The Tax Court recently held that a hedge fund’s basket option contracts were in substance tax ownership of the underlying basket securities. The hedge fund, through its affiliated entities, entered into 10 basket option…
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/ Finance & Banking, Securities Law, Taxation
On April 5th and April 10th, respectively, the Senate and House approved the FY25 budget resolution, thereby opening the budget reconciliation process and paving the way to enact President Trump’s various tax proposals,…
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/ Elections & Politics, Taxation
Right after Patrick Calves wrote about “continued momentum in the secondaries market, supported by both cyclical and structural tailwinds” in last week’s FFF, Yale University’s plans to sell up to $6 billion is dominating…
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/ Finance & Banking, Mergers & Acquisitions
Net asset value (NAV) facility documentation, at least in the context of private equity, has evolved to a large extent on the assumption that borrower funds will usually execute transactions in cash - paying cash on completion…
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/ Commercial Law & Contracts, Finance & Banking, Mergers & Acquisitions
Background Article 44 of the EU’s Securitisation Regulation (“SECR”) requires the Joint Committee of the European Supervisory Authorities (“ESAs”) to produce a report every three years on: (a) the implementation of requirements…
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/ Finance & Banking, Securities Law
We are now more than a full quarter into 2025, and it has been a very busy start to the year for the CWT fund finance practice, thanks in part to a busy quarter for secondaries fund finance deals. This is on the back of an…
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/ Finance & Banking, Mergers & Acquisitions
Introduction -
On March 31, 2025, Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas denied confirmation of the prepackaged Chapter 11 plan of Johnson & Johnson (“J&J”) affiliate Red River…
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/ Bankruptcy, Products Liability, Toxic Torts
LEVEL-SETTING -
The banking industry finds itself in the early stages of a transformation. Existing balance sheets have been shaped by more than a decade of low interest rates that fueled asset appreciation, muted…
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/ Finance & Banking
On April 4, 2025, the staff of the Commodity Futures Trading Commission ("CFTC") Market Participants Division ("MPD") issued compliance relief for registered swap dealers ("SDs") from the requirement to provide the so-called…
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/ Administrative Law, Finance & Banking
On April 8, 2025, President Trump issued an executive order (the “Order”) to protect “American Energy from State Overreach.”…
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/ Constitutional Law, Energy & Utilities, Environmental Law
Executive Summary -
The recent decision In re 301 W N. Ave., LLC, 666 B.R. 583 (Bankr. N.D. Ill. 2025) represents a significant development at the intersection of corporate governance, commercial real estate, and bankruptcy…
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/ Bankruptcy, Business Organizations, Real Estate - Commercial
The term “boilerplate” originates from the printing industry, where “boilerplate” referred to metal plates with standardized text used for newspapers and other publications. In legal documents and contracts, boilerplate refers…
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/ Business Torts, Commercial Law & Contracts, Finance & Banking
Executive Summary -
The UK Supreme Court last week heard arguments in the joined test cases of Johnson v FirstRand Bank Ltd, Wrench v FirstRand Bank Ltd and Hopcraft v Close Brothers Ltd. At issue were findings by the Court…
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/ Commercial Law & Contracts, Consumer Protection, Finance & Banking
On March 21st 2025, the Financial Crimes Enforcement Network (“FinCEN”) released a new interim final rule that exempts U.S. entities and U.S. beneficial owners from the reporting requirements of the Corporate Transparency Act…
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/ Administrative Law, Business Organizations, Finance & Banking
Friday, March 27, 2025, the US Commodity Futures Trading Commission (CFTC) formally withdrew two crypto-related staff advisories, Staff Advisory No. 18-14 (advisory with respect to virtual currency derivative product listings)…
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/ Administrative Law, Finance & Banking, Securities Law
