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IRS Scores $13 Million Victory Against BMC Software

IRS Scores $13 Million Victory Against BMC Software by Frank L. Brunetti on October 2, 2013 The Internal Revenue Service landed a huge victory in U.S. Tax Court recently, and the ruling may have significant implications...more

Strategic Vision for Emerging Companies – Interview with Marty Lorenzo, Member, Mintz Levin [Video]

Attorney Marty Lorenzo, Member of Mintz Levin's Corporate & Securities Practice, discusses the steps newly formed companies need to take to ensure they are prepared to execute their exit strategy. ...more

Private Equity Funds May Be on the Hook for the Pension Liabilities of Portfolio Companies

A recent decision of the Court of Appeals for the First Circuit makes it more likely that private equity funds could be liable for the pension obligations of the portfolio companies in which they invest. Key to the decision...more

PE Funds May Be Liable For Portfolio Company Pension Liabilities

Introduction - A recent decision by the U.S. Court of Appeals for the First Circuit increases the risk that a private equity fund could be liable for its portfolio company’s unfunded pension liabilities. Additionally,...more

"First Circuit Holds That a Private Equity Fund May be Liable for Portfolio Company Pension Obligations"

On July 24, 2013, the U.S. Court of Appeals for the First Circuit held that a private equity fund sponsored by Sun Capital Advisors constituted a “trade or business” for purposes of ERISA multiemployer pension withdrawal...more

First Circuit Holds Private Equity Fund Is a "Trade or Business" for Purposes of ERISA Withdrawal Liability

In a decision with far-reaching consequences for the private equity industry, the U.S. Court of Appeals for the First Circuit has adopted an expansive view of what constitutes a "trade or business" for purposes of determining...more

Two Recent Circuit Court Decisions on Cram Down

Two recent decisions by United States Circuit Courts of Appeal separately address the rights of secured creditors, unsecured creditors and equity holders under cram down plans of reorganization. In Wells Fargo Bank National...more

Claims Under Repurchase Transactions Do Not Qualify As Customers’ Claims in Broker-Dealers’ Liquidation

Judge James M. Peck of the Bankruptcy Court for the Southern District of New York held, on June 25, 2013 (the “Lehman Op.”), that claims under repurchase transactions (“Repos”) do not qualify as customer claims and therefore...more

Shedding Light on a Bankruptcy Safe Harbor: Defining the Reach of Section 546(e)

Bankruptcy trustees and debtors routinely attempt to increase the amount of money available to creditors in a bankruptcy case by “clawing back” funds transferred by the debtor to another party. Several sections of the...more

Commentary: Five Lessons from the Municipal Derivatives Litigation Front

Pre-financial crisis, interest rate derivatives were widely recognized as a valuable part of the municipal issuer’s financial toolkit. Post-crisis, they have been a thorn in the side of many issuers, resulting in expensive...more

Indemnification Claims Under the CCAA A - Caution for Underwriters, Auditors, Directors and Others

Indemnification clauses are often considered a critical component of risk mitigation strategies in legal relationships. However, as is well understood, the value of an indemnification clause, in the event it becomes...more

MMF Independent Trustees in Crisis: MMF Executives Sue Independent Trustees for Fraud and Waste of Corporate Assets

In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund (Reserve Fund) and its principals sued the fund’s independent trustees, laying the blame for the...more

"Thinking Outside the Box - Using the Companies’ Creditors Arrangement Act to Resolve a Prospective Class Action"

Originally published in the Ontario Bar Association's Class Action Law Section, Volume 3, No. 1 – December 2012. The Companies' Creditors Arrangement Act ("CCAA") has long been lauded as a flexible tool that lends...more

House Financial Services Committee Releases Staff Report on MF Global

The US House of Representatives Financial Services Subcommittee on Oversight and Investigations (Committee) has released a report on the collapse of MF Global (Report). The Report finds that Jon Corzine, MF Global’s Chairman...more

Reformers Eye Distressed-Debt Investors: Do hedge funds and other buyers of the securities of failed companies adversely affect...

The American Bankruptcy Institute’s commission studying reforms of the U.S. bankruptcy code has distressed-debt investors near the top of its agenda. But so far the institute's not getting much backing from the bankruptcy...more

Corporate and Financial Weekly Digest - March 23, 2012

In this issue; - Senate Passes Revised Version of JOBS Bill - SEC Staff Issues Risk Alert on Municipal Securities Underwriting Practices - ISDA Dodd-Frank Documentation Project - CFTC Issues No-Action...more

Commercial Restructuring & Bankruptcy Alert - March 2012

In this issue: - Foreclosures in New Jersey - Substantive Rights' Not Assignable, Intercreditor Voting Rights Assignment Nullified - Offshore Bankruptcy-Remote Entity is Not Bankruptcy-Proof; Trust...more

Enactment of HMRC’s Extra-Statutory Concession C16

HM Revenue & Customs (HMRC) has limited discretion to make concessions in relation to statutory tax provisions.  Following a recent judicial decision suggesting that this discretion was more limited than had been...more

"Skadden's 2012 Insights"

Dear Clients and Friends: I am pleased to provide our fourth annual collection of commentaries on the critical legal issues our clients may face in the year ahead. Many of these issues relate to the responses by...more

Keeping An Eye On MF Global Fallout

Law360, New York (November 22, 2011, 12:17 PM ET) -- On Oct. 31, the MF Global enterprise collapsed into bankruptcy and a number of related insolvency proceedings. Amid allegations of improper commingling of customer accounts...more

MF Global Update: MF Global Proceedings Test Multiple Insolvency Statutes

On October 31, the MF Global enterprise collapsed into bankruptcy and a number of related insolvency proceedings. Amid allegations of improper commingling of customer accounts and rumors of misbegotten proprietary Eurobond...more

MF Global Bankruptcy and its Impact on Traders

The country’s seventh largest trading firm, MF Global filed for bankruptcy October 31 and sent shock waves through the investment fraternity. MF Global was a brokerage that acted as a counter party to investors who wanted to...more

MF Global: US Update as of November 9, 2011 - SIPC Trustee Announces Transfer of Additional Commodity Accounts

On November 7, 2011, the SIPC Trustee (the "Trustee") announced that MF Global Inc. ("MFGI") commodity customer accounts that had not yet been transferred by the Trustee can now be transferred provided that the account holder...more

MF Global - U.S. Update as of November 7, 2011

SIPC Trustee Takes First Steps to Thaw Frozen Customer Securities Accounts On November 4, 2011, the SIPC Trustee took his first steps toward transferring frozen customer securities accounts held by MF Global Inc....more

MF Global – UK Update

The UK special administrators have provided some information for clients with positions with MF Global UK Limited ("MF Global UK"): • All open client positions relating to foreign exchange (FX) have been or are being...more

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