Corporate Restructuring

Did you know that in 2011, Qwikster changed their name to Netflix?

Here is a list of six more companies that changed their names recently (f/k/a stands for "formerly known as"):

- Academi (f/k/a Xe Services, Blackwater USA; 2011, 2009)
- Ally Financial (f/k/a GMAC; 2010)
- Accenture (f/k/a Andersen Consulting; 2001)
- Altria (f/k/a Philip Morris; 2003)
- World Wrestling Entertainment (f/k/a World Wrestling Federation; 2001)
- AirTran Airways (f/k/a ValuJet Airlines; 1996)

Source: http://247wallst.com/special-report/2013/02/11/seven-companies-forced-to-change-their-names/3/

There are several sources that you can ask to automatically send a notification if an entity you have researched has made a change by setting up alerts.

This may not always be necessary, but if you find a source that indicates a name change, merger, or acquisition is pending, then an alert may be useful to update your database when the time comes.

Google is one very good source that you can use to set up an alert, and most business intelligence data sources allow you to set up an alert so when your entity shows up in the news regarding an updated corporate structure or name change - you can be made aware.

Another source of information regarding changes to corporate structure is the Institute of Mergers, Acquisitions and Alliances (IMAA) which keeps track of selected, regularly updated statistics on Mergers & Acquisitions worldwide.

Source: http://www.imaa-institute.org/statistics-mergers-acquisitions.html#TopMergersAcquisitions_Worldwide

Many firms may not be able to keep track of this information unless the entity comes up in a new conflict check request, or update to an existing matter.

What do you do when a client or another party involved in one of your matters has changed its name or corporate structure? I invite you to share in the comments section below.


Ryan Vago
Founder & President
RION Corp.

Conflicts Considerations When Updating Matters

There are a few reasons why updates to existing matters are necessary:

1. You have to add a new party to an existing matter.
2. You have to change a matter description.
3. You have to change the name of a party.
4. You have to reopen a closed matter.

Aside from correcting typos, RARELY would you do all of the above to an existing matter.  If you are updating an existing matter and asked to perform all of the above tasks, you most likely need to open a new matter.  

Pay careful attention to the description of a matter.  If you are asked to change the matter description from something like “Plaintiff vs. Defendant” to something like “New IP Matter Description” then this likely is an entirely new matter.  

You will also want to be careful when adding new parties or changing the name of existing parties.  Be sure to confirm that a new party is being added with the correct relationship and / or role, and determine why they were not originally listed on the conflict check form.  More importantly, if you are changing the name of an existing party to a different legal form (from Inc. to LLC, etc.), be sure to run a new search if the previous corporate family was not already searched.

Finally, when reopening matters, be sure that you’re not simply reopening a matter so that time can be billed for the same client but a different matter.  Due diligence is tricky and requires careful attention to every detail.

Please share your thoughts and any questions in the comments section below.

Ryan Vago
Founder & President
RION Corp.