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Private Equity Funds Commercial Bankruptcy

Rivkin Radler LLP

Tax Distributions As Fraudulent Conveyances?

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The Calm Before? I’m confused. For better or worse, I’m pretty sure that I am not alone. Last week, in a letter addressed to the American people, forty-six of the fifty Republicans in the U.S. Senate indicated they...more

Opportune LLP

Q&A With Opportune Managing Partner David Baggett: Oil & Gas Restructurings Signal Paradigm Shift

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Opportune Managing Partner David Baggett shares his thoughts on how oil and gas restructurings may signal a paradigm shift in the industry. ...more

Dechert LLP

In Second Circuit, “Economic Reality” and Degree of Control to Determine Whether an “Employer” Faces “Single Employer” Liability

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In a recent decision on motions for summary judgement in the TransCare case, the SDNY bankruptcy court addressed the test for the imposition of liability under the US and New York Worker Adjustment and Retraining Notification...more

Jones Day

Private Equity Update: 1st Circuit Reverses Imposition of Pension Plan Withdrawal Liability

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The Multiemployer Pension Plan Amendments Act of 1980 ("MPPAA") amended the Employee Retirement Income Security Act of 1974 ("ERISA") and the Internal Revenue Code to make "trade[s] or business[es]" that are under "common...more

Robins Kaplan LLP

Financial Daily Dose 12.19.2019 | Top Story: Uber Settles With EEOC Over “Culture of Sexual Harassment” Allegations

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Ride-hailing company Uber has resolved EEOC charges related to its alleged “culture of sexual harassment” and will “start a $4.4 million class fund to compensate victims of sexual harassment or retaliation from as early as...more

A&O Shearman

First Circuit Finds That Funds Were Not Liable for Portfolio Company’s Pension Fund Withdrawal Liability

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On November 22, 2019, the United States Court of Appeals for the First Circuit held that two separate private equity funds managed by the same general partner/management firm were not liable for the pension fund withdrawal...more

Seyfarth Shaw LLP

First Circuit Rules that Private Equity Funds Not Liable for Portfolio Company’s Multiemployer Plan Withdrawal Liability

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In a decision published on November 22, 2019, the First Circuit reversed a district court’s prior decision and held two Sun Capital private equity funds were not liable for the withdrawal liability incurred when a...more

Proskauer - Employee Benefits & Executive...

Sun Capital Update: First Circuit Reverses District Court’s “Partnership-in-Fact” Holding and Finds Private Equity Funds Not Part...

Last Friday, the U.S. Court of Appeals for the First Circuit ruled that two co-investing Sun Capital private equity funds (the Sun Funds) had not created an implied “partnership-in-fact” for purposes of determining whether...more

A&O Shearman

Not So Safe After All?

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United States Bankruptcy Court for the District of Delaware Holds That Litigation Trustee May Pursue State Law Fraudulent Conveyance Claims, Notwithstanding Bankruptcy Code Safe Harbors - On June 20, 2016, the United...more

Foley & Lardner LLP

A Compilation of Non-Enforcement Actions

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Non-Enforcement - Amendments to the Venture Capital Fund Adviser and Private Fund Adviser Exemptions - Last month the SEC’s Division of Investment Management issued a guidance update (Update) addressing recent...more

Pillsbury Winthrop Shaw Pittman LLP

Sun Capital Court Finds that Common Industry Practices Exposed PE Funds to Pension Plan Liabilities

A group of related private equity (“PE”) funds were found liable for a bankrupt portfolio company’s pension plan debts in the latest and most worrisome decision in the long-running Sun Capital Partners III, LP v. New England...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Casting a Wider Net: Court Finds Private Equity Funds Liable for ERISA Withdrawal Liability

On March 28, 2016, a district court in Massachusetts found two private equity funds (under the Sun Capital Partners, Inc. umbrella) jointly and severally liable for withdrawal liability imposed on one of its underlying...more

McCarter & English, LLP

Private Equity Funds Liable for Portfolio Company's Pension Obligations

A U.S. District Court issued a ruling on March 28 that affects pension liabilities for private equity funds and their portfolio companies. Taken further, the ruling potentially changes fundamental rules for tax-qualified...more

Proskauer Rose LLP

Sun Capital Court Finds Co-Investing Funds Part of Controlled Group and Liable for Portfolio Company’s Pension Liabilities

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District Court finds affiliated funds acted in de facto partnership which controlled portfolio company; Decision may be significant in making private equity acquisition structuring choices. As we previously reported, in...more

Franczek P.C.

Private Equity Funds Found Liable For Multiemployer Pension Obligations of Portfolio Company

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In a significant decision for both private equity funds and multiemployer pension plans, the U.S. District Court for the District of Massachusetts held last week in Sun Capital Partners III, L.P. v. New England Teamsters &...more

Latham & Watkins LLP

Sun Capital: Private Equity Funds Liable for Portfolio Company’s Withdrawal Liability

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District Court finds affiliated funds acted in de facto partnership which controlled portfolio company; Decision may be significant in making private equity acquisition structuring choices. On March 28, 2016, a Federal...more

Morris James LLP

Third Circuit Approves Use Of Structured Dismissals Of Chapter 11 Bankruptcies, but Rarely

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On May 21, 2015, the United States Court of Appeals for the Third Circuit approved the settlement and dismissal of chapter 11 bankruptcy cases through a structured dismissal in rare instances. See Official Committee of...more

Latham & Watkins LLP

FAQ: Recent Developments in US Law Affecting Pension and OPEB Claims in Restructurings (2015)

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From theory to practice, planning to enforcement, the answers to 42 of the most frequently asked questions can help you prepare, cope, or respond to a restructuring. This Client Alert answers some of the most...more

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