Russell Wendell Simmons, an American entrepreneur born in 1947 together with Rick Robin pioneered hip-hop label commonly known as the Def Jam. The hip-hop labels become one of the Simmons’ corporations, in the Rush Communication in which he manages a clothing company. Furthermore, Simmons is known to be one of the co-founders of the clothing fashion lines such as the Phat Farm, Argyleculture and the American classics, besides having investments in the movie production house, television shows, advertising agency and magazine according to Moon (1997). The Def Comedy jam is known among his television shows. He is listed to be among the third richest figure in the hip-hop entertainment industry. His net-worth is estimated to be about $340 million. Simmons is the younger brother to Daniel Simmons and the older brother to Rev Joseph Simmons. They were raised in Queens New York.
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Basing on his successes in leadership Simmons portrays a skillful leadership trait that is of inspirational to me and many others. Managers are people who do things right, good leadership traits do not command excellence but rather builds excellence. Lubell (2010), suggests leadership success demands that one first develops good character, have a designed trust by all followers and more importantly sale your vision, as the responsibility demands for valued ethical traits and strong vision personality. In any organization, leaders’ action dictates the pace, this is one behavior that wins trust, loyalty and constantly displays an impressive character. This grants Simmons, the right traits that have far contributed to his great achievement as leader. His initiatives and dreams in building a unique business in the hip-hop industry and Daf Jam among other brands, clearly indicates his commitment as an inspirational self-driven leader. His leadership style conveys new and fresh modernized culture that remains innovative, and has ever designed demands for successful rewards as it targets potentially a massive number of the customers in the hip-hop industry.
Complying with great valuable traits in leadership, Russell Simmons’ character displays honesty as his gained trust from all his relations such as the junior employees, customers and business associates. As a leader, he has well developed goals and vision for the future. He makes this a reality through influencing the rest of the groups he works with. His success emerged from continues involvement in challenging stages of business, for instance he have worked in management roles , were he persevered in seeing all the organization goal achieved. In his leadership, Russell Simmons has remained an inspirational icon as he displays confidence in all aspect that concern his responsibility in the Hip-hop industry (Moon, 1997).
The fate of corporation in a bankruptcy state, whether it chooses to get out of business or reorganize to pay back crippling debts is a question to be determined by the federal bankruptcy law. The debtor has legal rights in part of the section to liquidate or recognize in hope for turn around to make profits again. This leads as in developing speculative questions on to, why might the corporation have to file for bankruptcy protection? In order to protect the business and avoiding company’s failed completely. Campbell (2008) argues that the business law suits are operational under approval by the bankruptcy court, for a significant business decisions. Normally the companies are allowed to have control over their bankruptcy. For instance in the United States, trustees appoints a committee that has to represent creditors and stockholders in working with the corporation. According Campbell (2008), the strategies involved here relieves the company from paying a portion of its debt. This is designed this way so that the company makes a recovery.
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Furthermore, the committee is formed objectively in representing the unsecured creditors, which further leads to introduction to the other question concerning the available, provision(s) of the securities law will probably be the basis for a class-action lawsuit by the stockholders? For the US the federal corporate law in chapter 7, in this the stockholders here have nothing in return for their investments. For those owning the company they have great risk in which they are less likely to recover. Another fierce question that may rise, concerns the possibility of how and why will the 1995 Act probably not stop a class-action lawsuit from proceeding to the discovery phase? This can be looked at differently. In this case, the bondholders represent the debt of the company. The agreement affirms payment to the bondholders’ interest while returning their principal. Corporate in deep trouble always file their claim under chapter 7, the legal expenses of the company and administrative has the first priority. Then why will the CFO be subject to criminal (as well as civil) securities sanctions? There are unclear as the value of the collateral is not sufficient. As well no priority is granted to the expenses incurred. There are questions that often arise; on company’s trading and the leadership takeover. Such questions might be directed in ask information on management to be proposed by the shareholders such as, will the SEC likely ever allow the CFO to be an officer or director of a publicly traded corporation in the future?
Comparing Modell’s and the Cleveland Stadium Corporation ownership, their voting power grants their desired management the rightful power to manage the trade corporation (Campbell, 2008). The SEC likely will have cleaner cases were the information given is more clear and has evident material. This grants them the necessary measure in establishing fraud. The required penalty, which SEC has to imposes on the CFO? Majorly depends on whether, the company internal controls were strong enough, in case the, this all is fulfilled then CFO will be banned from trading (Campbell, 2008).
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