Man Who Looks Like Mike Wants $832 million

Mike Downey of the Chicago Tribune reports that a man has filed a lawsuit seeking $832 million against Michael Jordan, Nike and Nike chairman Phil Knight because the man looks too much like Michael Jordan. The 51-year-old man stands 6 foot tall (Jordan is 43 and 6’6") and apparently does play pick up games at his local YMCA. Allen Heckard’s lawsuit alleges Nike and Phil Knight made Jordan one of the world’s most recognizable figures in the world – which causes significant problems for him. He has apparently sued Jordan because he is in fact Michael Jordan.

If the Plaintiff wins this one the flood gates will open for celebrity look-alikes everywhere.

Read the full story here.

One of the best business books I have read recently is Five Dysfunctions of a Team by Patrick Lencioni of The Table Group. In an easy-to-read format he diagnoses symptoms of teams in trouble:

1. Absence of Trust
2. Fear of Conflict
3. Lack of Commitment
4. Avoidance of Accountability
5. Inattention to Results

My guess is the flaws of malfuntioning teams may hit home for many businesses and law firms. This book is definitely worth the read.

Three people are facing federal charges for trying to steal Coke’s trade secret information and offering to sell it to rival Pepsi. Apparently, Pepsi immediately notified Coke about this offer, who in turn notified the FBI. One of the defendants is reportedly an administrative assistance to a Coke executive.

This proves the point of a recent blog post. (See "Employees Pose Biggest Threat to Data Security" – posted July 6, 2006). Employees present the biggest threat to security in companies. While significant dollars are often spent on keeping out hackers and other outside threats, companies generally ignore the need to prevent employee fraud.

Fortunately for Coke their rival acted honorably. Can you be sure your rival will act the same way?

Employers are expected to face more retaliation claims due to a recent United States Supreme Court decision which adopted a broader definition of anti-retaliation provisions Title VII of the Civil Rights Act of 1964. The act forbids an employer from firing, demoting or harassing employees that complain about discrimination on the job.

Under the ruling the provision now applies to any "employer actions that would have been materially adverse to a reasonable employee or job applicant".

For more information read the following article from Inc.com.

A recent audit by Palisade Systems of Ames, Iowa found that the biggest threat to a data breach or theft comes from employees or consultants that do not property secure the data they are entrusted with. Companies may spend millions to keep out hackers but only 2% of companies have monitoring and content filtering technology in place to prevent future misuse or theft of sensitive data from employees.

Click here for more information on how employees pose the biggest threat to data security.

I recently read an article from AllBusiness. The article states that buying an existing business is less risky than starting a new business. The article says there is a lot to say for a proven idea and existing customers.

But watch out when buying an existing business. An existing business may not be worth the asking price. You need to carefully investigate the business and evaluate what you are being told by the business broker or the owner. For example, if a business is primed for growth why isn’t the existing owner growing? If a business needs a sales person to spur growth why hasn’t the existing owner hired a sales person? How are you better equipped to run the business than the existing owner?

Do not get caught up in the emotion of buying the business. Perform your due diligence and do not move forward unless it is the right business for you and your pocketbook. There is always another deal out there.

When you buy a business you should consider setting up a corporation or limited liability company (LLC) to buy the business. You should avoid signing any contracts, loan agreements and leases in your personal name. In certain cases you may be required to personally guarantee the loan or other debts but it is still recommended that you place those agreements in the company name. It is often surprising how your start-up documents may impact litigation issues down the road. If those agreements are in the business name it may help you avoid personal liability in the future. One of the main purposes of a corporation of LLC is to protect your personal assets from the risks of the business. It is smart to start right from the very beginning.

Click here for more information on setting up a corporation or LLC for your Iowa business.

Thirty TouchPlay businesses have sued the State of Iowa claiming the state breached its contract with the businesses when the legislature banned the TouchPlay lottery machines earlier this year. The lawsuit does not request specified damages but the businesses will be seeking millions. Earlier this year five businesses unsuccessfully fought for an injunction to stop the state’s ban. Legislators are confident they will again prevail in this latest legal fight.

If you are interested in buying an existing Iowa business you should take a look at this due diligence checklist provided by Kauffman eVenturing and developed by finance expert Corey Schwartz. Using a due diligence checklist can help you compile the necessary information to investigate a business and negotiate effectively.

For more information regarding the legal issues involved with buying an Iowa business please contact Rush Nigut of Sullivan & Ward, P.C.

The Iowa Secretary of State’s Office is hosting the 1st Annual Iowa Notary Conference on Friday, September 15, 2006 at the Iowa Events Center in Des Moines. This one day conference will cover several topics of importance to Iowa Notaries including:

* Immigration Law
* Health Documents
* Notary Signing Agents
* Electronic Notarization
* Combating Fraud and Theft

More details about the conference will be posted on the Iowa Secretary of State’s website later this summer at www.sos.state.ia.us/notaries.