Publications Archive


June 8, 2018

Deploying a plan support agreement (PSA) has become an essential component of U.S. Chapter 11 bankruptcy proceedings, especially in larger, more complex reorganizations. Sophisticated debtors and creditors have effectively used PSAs to reduce the costs and risks associated with restructuring a distressed debtor and garner support for a new...

June 6, 2018

The coordinated resolution between the DOJ and the PNF—the first coordinated resolution between the DOJ and French authorities in a foreign bribery case—represents a new era in cross-border enforcement and cooperation between U.S. and French authorities. 

April 20, 2018

Businesses are now on notice that the U.S. Department of Treasury, Office of Foreign Assets Control (“OFAC”) intends to use its enforcement powers to police a broad array of potential interactions and relationships with sanctioned parties that cannot reliably be captured through traditional transaction due diligence and screening protocols because they involve...

April 16, 2018

In this article, RK&O partner Paul Devlin wades into some of the questions that the courts, CFTC regulators and commodity lawyers alike should be asking about the CFTC’s power to regulate cryptocurrencies. I

April 13, 2018

The legal profession is constantly changing, often prompted by new technology. Analytical tools that rely on artificial intelligence-powered software can assist lawyers in a wide range of document-intensive tasks that are critical to negotiating a transaction, conducting an internal investigation, or determining the evidence relevant to the prosecution or...

March 12, 2018

As U.S. economic sanctions have tightened, sanctioned countries, entities and individuals are engaging in increasingly sophisticated practices to evade their impact. Recent reports in the media and by U.S. regulators have described complicated sanctions evasion schemes involving false documentation, front companies and other deceptive trade...

March 1, 2018

Investors currently relying on certain of the Bankruptcy Code’s safe harbor provisions to save them from clawback claims should consider finding new shelter. The U.S. Supreme Court in Merit Management Group, LP v. FTI Consulting, Inc., unanimously ruled that one aspect of the safe harbor under Section 546(e) of the Bankruptcy Code does not prohibit a...

February 27, 2018

Market volatility’s resurgence has been followed by allegations that the VIX index - Wall street’s “fear gauge” - has been manipulated by traders. 

February 22, 2018

Over the last several months, the SEC has intensified its threats to so-called "gatekeepers," especially in the area of initial coin offerings ("ICOs") and cryptocurrencies. In testimony on Tuesday, February 6, 2018 before the Senate Committee on Banking, Housing, and Urban Affairs, SEC Chairman Jay Clayton reminded gatekeepers-including lawyers-that the SEC...

February 20, 2018

Market volatility’s resurgence has been followed by allegations that the VIX index - Wall street’s “fear gauge” - has been manipulated by traders. It is too early to know if these allegations are well-founded, but the inevitable investigations, like all alleged market manipulation cases, will be lengthy, complex, and expensive. These problems will likely be amplified in...

February 13, 2018

The United States Court of Appeals for the D.C. Circuit issued an important decision on February 9, 2018 that will have significant implications for CLO managers, investors and other securitization market participants. The D.C. Circuit’s decision vacates a federal district court decision upholding a federal rule that construed open market CLO managers as...

February 8, 2018

Participants in credit default swap (CDS) market know that moral hazards may arise when the parties to CDS contracts seek to influence transactions involving the companies referenced under the CDS. This risk is exponentially more pronounced when reference entities succumb to such influence. The controversy involving the home builder, Hovnanian...

December 22, 2017

In this article published in Compliance Week, RK&O attorney Michael Mann addresses lessons learned from the Equifax incident and provides suggestions for companies seeking to re-evaluate their insider trading policies in light of evolving legal and reputational risks. 

December 20, 2017

The corruption probe launched by the Saudi Arabian Crown Prince last month has quickly reverberated in the global financial system beyond the desert kingdom, starting in Switzerland.

December 18, 2017

RK&O founding partner Lee S. Richards III recently contributed to the NYU Law Compliance & Enforcement blog, addressing American law enforcement’s focus on cooperation and self-reporting. 

December 7, 2017

On October 26, 2017 the SEC's Enforcement Division announced its efforts to address cyber-related securities law violations by creating a new Cyber Unit. The Enforcement Division, which has already developed significant expertise in its Market...

November 15, 2017

Technology is integral to a lawyer's ability to engage in the practice of law. Whether scheduling meetings with clients by email or text message, conducting due diligence is an electronic data room, using a database to produce electronic discovery in a litigation or government investigation, or filing pleadings in court, lawyers regularly rely on technology to represent clients.

November 13, 2017

In this client alert, RK&O partner David B. Massey explores the driving forces behind the Argentine compliance revolution and how companies should prepare by establishing a compliance framework.

November 2, 2017

Joining an ongoing discussion about renewed criminal justice reform efforts, RK&O founding partner Lee Richards recently took to the NYU Law Compliance & Enforcement blog to voice his opinion on...

September 26, 2017

Recent changes in the European loan and claims trading market may impact future investment strategies for fund clients focused on the secondary loan market. From new laws allowing limited direct lending to Italian borrowers, as well as simplified...

August 29, 2017

For years courts, prosecutors and SEC lawyers have twisted themselves into knots trying to figure out when those who leak insider information (“tippers”) benefit from the leak and thereby violate the securities laws based on the decision in Dirks v. S.E.C., 463 U.S. 646...

August 16, 2017

Bloomberg Law and Richards Kibbe & Orbe LLP announced today the publication of Hedge Fund Equity Investing: U.S. Legal Issues, a portfolio that focuses on issues related to federal securities law that may apply to hedge funds when buying, holding and selling U.S. equity securities.

August 15, 2017

On July 20, 2017, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued a penalty notice to ExxonMobil for violation of Ukraine/Russia-related sanctions targeting Russian government officials and their associates.

August 9, 2017

All counterparties in the equity derivatives market should be aware that the International Swaps and Derivatives Association, Inc. (“ISDA”) opened the ISDA 2017 OTC Equity Derivatives T+2 Settlement Cycle Protocol (the “T+2 Protocol”) for...

July 11, 2017

On 27 June 2017 the Loan Market Association (the "LMA") published an update to the Standard Terms and Conditions for Par and Distressed Trade Transactions (Bank Debt/Claims) (the "Standard Terms and Conditions") which amended certain...

June 30, 2017

In its recent unanimous decision in Kokesh v. SEC, the Supreme Court concluded that disgorgement represents a penalty for purposes of the statute of limitations. But the impact of the case will extend well beyond its narrow holding.

May 18, 2017

In this client alert, RK&O partners Jennifer Grady, Jon Kibbe and Gregory Plotko explore the motivations of the investors and vendors that are actively transferring stressed retailer credit risk, describe the forms of agreements used by market...

May 11, 2017

RK&O attorneys Michael Mann, Audrey Ingram and Jamie Schafer identify the reasons why they expect continued robust enforcement from the Trump administration and how companies can prepare themselves.

April 19, 2017

Lawyers who maintain active social media presences should be aware of recent opinions by ethics committees in New York discussing the extent to which lawyers' postings on the social media page LinkedIn constitute attorney advertising.

April 12, 2017

The promotion of renewable energy has been an important policy goal at the state and federal levels in recent years, and public support for solar energy in particular has driven a significant increase in installed solar capacity across the United States. 

April 1, 2017

A relatively new type of investment fund, the Irish Collective Asset-management Vehicle (ICAV), is tailor-made for regulating investment funds and attracting foreign investors. The ICAV may be suitable for United States-based investment advisers. 

March 2, 2017

After a period of relative calm in the marketplace lending sector, the February 27, 2017 decision in Madden v. Midland has raised new questions. The decision by Judge Seibel in the Southern District of New York leaves certain issues about the application of state usury laws unresolved.

January 31, 2017

Bondholders have long feared “the tyranny of the majority” and historically have found limited comfort in a provision of the Trust Indenture Act (the “TIA”) that provides minority bondholders with a veto over proposed legal modifications to core payment terms.

January 26, 2017

On January 24, 2017, the New York State Supreme Court, Appellate Division, First Department, issued an opinion in a widely-watched case involving the interpretation of credit default swap contracts, Good Hill Master Fund, L.P. v. Deutsche Bank AG.

January 24, 2017

On January 19, 2017, the Division of Enforcement of the Commodity Futures Trading Commission (“CFTC”) issued two advisories outlining cooperation factors that the Division will consider in resolving agency investigations and enforcement actions...

January 9, 2017

Predicting what will transpire in the coming year is always challenging, particularly in relatively nascent and growing industries such as marketplace lending. While surprises are undoubtedly in store for 2017...

January 5, 2017

Predicting what will transpire in the coming year is always challenging, particularly in relatively nascent and growing industries such as marketplace lending. While surprises are undoubtedly in store for 2017...

December 21, 2016

In a unanimous decision in Stonehill v. Bank of the West, the New York Court of Appeals issued an important decision affirming that an agreement to trade syndicated bank debt is binding...

December 8, 2016

On December 6, the U.S. Supreme Court issued its eagerly anticipated ruling in Salman v United States, unanimously affirming the 9th Circuit’s affirmance of Salman’s guilty verdict for insider trading. 

November 3, 2016

Since 2009, the loan market has largely set aside concerns regarding the arcane legal doctrine of “champerty,” on the basis of what appeared to be straightforward guidance from the New York Court of Appeals.

October 21, 2016

Many financial and commercial real estate lenders attempt to mitigate the risks of a borrower's insolvency by lending to a newly created subsidiary that holds sufficient assets to secure the loan...

September 2016

As debt issued by oil and gas exploration and production companies continues to trade at distressed levels, the secondary loan market has focused on the distinct lending structures developed to finance the exploration and production of energy in the United States...

September 1, 2016

Phase I of the LSTA’s new “requirements-based” par/near par delayed compensation regime goes into effect as of today – September 1, 2016. 

August 23, 2016

In this opinion piece for CFO Magazine, RK&O partner Michael D. Mann outlines why the idea of "expert-ization" of corporate boards is actually a threat to good corporate governance.

August 18, 2016

On August 5th, the LSTA issued a revised version of its recently proposed “requirements-based”  par/near par delayed compensation rules, which are intended to replace the current “no-fault” regime.  

August 3, 2016

One important impediment to the expansion of PACE has now been removed, with the U.S. Department of Housing and Urban Development’s guidance issued on July 19, 2016. 

July 25, 2016

Section 13(d) of the Securities Exchange Act requires an investor that acquires greater than 5% beneficial ownership of a U.S. public company's stock to disclose its position by the tenth

July 14, 2016

In response to numerous comments received from market participants and vendors, the LSTA released an update to its membership earlier this week postponing the effective date of the proposed requirements-based par/near par delayed compensation regime.

July 7, 2016

After years of debate, regulators are poised to require registered investment advisers to implement anti-money laundering (“AML”) programs that mirror those of banks, broker dealers and other financial institutions. 

June 10, 2016

A recent SEC settlement against a broker-dealer firm and its principals reflects the SEC’s interest in ensuring registered firms’ robust compliance with information security/data protection and recordkeeping requirements. 

May 3, 2016

RK&O attorney Daniel Zinman published the article "From Bonds to Burritos: How the Increasing Criminalization of Regulatory Offenses Affects the Food and Beverage Industry" in Food Safety Magazine...

May 2, 2016

The last few months have seen a revival of interest in single-name credit default swaps by hedge funds and other buy-side firms. In this client alert, RK&O attorneys Vincent Basulto and Richard J. Lee recap the current state of the market and highlight some considerations for parties looking to re-enter the market...

April 11, 2016

Institutional investors are turning their favorable attitudes about the marketplace lending industry into action, increasing their investment in the sector over the past year according to a new report by Richards Kibbe & Orbe LLP and Wharton FinTech. 

March 17, 2016

Reserve-based revolvers present unique challenges and opportunities for participants in the secondary trading market for energy loans. In this client alert, Richards Kibbe & Orbe partner Julia Lu provides a roadmap for market participants...

February 29, 2016

In this client alert, Richards Kibbe & Orbe attorneys Jon Kibbe, Jennifer K. Grady, Julia Lu and Richard J. Lee examine the GICE provision and the facts giving rise to the Novo Banco controversy. Additionally, they analyze the external review panel’s determination that no GICE occurred and note the broader implications of the decision for the CDS product in general.

February 25, 2016

RK&O attorney Jamie A. Schafer discusses the new requirements and their implications, and recommend steps that firms and individuals should take in anticipation of potential inquiries that may result from the elevated level of scrutiny.

February 22, 2016

In this client alert, Richards Kibbe & Orbe attorneys Julia Lu and John A. Clark discuss the pending impacts of the new rules and answer important high-level questions to help acquaint fund managers and their counsels with the uncleared swap margin requirements.

February 9, 2016

Richards Kibbe & Orbe partner Scott Budlong's article "The New Section 4(a)(7) Exemption for Private Resales of Securities: What Does it Mean for Hedge Funds" was published by Eurekahedge

February 5, 2016

In this client alert, RK&O attorney Audrey Laning Ingram discusses what the 1MDB corruption scandal means for the regulatory landscape and for financial institutions that have dealings with sovereign wealth funds and suggest ways in which firms can protect themselves through robust compliance programs.

January 20, 2016

Lend Academy published  "Will the Real Marketplace Lender Please Stand Up?: Understanding the Hidden Consumer Regulatory Risk for Hedge Funds," written by Richards Kibbe & Orbe partner Michael D. Mann.

December 9, 2015

In this memorandum, "Will the Real Marketplace Lender Please Stand Up? Understanding the Hidden Consumer Regulatory Risk for Hedge Funds," Richards Kibbe & Orbe partner Michael Mann outlines the potential risks and theories of regulation for non-bank entities engaged in marketplace lending...

November 24, 2015

On 16 December 2015, the revised versions of the LMA Standard Terms and Conditions for Par and Distressed Trade Transactions and the LMA User Guide for Secondary Debt Trading Documentation will come into force.  RK&O partners Andrew Martin and Matthew Hughes have compiled a brief summary of the main points to explicate the changes...

November 11, 2015

Richards Kibbe & Orbe partners William Orbe and David Massey and associate John Clark published their article "Daily Fantasy Sports: Fun and Games Until Courts Decide It's Gambling" in the New York Law Journal...

October 8, 2015

On October 7, 2015 the LSTA issued a Market Advisory regarding the treatment of payments under the Restructuring Support and Forbearance Agreement among Caesars Entertainment Corporation, Caesars Entertainment Operating Company, Inc...

September 24, 2015

On Monday, September 28, 2015, the North American High Yield CDX index (High Yield CDX) will be reconstituted, or “rolled”. Ten reference entities will be removed from the index, replaced by 10 new reference entities.In this Market Flash, Richards Kibbe & Orbe partner Julia Lu discusses these changes and their effects.

July 8, 2015

On 5 July, the Greek people voted overwhelmingly to reject the principles of the framework agreement that had been presented by international creditors. In this client alert, Richards Kibbe & Orbe associate Miriam Karam discusses Greece's "no" vote and its potential effects for investors...

June 11, 2015

Hungarian banks are currently reviewing the quality of their loans and actively seeking investors and distressed loan buyers to improve their balance sheets. In this memorandum, Richards Kibbe & Orbe,  along with Hungarian law firm Lakatos, Köves and Partners...

June 1, 2015

Richards Kibbe & Orbe partners Scott Budlong and Eric O'Meara published their article "Hedge Fund Managers Undertaking a Portfolio Company IPO: A Primer" in Bloomberg BNA. The article is a brief primer for the hedge fund manager who is invested in a portfolio company...

June 1, 2015

The marketplace lending industry could soon receive a transformative influx of capital from deep-pocketed institutional investors, according to the 2015 Survey of U.S. Marketplace Lending published by Richards Kibbe & Orbe LLP and Wharton FinTech. 

May 21, 2015

In this Market Flash, Richards Kibbe & Orbe partners Matthew Hughes and Andrew Martin discuss the effects of the ECB reducing its deposit rate to below zero, along with the Euribor rate falling below zero.

April 27, 2015

Richards Kibbe & Orbe partner Andrew Martin published the article "Facilitating Access to Italian Nonperforming Loans" in Law360. In the article, he discussed the regulatory changes in Italy, the high volume of NPLs...

April 14, 2015

In "Peer-to-Peer Lending and the CFPB", which was released yesterday at the 2015 LendIt conference in New York City, Richards Kibbe & Orbe partners Jon Kibbe, Julia Lu and Jahan Sharifi discuss the importance of the CFPB’s “Payday Lending Proposal” and what it means for peer-to-peer lending platforms...

March 16, 2015

On the 11th of March 2015, The Supreme Court of the United Kingdom found that a prepayment premium paid after the settlement date of a secondary loan trade documented under the Loan Market Association standard terms and conditions for...

March 12, 2015

Richards Kibbe & Orbe partners Daniel Zinman and Rowan Gaither published their article "Building a Due Diligence Defense for Directors and Officers" in Corporate Counsel.

On March 16, 2015, trial is scheduled to begin in FHFA v. Nomura Holding America Inc. in the U.S. District Court for the Southern District of New York. This case...

February 24, 2015

Richards Kibbe & Orbe partner Daniel C. Zinman published his article "Special Litigation Committees Good Defense Against Derivative Lawsuits" in the February/March issue of Today's General Counsel. In the article, he discusses how special litigation committees can be an important tool to help corporations protect themselves after a data breach...

January 19, 2015

Investor interest in the European loan markets and increased need for portfolio diversification has necessitated hedge funds to focus on a wider range of European loan markets whilst at the same time managing risk....

December 4, 2014

In "Secured Lender Recoveries in Bankruptcy May Decline", Richards Kibbe & Orbe partner Jon Kibbe discusses what he expects regarding the proposals and the potential effects of the proposed reforms for secured lenders.

December 3, 2014

Richards Kibbe & Orbe attorneys Matthew Hughes, Andrew Martin and Paulina Spencer published "Secondary Trading of Novo Banco Bonds: Risks and Protections" as part of the RK&O Market Flash series. In the alert they discuss the risks associated with trading Novo Banco bonds and ways in which to mitigate those risks...

November 10, 2014

The Law Society Gazette recently published "Banking: after the health check" by Richards Kibbe & Orbe partners Jon Kibbe and Julia Lu. In the article, they discuss the European Central Bank's Comprehensive Assessment of EU banks...

November 6, 2014

Richards Kibbe & Orbe partners Jon Kibbe and Julia Lu published their article "ECB's Stress Test Will Boost European Distressed Market" in Law360. The article discusses the European Central Bank's "comprehensive assessment" of the financial health of 130 banks in the EU...

October 22, 2014

In this client alert Richards Kibbe & Orbe LLP partners Jon Kibbe and Julia Lu discuss the potential effects of the ECB's Comprehensive Assessment and possible responses of the banking sector...

September 8, 2014

In this memorandum, “New Standard for CDS: The 2014 ISDA Credit Derivatives Definitions”, Richards Kibbe & Orbe attorneys Jon Kibbe, Jennifer K. Grady, Julia Lu and Richard J. Lee discuss a select number of key changes and expected improvements that come with the new definitions...

August 21, 2014

On 30 July 2014, the Portuguese bank, Banco Espírito Santo S.A. (BES), reported losses of approximately €3.5 billion, which largely exceeded the losses previously disclosed to the Bank of Portugal. These losses were attributed to BES’s intra-company loans...

July 31, 2014

Richard Kibbe & Orbe partner James Walker published an article titled "'Troice' Has Important Risk Management Implications" in the New York Law Journal. In the article they discuss the implications of Troice for third-party advisors with respect...

July 17, 2014

A remarkable phenomenon in the global financial markets is the headlong growth of marketplace lending, sometimes referred to as peer-to-peer or online direct lending. The loans available via these lending platforms are attracting increasing attention from...

July 14, 2014

"LIBOR Manipulation: The International Regulatory and Institutional Response", authored by Richards Kibbe & Orbe partner Shari A. Brandt, was published in Bloomberg BNA as part of the "World Securities Law Report". In the article...

June 25, 2014

In this white paper, Richards Kibbe & Orbe partners Jon Kibbe, Julia Lu and Matthew Hughes consider key aspects of the loan portfolio sale process that prospective buyers must be aware of to properly evaluate, and take advantage of, the possibilities before them.

June 18, 2014

"Litigating and Drafting Contractual Disclaimers Of Reliance in a Post-Financial Crisis World," authored by Richards Kibbe & Orbe LLP partner Paul B. Haskel was published by Bloomberg BNA...

May 14, 2014

The recent imposition by the United States and European Union of Ukraine-related economic sanctions on Russia illustrates the speed with which world powers can implement a sanctions program that achieves foreign policy objectives and...

May 12, 2014

In this memorandum, Richards Kibbe & Orbe partners Paul B. Haskel and Kenneth E. Werner and counsel James J. Ohlig provide an explanation of the more substantive changes to these LSTA agreements...

April 29, 2014

Institutional investors are beginning to see new investment opportunities in consumer and small business loans. These opportunities are driven by innovations
in online direct lending, including “peer-to-peer” (“P2P”) lending...

April 17, 2014

"The Continuing Evolution of LCDS" written by Richards Kibbe & Orbe attorneys Jennifer Grady and Richard J. Lee was published in the 2014 LSTA Loan Market Chronicle.

April 16, 2014

In this memorandum, Richards Kibbe & Orbe LLP partner Paul B. Haskel discusses the Meridian decision and assess its level of significance to the loan market.

April 13, 2014

Prior to joining RK&O, Jamie Schafer co-authored “Looking Before You Leap in International Investigations: Navigating Foreign Data Privacy Restrictions,” published by Business Crimes Bulletin. 

April 1, 2014

In this memorandum, Richards Kibbe & Orbe LLP partner Shari A. Brandt discusses Lowe’s remarks and what they may indicate about the CFTC’s presence in the financial regulatory space, its jurisdiction, and its goals in the coming future.

March 24, 2014

In this white paper, Richards Kibbe & Orbe LLP attorneys Jon Kibbe and Shari Brandt provide an overview of the LIBOR framework, the allegations of LIBOR manipulation, and the regulatory and institutional changes that have been implemented to date to help restore LIBOR’s integrity and avoid future manipulations.

January 16, 2014

Richards Kibbe & Orbe LLP partners Scott Budlong, William Orbe and Kenneth Werner published "Selling a Hedge Fund Founder's Interest to an Outside Investor",  the second part of the two part "Succession Planning Series" that appeared in The Hedge Fund Law Report.

January 9, 2014

Richards Kibbe & Orbe LLP partner William Orbe published “Convertible Preferred Stock: How Preferred Is It?” a two-part series that appeared in The Hedge Fund Law Report. Convertible preferred stock investments provide important benefits for hedge funds and other investors including ...

December 31, 2013

Richards Kibbe & Orbe LLP partner Michael D. Mann published “Guess Who’s Coming to Visit?” an article featured in the winter edition of inCOMPLIANCE, the quarterly journal of the International Compliance Association...

December 12, 2013

Having one person serve as both the chief legal officer and chief compliance officer for a private equity firm or hedge fund allows the firm to capitalize on economies in merging the two roles. Dual-hatting may be costly for a firm, though, if care is not taken in executing the...

December 10, 2013

Richards Kibbe & Orbe LLP partner Julia Lu authored “Bankruptcy Claims Trading Comes of Age With Lehman Brothers Bonanza,” an article published by Bloomberg Law. In the article, Ms. Lu discussed the rapidly evolving ..

November 21, 2013

A generation of hedge fund founders is arriving at a crossroads. By one estimate, around $600 billion of the industry’s assets are managed by firms whose founding principals will reach at least their sixties in the next decade. As they begin to contemplate retirement or devoting time to other projects, founders are ...

November 21, 2013

Richards Kibbe & Orbe LLP partners Scott C. Budlong, William Q. Orbe and Kenneth E. Werner published “Succession Planning Series: A Blueprint for Hedge Fund Founders Seeking to Pass Along the Firm to the Next Generation of ...

November 6, 2013

The amended “successor” reference entity provisions implemented in connection with the launch of Bullet LCDS in 2010 were first tested this year in connection with a merger involving United Air Lines, Inc. and a loan refinancing involving Dynegy Power, LLC.

October 30, 2013

Europe is in the midst of a vastly complicated social, political and economic restructuring that will cost trillions of euros and create significant investment opportunities...

October 15, 2013

Peer-to-peer lending is evolving rapidly and is likely here to stay. The next phase of the phenomenon—the exact form and extent of economic penetration by P2P lending platforms—is difficult to predict.  In this legal white paper ...

October 11, 2013

Richards Kibbe & Orbe LLP partner Kenneth E. Werner authored “Foreign Account Tax Compliance Act (FATCA) Issues for Fund Managers,” which was published in the Journal of International Commercial Law ...

October 10, 2013

The SEC’s mid-September enforcement actions alleging Rule 105 violations, combined with the Risk Alert published by the SEC’s National Examination Program, have put hedge fund managers on notice. The SEC believes the investment community is chronically ignoring Rule 105...

October 2, 2013

Many new hedge fund managers establish their first fund under §3(c)(1) of the Investment Company Act. When the successful manager launches its next fund, a possible trap exists if that fund too will be a §3(c)(1) entity—the ...

August 27, 2013

Rule 105, the SEC’s tool to deter manipulative short selling in connection with public equity offerings, continues to be a source of concern for hedge fund managers. In this memorandum, Richards Kibbe & Orbe ...

August 14, 2013

Hedge fund general counsel and chief compliance officers have been pondering what their firms should make of the SEC’s new Rule 506(c). When it becomes effective next month, that provision will permit...

July 18, 2013

A hedge fund contemplating a non-controlling private equity investment faces a set of concerns which boil down to a simple question...

July 2, 2013

On June 28, 2013, the Loan Syndications and Trading Association, Inc. (the “LSTA”) published a revised form of Collateral Annex for Participations in response to increasing market concerns with counterparty credit risk and frustrations with delayed settlement of participations in unfunded revolving ...

June 26, 2013

Richards Kibbe & Orbe LLP partner James Q. Walker authored “Preserving the Attorney-Client Privilege in Cross-Border Internal Investigations,” an article published by The FCPA Report. In the article, Mr. Walker ...

June 19, 2013

Richards Kibbe & Orbe LLP attorneys Matthew Hughes and Andrew Martin  authored “Distressed Investing in Cyprus After The Bail-in,” which appeared in International Financing Review...

June 10, 2013

Government actions can dramatically move the markets and the receipt of “political intelligence” carries with it the risk of receiving MNPI. Richards Kibbe & Orbe LLP partner Michael D. Mann...

June 10, 2013

A memorandum by Richards Kibbe & Orbe LLP attorneys Matthew Hughes and Andrew Martin was featured as a Law360 expert analysis piece titled “Distressed Investing In Cyprus: The Cyprio ...

June 5, 2013

Richards Kibbe & Orbe LLP partner Michael D. Mann published “Re-Defining the Extraterritorial Reach of Anti-Fraud Protections Under the U.S. Securities Laws,” which appeared in the PLI handbook titled Global Capital Markets & the U.S. Securities Laws 2013. In the article, Mr. Mann examined the ...

May 31, 2013

The current financial crisis in Cyprus has generated considerable interest within the distressed investment community. The main issues for distressed investors can be grouped into two broad categories...

May 9, 2013

Europe is in the midst of a vastly complicated, decade-long, social, political and economic restructuring that will cost trillions of euros and create significant investment opportunities. Recent headlines have missed the deeper story about ...

May 1, 2013

Europe is in the midst of a vastly complicated, decade-long, social, political and economic restructuring that will cost trillions of euros and create significant investment opportunities. Recent headlines have missed the deeper story about ...

April 29, 2013

A decision last week by an influential Bankruptcy Court allowed a substantial make-whole premium as part of a lender’s claim in bankruptcy. The decision is important to lenders and bondholders seeking to enforce make-whole premiums ...

April 16, 2013

Richards Kibbe & Orbe LLP partners Paul B. Haskel and H. Rowan Gaither authored an article titled “When Good Trades Go Bad,” published in the LSTA Loan Market Chronicle 2013. Every year, thousands of distressed ...

March 18, 2013

Richards Kibbe & Orbe LLP attorney Daniel C. Zinman authored “The Special Litigation Committee: Special Handling Required,” which appeared in Directors & Boards magazine...

January 13, 2013

Prior to joining RK&O, Jamie Schafer co-authored "Conflict Minerals Rule Survives Court Challenge," published by Washington Trade Report, Vol. 29, Issue 39.

January 13, 2013

Prior to joining RK&O, Jamie Schafer co-authored "What Is In It For Me: How Recent Developments in FCPA Enforcement Affect the Voluntary Disclosure Calculus," published by the Global Trade and Customs Journal, Vol. 8, Issue 9.