Financing

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Mileage-Based User Fee Alliance Promotes Alternate Source of Transportation Funding

The Second Annual Conference of the Mileage-Based User Fee Alliance (MBUFA) was held in Washington, DC on February 24, 2015. The MBUFA is a non-profit organization that promotes awareness and education about mileage-based...more

SBIC Investment: A Potential Source of Capital for Government Contractors

Owners of privately-held businesses generally finance their businesses with their own capital, augmented with bank loans. An additional source of funding for government contractors is available from Small Business Investment...more

Recent Developments in Acquisition Finance

Recent legal and regulatory developments have raised issues for those considering a loan-to-own acquisition strategy, and have continued to impact both the structure of highly leveraged financings and the makeup of those...more

Understanding the 4 “P’s” Before the P3 (Public-Private Partnership)

To get a P3 proposal to the starting line, public officials need to make sure that there is clarity and agreement on basic issues and priorities - Aging and inadequate infrastructure, required upgrades and scarce...more

Sound Bites from Infocast Wind Finance 2015

The Infocast Wind Power Finance & Investment Summit 2015 was held from February 10 to 12 in San Diego. Below are selected sound bites regarding the tax equity market and other finance related matters....more

Orrick Technology IPO Insights - Q4 2014

Welcome to the Q4 2014 issue of Orrick Technology IPO Insights, a quarterly publication highlighting trends in U.S. information technology company IPOs. We isolate technology companies in order to analyze and present...more

Silicon Valley Venture Capital Survey - Fourth Quarter 2014

Background - We analyzed the terms of 150 venture financings closed in the fourth quarter of 2014 by companies headquartered in Silicon Valley. Overview of Fenwick & West Results - Valuation results...more

"US IPO Market Review and Outlook: Can the Pace Continue?"

The 2014 U.S. initial public offering market was the most active for new issues since 2000. The market began to recover from the recession in 2010 and took off in 2013 with 222 offerings raising an aggregate of $55 billion,1...more

"Acquisition Financings: European Certain Funds vs. US Limited Conditionality"

There has been a steadily increasing trend of European borrowers with little or no specific business in the U.S. raising financing under so-called “Yankee loans” — where the credit facility is syndicated to U.S. investors, is...more

Overview and Analysis of Select Provisions of the ABI Chapter 11 Reform Commission Final Report and Recommendations

In December, the American Bankruptcy Institute issued its Final Report and Recommendations of the Commission to Study the Reform of Chapter 11. The Report is almost 400 pages long and contains more than 200 recommendations....more

Not Worth The Paper It's Printed On? Strategies For Dealing With The Fraud Exception To The Parol Evidence Rule

This article explores possible measures that parties to commercial transactions and their attorneys can take to help ensure greater contract certainty when fraud claims of one type or another are not barred by the parol...more

Major Financial Institutions Show Support For Bitcoin by Investing in Coinbase

Coinbase, the self-proclaimed world's most popular bitcoin wallet provider, announced on January 20th that it raised $75 million in a Series C financing, which brings Coinbase's total capital raised to $106 million. The round...more

An Overview of the Delaware Statutory Trust Act in Structured Finance Transactions

While Delaware is nationally known as the preferred jurisdiction for corporations, it is likewise recognized as a leader in the area of statutory trusts. The State of Delaware, in 1988, adopted the Delaware Business Trust...more

Delaware Statutory Trusts

Business trusts have been recognized by the Delaware common law since 1947, however, there was no express statutory recognition of the business trust in Delaware until the passage of the Delaware Statutory Trust Act...more

New Year, New Potential for UK and European Private Placements

Week two of the New Year marked a significant step in the development of the European Private Placement Market: The Loan Market Association (LMA) launched template documents for use in European private placement transactions....more

A Cautionary Tale – The Need for Bank Oversight on Collateral Releases

Beware!! The story brought to us today courtesy of the Second Circuit Court of Appeals (In re: Motor Liquidation Co., 13-2187) is one that should strike fear into the hearts of all bankers and lawyers. It is a cautionary tale...more

Financing the Business Buyout – Part II (Investors)

Last month, Part I on this topic discussed the problem facing a Remaining Spouse when the Departing Spouse rejects a buyout offer of a modest down payment and a long installment note: How to raise sufficient cash to avoid a...more

Negotiating Your “Series A” Financing

One of your first tasks in financing your technology company is likely to be completing your initial equity financing with outside investors. Typically, these financings are done with a venture capital firm (“VC”), angel...more

Small Business Administration Issues Call for Early Stage Managers

Call Notice and Application Process - On January 12, the U.S. Small Business Administration (SBA) issued a “Call for Early Stage Fund Managers” in the Federal Register, inviting all interested early stage fund managers...more

IRS Hammers Offshore Lending and Underwriting Structure

In a recent Chief Counsel Advice, in an extended analysis the IRS determined that an offshore partnership with a U.S. manager that was engaged in the finance transactions was determined to be engaged in a U.S. trade or...more

Not a Good Day For Cape Wind: NStar and National Grid Terminate the Power Purchase Agreements

According to today’s Boston Globe, both NStar and National Grid have terminated their power purchase agreements with Cape Wind, citing the failure by Cape Wind to meet a December 31, 2014 deadline to obtain financing and...more

Staying Off the Hook - Managing the Evolving Bad-Boy Guaranty

As the financial crisis of 2008 drifts further into the rear-view mirror, the cost of capital available for commercial real estate financing is historically low and accessible, frequently coming in the “non-recourse” variety...more

Health Care Industry Finds Cure to Save Time and Money on New Facilities

To meet the demands of an aging population and health care reform, many new hospitals and other health care facilities are being built. These projects are typically large, costly and complex and, therefore, merit careful...more

Residents Can Be Hazardous to a Community Hospital's Medicare Health

Although Medicare graduate medical education reimbursement can be a helpful source of financing to facilitate resident training, many community hospitals have suffered a “gotcha” moment when trying to establish new programs....more

House Committee Issues Open Letter Requesting Input on GME Funding By January 16, 2015

The U.S. House of Representatives’ Committee on Energy and Commerce (the Committee) issued an open letter to the public on December 6, 2014, soliciting input on ways to improve graduate medical education (GME) “financing...more

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