Valuation – How to Assess Funding Options as a Start-up
On June 13, 2013, without admitting or denying the allegations, eight former directors of five mutual funds agreed to settle SEC charges that they failed to satisfy their fair valuation responsibilities under federal...more
The Morrison & Foerster BioMeter for the first quarter of 2013 shows a flat quarter for BioMeter value and a decline in dealmaking activity. A small number of large deals dominate an otherwise quiet quarter. In the...more
In this article we consider some alternative approaches to the proposed U.K. status of “employee shareholders,” who receive capital gains tax-exempt shares in their employer (or its parent) in return for waiving certain...more
In this issue: - From the WSGR Database: Financing Trends for Q1 2013 - Valuations by Industry Segment - Convertible Notes vs. Priced Equity in Seed Round Financings: An Illustration of Capitalization...more
George Carlin said that all you need in life is a place for your stuff. Carlin said that all a house really is; is a place for your stuff. When it comes to being a retirement plan sponsor, retirement plan sponsors need a...more
You can’t quite have joint custody or visitation rights with a family-owned business. So, does the end of marriage mean the end of a family business?...more
The amount of a mechanic’s lien in California is generally the lesser of: 1) the reasonable value of the work; or 2) the price agreed upon in the lien claimant’s contract. But does the same measure apply if a lien defendant...more
The California High-Speed Rail Authority recently announced that a joint venture composed of Tutor Perini, Zachry Construction and Parsons has provided the apparent best value proposal for the initial design-build...more
Come January 2014, creditors will be required to equip borrowers with more information on how the value of the borrower’s home is determined, even if the creditor doesn’t use that information in making its lending decision....more
“In the spring a young man’s fancy lightly turns to thoughts of … [ESOP updates]?” With apologies to Tennyson, this is the time of year when trustees of Employee Stock Ownership Plans, or “ESOPs,” begin to receive and...more
On March 21, federal bank regulatory agencies released updated supervisory guidance on leveraged lending, “which has been increasing since 2009 after declining during the financial crisis.” The guidance from the Federal...more
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have issued joint supervisory guidance on leveraged lending. It remains to be...more
Cargo airlines operating in Alberta may soon find themselves training their front-line staff to ask more questions when dealing with individual consumers. Last month, the Provincial Court of Alberta released a decision in...more
On February 25, 2013, the United States Court of Appeals for the Third Circuit in the case of Crispin v. Commissioner, ___ F.3d ___, 2013 U.S. App. LEXIS 3852 (3d Cir. 2013), available here, affirmed the decision of the Tax...more
The SEC has charged two investment advisers at Oppenheimer & Co. with misleading investors about the valuation policies and performance of a private equity fund they manage. The SEC recently hinted at potential increased...more
The vast majority of business enterprises worldwide are “family run”, or purely private entities, where operational management and ownership reside in or are controlled by the same individuals. On the other hand,...more
In This Issue: - Utah Department of Transportation v. FPA West Point, et al., 2012 UT 79 (Utah Nov. 20, 2012) - Utah Department of Transportation v. Admiral Beverage Corporation, et al., 275 P.3d 208 (Utah...more
In This Issue: - Fiscal cliff deal brings some certainty to estate planning - Strong governance enhances a family business’s value - Should you donate life insurance to charity? - Estate Planning Pitfall -...more
At the Practicing Law Institute’s conference, “The SEC Speaks in 2013,” held on February 22 in Washington, DC, Norm Champ, Director of the Division of Investment Management at the Securities and Exchange Commission (SEC),...more
The Assessment Appeals Commission (“AAC”) of the Tennessee State Board of Equalization has reversed a 2011 administrative law judge decision, holding that intangible costs (such as freight, installation, engineering costs and...more
In This Issue: PA Governor Proposes Corporate Tax Cuts; Add-Back Legislation Reintroduced; PA Supreme Court Issues Business/Nonbusiness Income Decision; Philadelphia Property Reassessments; Commonwealth Court Addresses...more
In This Issue: Regulatory Updates - FINRA overhaul of communications rules becomes effective and ICI and CoC appeal Rule 4.5 ruling. Enforcement + Litigation - Enforcement Division priorities target hedge...more
On January 4, 2013, the federal Canadian tribunal with appellate jurisdiction relating to customs valuation, among other subjects, schooled multi-nationals on their obligations to meet the evidentiary burden of proof relating...more
The Virginia Supreme Court has spoken again on the calculation of damages in a complex employment contract case. In Online Resources Corp. v. Lawlor, No. 120208 (Va. Jan. 10, 2013), the court addressed the expert...more
The Consumer Financial Protection Bureau (“CFPB”) has issued amendments to Regulation B requiring creditors to provide to applicants free copies of all appraisals and other written valuations developed in connection with an...more
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