PrintPublications Archive
"Entitled to Object to a 363 Sale? According to a Recent Decision, the Answer is a Resounding 'Yes!,'" by Richards Kibbe & Orbe LLP attorney Keith N. Sambur, was published by The Secured Lender. In this article...
"SEC Set to Issue Report on Proposed Uniform Fiduciary Standard," authored by Richards Kibbe & Orbe LLP partner Arthur S. Greenspan, was published in the Bureau of National Affairs Securities Regulation & Law Report...
"2nd-Lien Lenders Get Louder," authored by Richards Kibbe & Orbe LLP attorney Keith N. Sambur, was published by Law360. In the article, Mr. Sambur explore the Boston Generating decision, in which the Bankruptcy Court in the Southern District of New York...
"Bracing for the Storm," authored by Richards Kibbe & Orbe LLP attorneys William P. Barry, Sarah P. Swanz and Audrey Ingram, was published in the Winter 2010 edition of inCompliance magazine. In this article...
"Lehman Seeks to Unwind Elevations of Loan Participants," authored by Richards Kibbe & Orbe LLP partners Carl Winkworth and Joon P. Hong, was published by Global Financial Strategy News. In this article...
Dodd-Frank represents a paradigm shift in the financial regulatory environment, introducing the most sweeping changes to financial regulation in the United States since the 1930s. Title VII of Dodd-Frank imposes...
Last week, in the case of Boston Generating, the Bankruptcy Court in the Southern District of New York upheld the right of second lien lenders to object to the 363 sale of substantially all of the debtors' assets. This ruling was made even though...
The rapid development of an international secondary market to buy and sell claims against the three largest failed banks in Iceland shows that global claims-trading frameworks are sufficiently developed to adapt to novel and unpredictable insolvency situations. In this memorandum...
The SEC's proposed Rule 9j-1 expands prohibitions against fraudulent, manipulative and deceptive conduct in connection with security-based swaps. It has the potential to create regulatory uncertainty in the derivatives markets for years to come. From now until December 23, market participants have the opportunity to...
The literature about the unintended consequences of Dodd-Frank continues to grow apace. In this memorandum, Richards Kibbe & Orbe LLP partners Jon Kibbe and Julia Lu in New York and Carl Winkworth in London...
In the secondary bank loan market, the "elevation" of a loan that is beneficially owned by participation is generally a straightforward transaction whereby the grantor assigns the loan to the participant, resulting in the participant becoming the lender of record of the loan. Recent events in the Lehman bankruptcy proceedings raise questions about the effectiveness of elevations involving a standard form participation agreement used in Europe.
"Life After Dodd-Frank - Part II," authored by Richards Kibbe & Orbe LLP partner Julia Lu, was published in Derivatives Week.
"Recent New York Case Demonstrates Limits of Big Boy Provisions," authored by Richards Kibbe & Orbe LLP attorneys Brian S. Fraser and Tamala E. Newbold, was published by VCExperts. The article discusses...
"Life After Dodd-Frank: Loan CDS, TRS - Part I," authored by Richards Kibbe & Orbe LLP partner Julia Lu, was published in Derivatives Week. This article, the first in a two part series, focuses on...
Allegations of insider trading are built on circumstantial evidence, which makes them hard to defend. In this memorandum Richards Kibbe & Orbe LLP partners Lucinda O. McConathy and Eva Marie Carney discuss how, as illustrated by the successful defense in SEC v. Rorech...
The SEC's recent decision in a supervisory liability case, In the Matter of Theodore W. Urban, increases the odds that in-house counsel could be deemed "supervisors" of personnel outside of their departments.
The failure of Lehman Brothers has created a dynamic secondary market in the "unsecured swap termination claims" that have been asserted against Lehman by counterparties to derivatives transactions. Sellers and buyers of swap termination claims take on unique economic and legal risks that can be managed through appropriate legal documentation.
The recent surge in activity in the bankruptcy claims trading market has created a growing backlog of undocumented trades and heightened price volatility.
In recent months, a substantial number of assignments of syndicated bank loans have been thwarted because either the borrower or agent has refused to consent to such assignment. Such refusals have occurred, for instance, where a potential lender is a hedge fund or where a potential lender refuses to commit to a proposed restructuring.
"Court Tests a Borrower's Ability to Block Loan Transfers to Competitors," originally authored as a client alert by Richards Kibbe & Orbe LLP attorneys Jon Kibbe, Brian S. Fraser and Eric S. Rosen, was published in the Fall 2010 edition of the Conference on Consumer Finance Law Quarterly Report (Vol. 64. Nos. 2-3). In this article...
While the full impact of Dodd-Frank on financial markets cannot yet be predicted, there can be no doubt that the legislation has introduced sweeping changes to the derivatives industry, including the LCDS and LTRS markets.
A recent New York Supreme Court decision applies the "peculiar knowledge" exception to the general rule of enforceability of the Big Boy provisions.
"The Big Bad Borrower Says No! When can a borrower refuse consent to transfer?" by Richards Kibbe & Orbe LLP attorneys Carl Winkworth and Matthew Hughes was published in the September 2010 issue of The Hedge Fund Journal. In this article...
"FCPA Whistleblower Bounty: Ramifications of New Provisions on Corporate Compliance" authored by Richards Kibbe & Orbe LLP attorneys William P. Barry and Audrey Laning Ingram was published by Complinet on August 30, 2010.
The article, "When Do Hedge Fund Managers Have a Duty to Disclose Material, Nonpublic Information," authored by Richards Kibbe & Orbe LLP attorneys Brian S. Fraser and Tamala Newbold, and previously published in The Hedge Fund Law Report...
“Managing Litigation and Regulatory Risks in Loan Facility Restructurings” by Richards Kibbe & Orbe LLP partners Michael D. Mann and Craig A. Newman was published in the Bloomberg Law Report. In this article, Mr. Mann and Mr. Newman...
RK&O attorneys Craig A. Newman and Eric S. Rosen author Fortune magazine article which explores when and how companies use the legal system to deal with anonymous online critics.
"Liquidity for Post-Reorganization Securities Under Section 1145 of the Bankruptcy Code" by Richards Kibbe & Orbe LLP partner Scott C. Budlong was published in the July 1, 2010 edition of The Hedge Fund Law Report. In this article, Mr. Budlong explores a statutory provision, Section 1145 of the U.S. Bankruptcy Code, that goes a long way toward answering a question...
On April 5, 2010, ISDA launched a new non-cancellable version of the U.S. loan credit default swap product called "Bullet LCDS," which is designed to promote liquidity in the LCDS market and take advantage of certain standardization improvements applied to the CDS market in 2009.
Recent commentary suggests growing unease about the possibility of default by issuers of state, municipal and instrumentality bonds.
In our Distressed Investor Alert dated December 23, 2009, we wrote that Bankruptcy Rule 2019 had returned to the public eye with a vengeance in light of the controversial pending amendments to Rule 2019 proposed by the Committee on Rules of Practice and Procedure of the Judicial Conference of the United States.
"Strict Foreclosure Offers Out-of-Court Alternative to 363 Sales," co-authored by Richards Kibbe & Orbe LLP attorneys Larry G. Halperin and Douglas R. Plante, was published in the June 2010 issue of The Journal of Corporate Renewal. The economic upheaval of recent years has focused renewed attention on various remedies secured lenders may exercise...
This article authored by Richards Kibbe & Orbe LLP partner Kenneth E. Werner discusses recently passed legislation by the House of Representatives, which would prevent a portion of income realized from carried interests in investment partnerships from being characterized as capital gain.
Holders of bank debt and bonds are increasingly being offered equity as part of bankruptcy reorganizations and out-of-court restructurings of distressed companies. For lenders who are unaccustomed to holding equity, this article provides a roadmap of key issues to look for when negotiating equity documents to help maximize the value of a minority equity stake.
Holders of bank debt and bonds are increasingly being offered equity as part of bankruptcy reorganizations and out-of-court restructurings of distressed companies. For lenders who are unaccustomed to holding equity, this article provides a roadmap of key issues to look for when negotiating equity documents to help maximize the value of a minority equity stake.
In a recent New York Law Journal article, RK&O partner Brian Fraser writes about the confidentiality, or lack thereof, of settlement negotiations.
"Failure to Follow U.S. Electronic Discovery Rules Carefully May Lead To Heavy Sanctions For Parties And Their Lawyers" authored by Richards Kibbe & Orbe LLP partners Shari A. Brandt and James Q. Walker was published in the May 2010 edition...
A recent New York trial court decision applied established precedent to enforce "Big Boy" provisions in a credit default swap context, but – in a matter of apparent first impression – let stand a breach of contract claim alleging that...
Proving lost profits is a difficult but critical component of many financial and commercial lawsuits. In a recently published chapter, "Proving Lost Profits Under New York Law: High hurdles for the Plaintiff's Damages Expert," of the book Inside the Minds: New Developments in Evidentiary Law in New York, Richards Kibbe & Orbe LLP partner Brian S. Fraser explains...
In a recent decision, Judge Jed S. Rakoff of the United States District Court for the Southern District of New York granted a preliminary injunction blocking the sale of a participation in a borrower’s loan. Judge Rakoff halted the sale...
Lehman Brothers Holdings Inc. and its affiliate and subsidiary debtors filed their proposed chapter 11 plan of reorganization on Monday, March 15, 2010. Although the plan lacks many details regarding potential recoveries for Lehman's creditors, it does provide information regarding...
The article, "Big Boys Don't Cry: How "Big Boy" Provisions Can Help Hedge Fund Managers Avoid Liability for Insider Trading Violations," authored by Richards Kibbe & Orbe LLP attorneys Brian S. Fraser and Tamala Newbold and previously published in The...
The SEC has returned to the short selling regulatory arena after a hiatus of several months. On February 24, 2010, the Commission adopted an "alternative uptick rule" to restrict short selling when the price of a stock has dropped more...
The newly-revised LSTA forms of Distressed Trade Confirmation and Purchase and Sale Agreement for Distressed Trades now include a more comprehensive procedure for determining the "Shift Date" for any particular distressed loan whereby LSTA members may request that the LSTA...
"Lender Restructuring Risks" authored by Richards Kibbe & Orbe LLP partners Michael D. Mann and Craig A. Newman was published in the American Banker.
Jurisdiction over cross-border securities transactions and derivatives such as credit default swaps is of heightened concern as the international financial markets grow ever more connected and complex. In this article published in the February 2010 edition of Financier Worldwide, Richards...
Effective 25 January 2010, a revised set of Loan Market Association ("LMA") trading documentation will apply to all Par and Distressed Trades which are conducted on LMA standard terms. The revised documents apply to all LMA trades with Trade Dates of 25 January 2010 and going forwards.
In a case of great significance to the United States secondary loan market, on January 11, 2010, the U.S. Court of Appeals for the Second Circuit firmly established that the ancient doctrine of "champerty" – originally a prohibition on the transfer of litigation claims – has no further...
While legal theorists have long debated the differences between U.S. insider trading law, as defined by the U.S. courts and the Securities and Exchange Commission, and the European Union's Market Abuse Directive, a recent European Union high court ruling suggests...
Bankruptcy Rule 2019 has returned to the public eye with a vengeance in light of a recent ruling by the influential Bankruptcy Court for the District of Delaware and the controversial pending amendments to Rule 2019 proposed by the Committee on Rules of Practice and Procedure of the Judicial Conference of the United States. The amendments will be...
"When Do Hedge Fund Managers Have a Duty to Disclose Material, Nonpublic Information?" authored by Richards Kibbe & Orbe attorneys Brian S. Fraser and Tamala Newbold was published by The Hedge Fund Law Report in the November 19, 2009 edition....
In the wake of recent developments regarding the SEC, Mr. Greenspan’s article for the New York Law Journal discusses...
The unprecedented economic crisis has led to increased scrutiny of secured creditors and challenges to rights generally enjoyed by them. Recent court decisions reflect a shifting of the pendulum from protection of secured creditors...
In the article "House Passes Bill That Would Eliminate Capital Gains Treatment For Carried Interests," Richards Kibbe & Orbe Partner Kenneth E. Werner discusses...
"Big Boys Don't Cry: How 'Big Boy' Provisions Can Help Hedge Fund Managers Avoid Liability for Insider Trading Violations" authored by Richards Kibbe & Orbe attorneys Brian S. Fraser and Tamala Newbold was published in the December 3, 2009 edition...
On September 25, 2009, the LSTA released its revised forms of (i) Par/Near Par Trade Confirmation and (ii) Distressed Trade Confirmation, each effective for LSTA trades entered into on or after that date. While the current changes are not overly...
In November 2009, the Staff of the SEC’s Division of Corporation Finance revised its September 2009 public guidance on how an investor should calculate the 10-day filing deadline for an...
"Acquiring Companies in Bankruptcy" co-authored by Richards Kibbe & Orbe LLP partner Michael Friedman was published in the November/December 2009 issue of Executive Counsel magazine. This article discusses...
In September 2009, the Staff of the SEC's Division of Corporation Finance issued Compliance and Disclosure Interpretations relating to beneficial ownership reporting under Section 13 of the...
In a closely-watched case important to the debt trading market, New York’s highest court recently decided that New York’s champerty statute does not bar the assignment of litigation claims to enforce rights in related debt instruments. Partner Brian S. Fraser briefly...
A follow-up memorandum addressing the question of the duty to disclose material non-public information in non-securities transactions under New York law and whether a Big Boy provision may affect any such duty to disclose.
In United States v. Ruehle, Slip. Op. (9th Cir. Sept. 30, 2009), the Ninth Circuit reversed the suppression order issued in United States v. Nicholas, 606 F.Supp.2d 1109 (C.D.Ca. Apr. 2009) based on the lower court’s application of the wrong privilege standard, but left intact...
Richards, Kibbe & Orbe LLP partner, Ken Werner, discusses an IRS memorandum that may have significant implications for offshore entities investing in debt obligations of US entities.
"Unanimous Lender Consent Provisions: Protection?" authored by Richards Kibbe & Orbe attorneys Nicholas A. Whitney and Keith N. Sambur, was published on the Law360 website and was also featured in both its Bankruptcy and its Corporate Finance newsletters on September...
Credit agreements typically provide that any amendment permitting the release of "all or substantially all" of the collateral requires the unanimous consent of the lenders. Many market participants expect that this provision requires that all lenders consent to the agent...
The recent steady drumbeat of Chapter 11 bankruptcy filings is producing an equally persistent corollary: creditors receiving new securities issued by the reorganizing debtor under its plan of reorganization. Section 1145 of the Bankruptcy Code may offer these creditors the...
"Equity Kickers: Extra Point for Lenders" authored by Richards Kibbe & Orbe LLP partners Jahangier Sharifi and Thao Do was published in the July/August issue of The Secured Lender. The article outlines...
"Trust me" might previously have been an accepted response to questions posed by an adviser’s clients and regulators. Questions about portfolio management, valuation of assets, the security of client funds, and the adviser's use and reliance on third party custodians...
Richards Kibbe & Orbe LLP partner William Barry acted as contributing author to The International Lawyer, an award-winning quarterly legal journal...
An investment fund that establishes an equity position in a U.S. public company may encounter a variety of regulatory schemes that apply once a threshold level of ownership has been crossed. We have previously explored the substance of these schemes...
The credit crisis has introduced a new and adversarial dimension into the relationships between hedge fund or private equity investors and their portfolio companies, leading some investors to resort to litigation as a last-ditch option to protect the value of...
A recent federal court decision, United States v. Nicholas, No. SACR 08-00139-CJC, -- F. Supp. 2d --, 2009 WL 890633 (C.D. Ca. Apr. 1, 2009), casts further doubt on whether a traditional Upjohn warning to an employee can be relied...
The LSTA's newly-released (effective February 6, 2009) Standard Terms and Conditions for Par/Near Par Trade Confirmations contains a new and powerful set of provisions that, under certain circumstances, permits a party to terminate its obligations under an open trade confirmation...
On February 6, 2009, the LSTA released its revised forms of (i) Par/Near Par Trade Confirmation and (ii) Distressed Trade Confirmation, each effective for LSTA trades entered into on or after that date. Most of the revisions to these LSTA...
The Corporate Counsel Section of the New York State Bar Association's newsletter, "NYSBA Inside," recently published an article written by our partners, Shari Brandt and James Walker, discussing a bench decision in United States v. Nicholas that addressed Upjohn warnings...
New York's highest court is poised to decide whether litigation claims may be purchased and asserted by a debt holder or whether the arcane doctrine of champerty, as codified in New York by statute, may bar a debt holder from...
On April 10, 2009, the SEC released for public comment a menu of four potential new price-based restrictions on short sales. The proposals come less than two years after the SEC's 2007 decision to rescind the "uptick rule," the original...
Three factors have been important in structuring investment fund compensation in the past: deferral of taxes on offshore fee income, favorable tax treatment of carried interest, and the prevailing view that compensating a fund manager primarily based on the performance...
The SEC has recently announced plans to consider reviving the "uptick rule" as a means of combating allegedly abusive short selling. On March 24, 2009, several U.S. stock exchanges, including NYSE Euronext and Nasdaq OMX, submitted their own version of...
Three weeks from now, documentation and market practice for credit default swaps will change dramatically as part of an aggressive initiative to improve the functioning and efficiency of the CDS market. This memorandum, written by our partners Jon Kibbe, Julia Lu and Jennifer Grady, describe...
In Hemispherx Biopharma, Inc. v. Johannesburg Consol. Invs., the Eleventh Circuit Court of Appeals considered whether a person can be a member of a "group" under Section 13(d) of the Exchange Act without actually owning stock of the issuer in...
On January 26, 2009, the staff of the SEC's Division of Corporation Finance issued updated Compliance and Disclosure Interpretations ("C&DIs") relating to a variety of rules under the Securities Act of 1933. The C&DIs include interpretive guidance on Rule 144, as discussed in this memorandum. Among the topics addressed...
The American Recovery and Reinvestment Act of 2009, expected to be signed by President Obama today, contains a number of tax provisions. Our tax partner Ken Werner has written...
A recent federal court decision, Roth v. Aon Corp., Case No. 04 C 6835, 2008 U.S. Dist. LEXIS 106161 (N.D. Ill. Jan. 8, 2009) has provided a broader application of the attorney‑client privilege to communications with in‑house attorneys than have...
Unprecedented numbers of corporate borrowers will be unable to make payments on their outstanding loans or obtain takeout financing in 2009. Consequently, lenders will have a variety of opportunities to participate in loan refinancings, restructurings and amendments. In this environment, we expect borrowers to...
Short-selling investment managers face a range of U.S. legal issues beyond the need to comply with the SEC's new Form SH disclosure regime. This memorandum reviews the legal landscape from the short seller's perspective, including: order-marking and share-borrowing requirements; anti-fraud...
On December 17, 2008, we distributed a memorandum entitled "Using Incremental Facilities to Exchange Bond Indebtedness." As noted in the memorandum, a lawsuit was filed by the Trustee with respect to the Indenture for Realogy's unsecured "PIK toggle" notes and...
As the turmoil in the credit markets continues, a highly-levered borrower without access to external refinancing sources may attempt to reduce its overall indebtedness by exploiting the arbitrage between the discounted market prices of different debt obligations within its own...
A hedge fund that takes a minority equity position in a U.S. public company may encounter a variety of complex issues under the federal securities laws and other investment-related statutes. This memorandum considers the most important of these U.S. legal...
Recent dramatic downturns in the credit, equity and derivatives markets, together with an acute general shortage of liquidity, will present attractive new opportunities for lenders, investors and traders with cash to deploy. At the same time, market participants will need...
On October 15, 2008, the Securities and Exchange Commission issued Release No. 34-58785, extending and adopting modifications to the Form SH short-sale reporting regime that had been in place on an emergency basis since mid-September. The attached memorandum describes the...
Volatile markets often highlight underlying risk factors and force market participants to re-examine cherished assumptions. The business of lending has historically focused on a borrower's credit risk. Today, in a credit market turned upside down, borrowers must analyze lender credit...
The recently enacted Tax Extenders and AMT Relief Act of 2008, part of the bill signed into law by President Bush on October 3, 2008, contains...
This memorandum, of interest to participants in the European and Asian secondary bank loan markets, provides a timely overview of the issues facing a sub-participant under...
Bankruptcy trustees have been both aggressive and the beneficiaries of substantial deference by courts in recent years. In this short memorandum, our partners Brian S. Fraser and H. Rowan Gaither describe a recent decision from...
Boards of directors of troubled companies must balance their fiduciary obligations to shareholders and creditors. What does the board do when a secured creditor offers to accept all or substantially all of the corporation's assets, in full or partial satisfaction of the corporation's debt to the secured creditor? Does the board need to...
Anyone who has been involved in civil litigation or a regulatory investigation can appreciate the speed with which legal bills can add up or the costs of settlement. Directors and officers frequently are targets of...
The rapid growth in derivatives as hedging instruments, particularly through equity swaps, credit default swaps and loan credit default swaps, has challenged fundamental assumptions underlying corporate, federal shareholder disclosure and bankruptcy law. In the attached memorandum, our colleagues...
The market for interest rate swaps – a derivative product in which one party pays to the other party interest based on a fixed rate in exchange for payment of interest based on a floating rate – now exceeds $309 trillion. The market for interest rate swaps has...
After the July 2007 launch of the standard terms of credit default swaps on leveraged loans for the European market, the market anxiously awaited the launch of an ISDA-approved index product. March 17, 2008 – the date the Markit iTraxx LevX indices...
Anti-corruption and anti-bribery initiatives are the current focus of regulators around the globe. Aggressive enforcement of the United States Foreign Corrupt Practices Act ("US-FCPA") by U.S. regulators, including enforcement actions against companies based outside of the United States for conduct...
The Public Company Accounting Oversight Board last week adopted Rule 3526 regarding Communication with Audit Committees Regarding Independence. The Board's action concluded a rulemaking focused on assuring that public company audit committees have before them, at the time they consider...
In response to more stringent anti-corruption standards, increased enforcement and greater cooperation among regulators in the international community, investment businesses and global corporations are finding themselves in the...
A recent ruling in the Delphi Corporation bankruptcy case calls into question the effectiveness of power of attorney provisions found in many claim purchase agreements. At hearings held on...
Owners of bank loan participations take on two kinds of credit risk: (i) the borrower's failure to pay the underlying bank loan, and (ii) the loan participation grantor's bankruptcy. The first risk is well understood and carefully analyzed in each...
Can a borrower repurchase its own loan at a discount in today's volatile secondary market? Because many bank loans now trade below par, a borrower (or a borrower's equity sponsors) may be tempted to purchase the borrower's loans in the...
The deterioration in the credit markets over the past year has caused buyers of credit default protection increasingly to worry about their ability to realize the "recovery value" of the assets underlying the derivative transaction from their counterparty promptly after...
On February 25, 2008, the US Government Accountability Office (GAO) - self-described as "the investigative arm of Congress" - released to the public its long-awaited Hedge Funds Report. The key question in many observers' minds was whether the GAO Report...
On October 24, 2007, the LSTA issued a new standardized participation agreement for distressed trades ("DPA"), giving market participants an important new form document for...
On February 14, 2008, a federal district court in the Southern District of New York issued an opinion, In re Initial Public Offering Securities Litigation, 21 MC 92 (SAS) (S.D.N.Y. Feb. 14, 2008), that further restricts the applicability of selective...
A federal district court in the District of Columbia recently rejected arguments by the SEC that it need only show “extreme recklessness” to state a claim for aiding and abetting a violation of the federal securities laws under section 20(e) of the...
Material Adverse Change, or "MAC," provisions have been increasingly used by investors in leveraged buyout situations to avoid liability in the case of a broken deal. This week, in a case arising from...
Richards Kibbe & Orbe LLP partner Lee S. Richards, writes that the legal and practical limits of a corporate monitor's role, how a corporation facing possible indictment may narrow the monitor's function and...
A third federal district court has now rejected the SEC’s contention that using securities obtained in a PIPE transaction to cover short sales in the PIPE issuer’s shares is an unlawful distribution of unregistered securities, dismissing with prejudice the SEC’s claims under...
Below is a memo written by our lawyers, Michael Friedman, Joon P. Hong and Keith Sambur regarding potential problems that purchasers of unsecured trade claims may face in the event such claims become “cure claims” in a bankruptcy case. The memo discusses...
Below is a brief client update written by Richards Kibbe & Orbe LLP partner Craig A. Newman regarding a recent decision relating to the termination of a merger agreement and the...
On January 2, 2008, in SEC v. Lyon (06-Civ.-14338) (S.D.N.Y.), the district court rejected SEC claims that Gryphon Partners LP and related entities and their managing partner had engaged in several unregistered public distributions of securities in violation of...
Richards Kibbe & Orbe LLP partner Jennifer Grady highlights the successful implementation of an auction-based cash settlement mechanism in the US Loan Credit Default Swap market and explains...
The recent decision of the English High Court in Bear Stearns Bank plc v. Forum Global Equity Ltd. [2007] established that parties to a distressed debt transaction concluded...
Many syndicated loans provide for incremental loan facilities, also known as "accordion features," which permit a borrower to borrow additional loans under...
In what may be the continuation of a troubling trend to narrow the application of the attorney-client privilege over electronic communications, a recent NYS Supreme Court case, Scott v. Beth Israel Medical Center, --N.Y.S.2d --, 2007 WL 3053351 (N.Y. Sup. Oct. 17, 2007) has held that emails...
A recent federal district court decision, which significantly limits the application of the attorney-client privilege over electronic communications between in-house attorneys and their fellow employees, may...
Two recent settlements in civil lawsuits have cast further doubt upon the enforceability of "Big Boy" letters used in securities transactions even between sophisticated parties. Are "Big Boy" letters any more enforceable in non-securities transactions, such as...
The market for loan credit default swaps (LCDS) continues to evolve at a rapid pace. Since the May 2006 launch of the single-name LCDS, the product has shifted from physical to cash settlement through the introduction of...
Below is a brief summary of the decision of the District Court reversing the Bankruptcy Court's ruling regarding the equitable subordination and disallowance of bank debt claims in the...
Download Memo Download Appellant Citibank's Opening Brief Download Appellee Enron's Response Brief Download Appellant Citibank's Reply Brief Download Industry Amici Brief Download Industry Amici Reply Brief Download Amicus Brief by Abrams Capital, et al....
The ISDA Euro LCDS product commenced trading in the market beginning August 6, 2007. Although predicated upon the terms of its European predecessor and informed by the development of its U.S. counterpart, the ISDA Euro LCDS is a unique loan...
A consensus is embracing a new solution to the challenges posed by the integration of global securities markets: mutual recognition. Today, the Securities and Exchange Commission will hold a round-table discussion to consider how to assess regulatory comparability and its...
Memorandum to Clients and Friends of the Firm Regarding Enron Update: District Court Affirms In Part and Reverses In Part Earlier Ruling Granting Appeal of Bankruptcy Court Decision that...
Memorandum to Clients and Friends of the Firm Regarding Recent Decision Entering Temporary Restraining Order Barring Secondary Market Purchasers of Loan Participations from Bringing Tort Claims Against Agent Bank Download Memorandum Download Order...
The trends of 2006 show how the market will adapt and grow over the coming years.
Article regarding Challenges For Operating Cross-Border Investment Businesses: Meeting Compliance Expectations on a Global Scale by...
Richards Kibbe & Orbe LLP partner Jennifer Grady explains the structure of the newly-launched US Loan Credit Default Swap product and forecasts expectations for its...
Memorandum to clients and friends of the firm regarding recent Opinion and Order on Equitable Subordination - Secondary Loan Purchasers Challenge Enron and Win an Extraordinary Appeal: Does Equitable Subordination Risk Travel with the Loan? Download Memorandum Download Opinion and...
Memorandum to Clients and Friends of the Firm Regarding LMA Note Regarding the Treatment of Confidential and...
Memorandum to Clients and Friends of the Firm Regarding Recent Decision on Equitable Subordination - Equitable Subordination Risk Follows Claims Download Memo Download Decision...