or nursing home stay. 66% of all nursing home residents finance the costs of their care through the Medicaid – Long Term Care program.
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Prescription drug advertising may soon get a dose of honesty
By Richard Lee Stavins
T:312.456.0371 (Chicago Office)
E:rstavins@robbinsdimonte.com
| Are you tired of those annoying television prescription drug advertisements where they tell you how wonderful their medication is, and then at the tail end they flash on the screen a warning in print, so small and in language so complicated and for so short a time that no human being can read it, let alone understand it. | |
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Riccardo A. DiMonte
T: 847.698.6900 (Park Ridge Office)
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Dominic G. Erbacci
T:847.698.9600 (Park Ridge Office)
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Riccardo A. DiMonte and Dominic G. Erbacci successfully obtained a judgment in favor of a commercial tenant against its landlord in defense of a breach of contract and forcible entry and detainer action. The landlord filed suit against the tenant seeking to terminate a commercial lease and the tenant’s right to exercise an option to repurchase the property. The landlord claimed that the tenant had breached the terms of the lease and was in default at the time the landlord filed suit. The tenant stood to lose, and the landlord to gain, millions of dollars if the tenant’s option to repurchase the property was terminated.
Additionally, any termination of the lease would have had the effect of shutting down the tenant’s business and approximately 100 employees would have been forced out of work. Following the close of the landlord’s case-in-chief, the tenant moved for a directed finding arguing that the landlord failed to present evidence that established the tenant was not fully compliant with all terms of the lease at the time the landlord filed suit. The court agreed and accordingly entered judgment in favor of the commercial tenant and against the landlord.
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James J. Riebandt and Dominic G. Erbacci successfully obtained a final award entered in court ordered binding mediation that requires an equal shareholder to pay $380,000.00 to the estate of a deceased shareholder for certain stock in the parties’ company. The two equal shareholders filed claims against one another in the Circuit Court of DuPage County under the Illinois Business Corporation Act of 1983 alleging the existence of corporate deadlock. The trial court found that the parties were deadlocked and ordered the parties to participate in binding mediation.
After months of negotiation, the parties reached an accord on the material terms of a settlement wherein Shareholder One agreed to purchase Shareholder Two’s stock for a sum certain. However, Shareholder Two died prior to the parties memorializing their agreement in a signed writing. Shareholder One refused to honor the settlement arguing that no agreement was reached because the parties never executed a written settlement agreement. Shareholder One argued that the terms of a stock repurchase agreement controlled following the death of Shareholder Two. Click here to continue reading.
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Robert E. Harig
T:847.698.9600 (Park Ridge Office)
E:rharig@robbinsdimonte.com
Robert E. Harig was a presenter for the business education webinar “Legal Considerations When Buying A Business” hosted by the Chicago Department of Business Affairs and Consumer Protection in April. Robert also recently collaborated with the Park Ridge Neighbors Magazine to publish “Successfully Selling a Business.” The article discussed the key steps in a business sale including 1) Preparation, 2) Basic Terms and the Letter of Intent, 3) Buyer’s Due Diligence, and 4) Definitive Agreement and Closing. Click here to view the full article.
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Eric G. Patt
T:847.832.5602 (Park Ridge Office)
E:epatt@robbinsdimonte.com
Eric G. Patt is the general editor and author for Chapter 9: "Representing a Home-Rule Municipality” published by IICLE. The Chapter is included in the IICLE 2024 Edition Municipal Law: Contracts, Litigation, and Home Rule.
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Carolina Y. Sales
T:312.456.0372 (Chicago Office)
E:csales@robbinsdimonte.com
Carolina Y. Sales was recognized in March by Crain’s Chicago Business as a 2024 Notable Women in Law honoree. Each year, Crain’s honors women across a broad range of practice areas providing counsel to small businesses, corporate entities, and families. The honorees serve as mentors for other women in their firms and bring their knowledge and experience to their community and nonprofit. Carolina also participated as a panel member for webinar “The Nuts & Bolts of Bankruptcy Law/The Nuts & Bolts of a Lift Stay Motion” hosted by Financial Poise in February. She and fellow speakers discussed the scope of the automatic stay and the procedure and grounds for seeking relief as the bankruptcy code provides for specific circumstances under which relief from the stay is permitted.
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Julia Jensen Smolka
T:847.698.9600 (Park Ridge Office)
E:jsmolka@robbinsdimonte.com
Julia Jensen Smolka was a speaker for the Advocates Society on “Collections for the Non-Collection Attorney” presented in January. Julia discussed the debt collection and bankruptcy process for the non-collection attorney including the steps creditors can take to collect on judgements and basics of bankruptcy to advise clients when their vendors file for bankruptcy.
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Justin L. Weisberg
T:312.456.0190 (Chicago Office)
E:jweisberg@robbinsdimonte.com
Justin L. Weisberg was a panel speaker for the CI & CRC Joint Conference hosted by the ASCE and Iowa State University in Des Moines, IA in March. Justin discussed what impacted the construction industry during the COVID-19 pandemic and the year after. Additional discussion focused on the labor and supply limitations during those challenging years and how those challenges were reflected in construction claims.
Justin also was a co-presenter for the ISBA Single-Family Residential Construction: The Owner’s Perspective – Parts 1 & 2 held in January. The two-part program focused on the overview of the various construction law issues from the owner’s perspective, which helps attorneys better protect clients from construction and payment disputes with their contractors and guide them to a smoother journey to obtain their dream home.
Justin is a recipient of the 2024 Martindale-Hubbell Award® with the AV Preeminent Rating®. The distinguished honor is the highest possible rating in both legal ability and ethical standards earned through the extensive Martindale-Hubbell® Peer Review Ratings.
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RD & Diversity Scholarship Foundation Event | | |
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Mastering Life Balance
Free Workshop
Presented by Red Rooster Consulting, Inc.
Tuesday, May 21, 2024
9:30am-11:00am
Robbins DiMonte, Ltd.
180 North LaSalle Street, Suite 3300
Chicago, IL 60601
Lower Level, Pivot Room
Robbins DiMonte & Diversity Scholarship Foundation, NFP are collaborating to discuss Mastering Life Balance, a workshop presented by Red Rooster Consulting, Inc. Each of us define balance differently. The formula for the balance we seek is unique to each life, situation and needs. Life balance is a choice and a discipline. When we are out of balance we tend to have a negative impact on others, and our health, relationships, and quality of work suffer. Striving for balance is a personal responsibility, the result of which will positively impact those around us and ourselves.
Join Us on May 21 and learn in this workshop how to think, plan and make choices as you:
- Define balance
- Create personal vision
- Assess the alignment between vision and actions
- Identify what makes you happy
- Make choices on what to start, stop, and continue to achieve balance
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RD Celebrates Women's History Month | |
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Throughout the month of March, RD celebrated the firm's seven hardworking and dedicated women attorneys. Our attorneys shared their invaluable advice, reflections, and experiences as women in the legal and business communities. Click below to view attorneys' profiles.
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Robbins DiMonte, Ltd.
robbinsdimonte.com
Robbins DiMonte was proud to be a Gold Sponsor for the Reception in Honor of the Judiciary held in February in connection with the Decalogue Society of Lawyers. Firm attorneys in attendance included Adam Jiang, Emily C. Kaminski, Jeiel Noh, Eric G. Patt, Carolina Y. Sales, Anastas Shkurti, and Julia Jensen Smolka. The Decalogue Society of Lawyers was founded in 1934 to promote justice in society and to advance and improve the law, administration of justice and legal profession.
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RD's 2024 Super Lawyers and Rising Stars Honorees | |
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Super Lawyers® has selected seven RD attorneys to the 2024 Illinois Super Lawyers® list, and three firm attorneys have been honored as 2024 Illinois Rising Stars. All attorney rankings are based on peer nominations, evaluations, and independent research. Due to a rigorous selection process, only 5% of all practicing lawyers are selected to the Super Lawyers® list for their state and practice area. Also, only 2.5% of all attorneys in each state who are under age 40 or have been in practice for less than ten years have been selected as Rising Stars. The 2024 Illinois Super Lawyers include R. Kymn Harp, Justin L. Weisberg, Steve Jakubowski, Anthony B. Ferraro, Patrick D. Owens, Julia Jensen Smolka, and Carolina Y. Sales. The 2024 Illinois Rising Stars Lawyers include Emily C. Kaminski, Christine R. Walsh, and Dominic G. Erbacci.
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RD Business Development Workshops | |
2024 Business Development Workshops
For the months of May and June, RD is committed to mentoring firm Associates by providing the resources and tools to be successful attorneys and to execute business development and marketing strategies across business industries. Workshop topics include Building/Investing in Relationships, Staying Visible in the Legal/Business Communities, and Building a Referral Network.
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RD CHICAGO
Telephone: 312.782.9000
Fax: 312.782.6690
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RD PARK RIDGE
Telephone: 847.698.9600
Fax: 847.698.9623/9624
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Publication of this legal newsletter by Robbins DiMonte, Ltd. is not intended as a solicitation of legal representation, but rather educational purposes only as well as to give you general information and a general understanding of the law. It is written entirely by members of the firm. We welcome any comments or questions about topics covered in this or any issue. This newsletter is not intended as a replacement for individual legal advice. The contents of this publication may be quoted or reproduced if credit is properly given to the source.
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