Client Alerts & Publications
- ArticleIn Case of First Impression, Illinois Appellate Court Holds That Senior Lender’s Material Breach of Intercreditor Agreement Warrants Partial Subordination of Senior DebtSeptember 2017
Intercreditor agreements are commonly used to define the relative rights of senior and junior lenders, especially should the borrower become distressed or file bankruptcy. Properly defining priorities between lenders is particularly important when both parties possess security interests in the same collateral.
- ArticleSeptember 2017
Many equipment lessors are watching yesterday’s prime customers transform into tomorrow’s distressed credits. This article addresses some of the key considerations for lessors in formulating a plan to deal with distressed or likely-to-be-distressed lessees, both prior to and during a potential bankruptcy proceeding.
- Client AlertAugust 17, 2017
Compliance with the Telephone Consumer Protection Act has never been simple, and a number of conflicting and confusing rulings over the last several years have made it that much more difficult. The TCPA contains a confusing array of regulations depending on what kind of phone is being called, who is calling and what purpose the call serves, and whether the person being called has given permission.
- Client AlertDelaware Court of Chancery Ruling Underscores the Importance of Noting Transfer Restrictions on Stock CertificatesAugust 11, 2017
The Delaware Court of Chancery recently found that restrictions on the transfer of stock that were not noted on the certificates representing such stock were unenforceable against a stockholder that did not have knowledge of the restrictions at the time the stock was issued.
- Client AlertAugust 10, 2017
The Department of Labor recently issued another set of FAQs, focusing on advisors to 401(k) plans. The FAQs generally address two issues.
- Client AlertAugust 9, 2017
In a court filing on August 9, the Department of Labor notified the court that it recently submitted proposed amendments to the three exemptions to its fiduciary rule to the Office of Management and Budget.
- Client AlertBasel Committee Proposes Simple, Transparent and Comparable Securitisation Framework for Short-Term SecuritisationsJuly 27, 2017
On July 6, the Basel Committee on Banking Supervision issued two consultative documents entitled “Criteria for Identifying Simple, Transparent and Comparable Short-Term Securitisations” and “Capital Treatment for Simple, Transparent and Comparable Short-Term Securitisations.”
- White PaperJuly 2017
This paper, published by the National Association of Bond Lawyers, identifies various issues that arise in connection with the structuring and negotiation of direct purchase transactions, and explores some of the more commonly encountered provisions present in direct purchase documents.
- Client AlertJuly 25, 2017
While many of lender's rights are self-explanatory, a question has arisen as to what it means to amend “pro rata” sharing requirements. Recently, an amendment to NYDJ Apparel, LLC’s credit agreement highlighted what a loan investor needs to look out for when reviewing protections related to pro rata sharing.
- ArticleQ2 2017 (Originally Published February 24, 2017)
In February 2017, the staff of the Securities and Exchange Commission’s Division of Investment Management issued guidance providing additional clarity on Rule 206(4)-2 under the Investment Advisers Act of 1940.
- Client AlertJuly 14, 2017
The former Director of Finance for Ramapo, New York, was found guilty by a federal jury of 20 counts of conspiracy, securities fraud and wire fraud in connection with municipal bonds issued by the Town and by the Ramapo Local Development Corporation, a local not-for-profit corporation to further economic development in the Town.
- Client AlertMSRB and FINRA Provide Guidance on New Rules Requiring Bond Mark-ups/Mark-downs on Trade ConfirmationsJuly 14, 2017
Effective May 14, 2018, amendments to Municipal Securities Rulemaking Board Rule G-15 and Financial Industry Regulatory Authority Rule 2232 will subject firms to new transaction-related disclosure requirements to retail investors for certain fixed income securities.
- Client AlertJuly 12, 2017
More than a year after the Consumer Finance Protection Bureau submitted a proposed rule to limit consumer financial services contract arbitration clauses, the CFPB sounded the death knell on July 10, 2017, when it released its long-awaited final rule.
- White PaperJune 2017
This white paper is intended to provide an in-depth analysis of the numerous issues affecting an equipment lessor when dealing with a lessee after it has filed for bankruptcy protection, as well as certain problems that can be avoided when initially drafting and entering into a lease agreement.
- Client AlertJune 19, 2017
On June 12, the Department of Treasury issued the first report in a series regarding regulation of the financial system. The report recommends that high-grade municipal bonds be categorized as Level 2B liquid assets instead of generally being excluded as HQLA currently.
- Client AlertJune 14, 2017
On June 12, the Department of Treasury issued the first report in a series regarding regulation of the financial system in a manner consistent with Core Principles set forth in Executive Order 13772 signed by President Trump on February 3, 2017.
- Client AlertSupreme Court Unanimously Holds That Debt Purchasers Are Not Debt Collectors in Justice Gorsuch’s Landmark First OpinionJune 13, 2017
In a unanimous decision on June 12, the United States Supreme Court held that a purchaser of defaulted debt who pursues repayment is not a “debt collector” under the Fair Debt Collection Practices Act.
- Chapman InsightsJune 7, 2017
This update includes:
- Congress Returns from Recess to Tackle Health Care Reform; Obamacare Marketplace Insurer Participation Deadline Looms
- Hospitalist Group Pays $4.2 Million to Settle Upcoding Allegations
- $155 Million Settlement Demonstrates That Failure to Comply with Meaningful Use Certification Requirements May Expose IT Vendors to FCA “False Certification” Liability
- Client AlertJune 2, 2017
The Securities and Exchange Commission announced that it is requesting comments from retail investors and other interested parties on the standards of conduct applicable for broker-dealers and investment advisers.
- Chapman InsightsMay 25, 2017
This update includes:
- CBO Releases Score of House’s American Health Care Act
- United States Files Second False Claims Act Complaint against UnitedHealth This Month
- Missouri Hospital and Clinic to Pay $34 Million to Settle Allegations That Compensation Paid to Oncologists Violated the Stark Law
- Client AlertDOL Confirms the Fiduciary Rule’s June 9 Applicability Date—What to Expect from the Transition PeriodMay 24, 2017
Labor Secretary Alexander Acosta confirmed in an Op-Ed in the Wall Street Journal that the Department of Labor fiduciary rule will become applicable on June 9. Along with the Op-Ed, the DOL issued new Conflict of Interest FAQs related to the June 9, 2017 to January 1, 2018 transition period and Field Assistance Bulletin No. 2017-2.
- Client AlertSixth Circuit Holds That a Perfected Assignment of Rents Precludes a Debtor’s Use of Rents as Cash CollateralMay 23, 2017
In a recent case, the Sixth Circuit held that under Michigan law a properly perfected assignment of rents bars a debtor from using the rents to fund its operations in a Chapter 11 reorganization.