Bonds

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A NY state court threw out Ace Decade Holdings’ suit against UBS accusing the Swiss lender of fraud for its $500 million investment loss in a Chinese company. The court found that jurisdictional issues plagued plaintiff’s...more

Your Daily Dose of Financial News

With Fitch and DBRS [by most measures, the #3 and #4 rating agencies in a 3-player game] doling out AAA ratings for bonds backed by non-qualified mortgages that Moody’s has dubbed “risky.” Well worth keeping an eye on this...more

Your Daily Dose of Financial News

8 years after returning as CEO, Starbucks’ Howard Schultz is again planning to step down, turning over the barista apron to current president and COO Kevin Johnson. Schultz will continue to work on Sbux social issues and the...more

EFIH Noteholders Find Redemption for the Payment of Make-Whole Premiums

On November 17, 2016, the United States Court of Appeals for the Third Circuit issued a decision in which it held that holders of first lien notes and second lien notes of Energy Future Intermediate Holding Company LLC and...more

Legislative Opportunities for Tribal Governments Under the Trump Administration

With the advent of a Republican-controlled White House and Congress, many who work in Washington, D.C., on behalf of Indian tribes may be tempted to adopt a defensive posture. But while it always is important to defend tribal...more

Your Daily Dose of Financial News

The saga of Theranos whistleblower Tyler Shultz, grandson of former Secretary of State (and Theranos director) George Shultz, who faced threats, a familial rift, and a boat-load of legal fees as he tried to expose Theranos’...more

Southern District Of Indiana Determines Parties’ Dispute Regarding Nonpayment Of Bond By Sureties Was Not Within The Scope Of...

In order to be arbitrable, a dispute must fall within the scope of the parties’ operative arbitration agreement. Here, a non-signatory to the relevant agreement was seeking to “invoke an arbitration provision that was not...more

CSA Start Allowing International Dealers to Trade Canadian Issuers’ Bonds in Secondary Market

The Canadian Securities Administrators (CSA) have started granting their first exemption orders to permit international dealers to engage with Canadian clients in secondary market trading of bonds of Canadian issuers, under...more

Trade & Manufacturing - News of Note - November 2016

Anniversary of Softwood Lumber Agreement Expiration Could Bring New Trade Case - October 12 marked the one-year anniversary of the expiration of the 2006 Softwood Lumber Agreement between the United States and Canada and...more

Your Daily Dose of Financial News

SEC chief Mary Jo White has announced that she’ll be stepping down in early 2017—an expected move that nevertheless drives home the reality of the big changes ahead for the securities industry (and many others)....more

Your Daily Dose of Financial News

The bond market seems to have a pretty good guess of things to come, at least. The bond market lost more than $1 trillion in value last week, and 30-year US bond yields rose the most since January 2009—all in anticipation of...more

Point of Interest: Sixth Circuit Complicates Sureties’ Duty Of “Good Faith”

A hefty body of law declares that “suretyship is not insurance,” and so that sureties are not subject to claims for the tort of insurance bad faith. E.g., Upper Pottsgrove Township v. Internat’l Fidelity Ins. Co., 976...more

The TTB Eliminates Bond Requirement for Smaller Breweries, Distilleries and Wineries

On November 7, 2016, the TTB released a “TTB Public Guidance” relating to the Protecting Americans from Tax Hikes Act of 2015 (the “Act”), which changed the Internal Revenue Code of 1986 regarding excise tax due dates and...more

Under the Dome: Inside the Maine State House

Under the Dome 2016 Maine Election Edition - It’s been a very busy and active campaign season in Maine, with candidates for federal offices and all Maine legislative seats, plus six ballot questions. We thought it timely...more

Higher Education, Exempt Organization & Governmental Financings - Tax Presentation

Qualified Equity - Allocation & Accounting Rules for Private Business Use - New Treasury Regulations regarding measurement and allocation of private business use (PBU) benefit universities that finance a...more

New MoFo FAQs on the Trust Indenture Act

The use of liability management transactions in the wake of the financial crisis, along with two important court cases (i.e., Marblegate and Caesars Entertainment Corp.), has brought a renewed focus on the obligations of...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. UPCOMING REFERENDUM QUESTIONS – This week, we report on Maine ballot Question 5 regarding...more

Sinking Fund Legislation Approved by Senate

The Michigan Senate passed HB 4388, which amends Section 1212 of the School Code to allow additional uses of sinking fund proceeds for sinking fund millage proposals authorized by the voters after the bill becomes effective....more

When Can a Bondholder Insist on Prompt Payment of Principal or Interest: Recent Developments under the Trust Indenture Act

In December 2014 and January 2015, the United States District Court for the Southern District of New York issued two sets of decisions — Marblegate Asset Mgmt. v. Educ. Mgmt. Corp. and MeehanCombs Global Credit Opportunities...more

Your Daily Dose of Financial News

The CFTC’s reportedly investigating the interest rate swap activities of Citigroup and others. Swaps allow companies to “hedge against a rise or fall in interest rates on the debt that they issue or hold, with banks usually...more

Corporate E-Note - October 2016

On November 30, 2016, Burr's Women in Business is sponsoring a panel discussion on "Cybersecurity: Are You At Risk?" at Five Rivers Delta Resource Center in Spanish Fort, Alabama. The panelists include Ed Castile, Deputy...more

California Employment Law Notes - October 2016

Newly Enacted California Statutes - Minimum Wage Increases - As of January 1, 2017, businesses with 26 or more employees must pay a minimum wage of $10.50 per hour; the rate increases to $15.00 per hour in 2022....more

New Management Contract Rules Hot Topic At NABL Conference

Over a thousand US public finance attorneys converged on the City of Chicago last week for the annual National Association of Bond Lawyers Bond Attorneys Workshop. The conference, the oldest and largest of its kind, featured...more

Your Daily Dose of Financial News

Federal regulators unveiled a proposal yesterday that would push the country’s biggest banks and other “critical financial companies” to shore up cybersecurity protocols, to prevent hacks, and to have a recovery plan at the...more

Financial Services Quarterly Report - Third Quarter 2016: Foreign Institutional Investors are Granted Unprecedented Access to...

A new program providing fund managers with access to China’s principal bond market officially opened for business in May 2016. The program – known as the China Interbank Bond Market (CIBM) program – greatly simplifies the...more

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