LATEST ANALYSIS
April 2010
30 Apr 2010
With Google gone, Baidu is not the only PRC company stepping up its game. China’s biggest e-commerce company, the Alibaba Group, is raising capital to support regional and global expansion…
30 Apr 2010
Maybe the poor guy from La Mancha was really on to something when he began charging windmills. People have relied on wind power for centuries, yet several factors – among them new laws and regulations – are driving tremendous growth in wind power as of late…
30 Apr 2010
As a newly independent company, AOL has been busy refreshing its agreements with former stakeholders like Time Warner, CNN Interactive, and Google…
30 Apr 2010
The bell may have tolled for final salary schemes in the UK, as Aviva, the world’s fifth-largest insurance group, announces that it is to close its final salary pension…
30 Apr 2010
As the cross-border telecom competition around the world continues to roil, Indonesia’s PT Indosat Tbk recently announced an increase of nearly 6 million new subscribers in 1Q 2010…
30 Apr 2010
The M&A market is recovering, but even where proposed deals receive a federal seal of approval, state laws can complicate acquisitions and ruffle activist investors’ feathers. Ohio, for example, is home to a…
29 Apr 2010
Everyone from Paulson to TD Bank is getting into the bank acquisition business. Private equity groups, larger banks, and real estate players are gobbling up bank assets…
29 Apr 2010
Where the SEC goes, plaintiffs' lawyers are sure to follow. But in the case of Goldman Sachs, they’ve charged ahead straight into the C-suite, alleging far broader levels of misdeed…
29 Apr 2010
Leveraged buyouts are back en vogue and private equity firms are already wheeling-and-dealing among themselves. The Hillman Companies, a provider of hardware-related products, is an LBO target – again…
29 Apr 2010
The Paris Court of Appeal has passed judgment on the sinking of the Erika, a Maltese registered tanker that broke in two, 70 kilometres from the cost of Brittany during December 1999…
29 Apr 2010
Canadian deal activity is up substantially in 2010, with mid-market targets and strategic bidders continuing to be the main players. Buyers ranging from Canaccord to Stella Jones to Yellow Pages have been able to...
29 Apr 2010
Rising antitrust wariness globally threatens to slow even the most cash-hungry of firesales, like those of AIG-affiliate AIA. Despite approval for a Hong Kong listing, master plans for Prudential PLC’s takeover of AIA may not roll along smoothly…
28 Apr 2010
Divestitures may never be the same, as a leading tool, the reverse morris trust, looks like it may be reversed out under a cloud of litigation and re-regulation. Used in deals by Kraft, Weyerhaeuser, and Procter & Gamble, it may become a…
28 Apr 2010
Flower retailer 1800 Flowers Com is perhaps becoming a poster child for improved corporate finance, as it recently announced it has entered into an amended and restated credit agreement with a syndicate of banks led by…
28 Apr 2010
If the telecom industry in the Middle East and North Africa is hot, the competition is positively sizzling. Players are turning over every rock to find a new patch of sand unserved or underserved by existing infrastructure…
28 Apr 2010
Hot on the heels of China Lodging’s New York IPO last month comes an offering by Home Inns and Hotel Management Limited…
28 Apr 2010
Recent fluctuations in the price of copper are testing the metal of many UK companies. Taking a shine to rising prices are mining companies and price speculators, while building and electronics companies are suffering as the price of copper spirals…
27 Apr 2010
China’s new regulations on foreign investment reaffirm openness to overseas companies amidst an atmosphere of bribery scandals, internet company exodus and accounts of hostility towards foreign companies…
27 Apr 2010
Ladbrokes, the online betting and gambling company, has become one of the latest companies to propose a tough new executive compensation scheme to align director remuneration with shareholder value…
27 Apr 2010
Commercial real estate faces many unknowns in 2010, not the least of which is changing tax rates. Lawmakers’ agendas include reexamining estate tax rates and capital gains treatment. There is even a rumor that…
26 Apr 2010
The ship may have sailed for internet piracy in the UK, but internet pirates are not the only ones who feel that the new Digital Economy Act is a rum deal. Internet service providers (ISPs) have been quietly grumbling about their new role…
26 Apr 2010
Bailouts continue to dominate disclosures by non-U.S. companies, in ways both direct and less so. From the start, TARP and other U.S. government bailouts looked a lot different from the other side of the “pond” (or border)…
26 Apr 2010
Following the “grass is always greener in listings” mantra, a Cayman Islands registered Chinese oil company, Beijing-based MIE Holdings Corporation, filed its prospectus with the SEC to sell American Depository Shares at…
26 Apr 2010
At long last, there may be signs that the real estate market is improving. After a year of bankruptcies at home builders such as California Coastal Communities and WCI Communities, NVR’s…
26 Apr 2010
Purchasing goods, paying bills… more and more, Canadians are interacting electronically. Now, proposed amendments to several national instruments by the Canadian Securities Administrators are expected to allow for...
26 Apr 2010
As the UK introduces a higher rate of tax of 50% on all income over £150,000, Huntsworth has announced a script dividend scheme whereby a shareholder may opt to receive…
23 Apr 2010
As the financial shockwaves from the eruption of Icelandic Volcano Eyjafjallajokull start to spread through the global economy, companies are beginning to report their hardships…
23 Apr 2010
Healthcare reform may be controversial in some corners, but healthcare technology companies are positively glowing with praise for reform and the opportunities it creates. Google, IBM, and Oracle have all been...
23 Apr 2010
In another sign of possible ripples caused by the SEC’s lawsuit against Goldman Sachs, a Paulson-connected IPO was withdrawn this week. Propel Capital announced earlier this week that it was...
23 Apr 2010
The kaleidoscope of Islamic finance gives every viewer a different picture. Four major schools of thought, set against two frequently diverse platforms of Far East and Middle East, vantage points of Muslims and non-Muslims—all combine to keep many of the industry’s questions unsettled...
23 Apr 2010
Terra Industries is one step closer to being acquired by CF Industries, as CF has successfully secured the necessary funding to complete the acquisition. Morgan Stanley Senior Funding, Inc granted a $1.75 million senior bridge facility to…
23 Apr 2010
A long line of e-retailers is forming, comprised of companies which are taking advantage of a neat little tax dodge that allows them to offer products over the internet at tax free prices to UK customers. Online grocer Tesco is just the latest…
22 Apr 2010
Goldman is not alone as it confronts the SEC, amidst the wavering sparkle of its Midas touch. Merrill Lynch and UBS are also pursued, among others by Pursuit Partners…
22 Apr 2010
Though poison pills are at a 20 year low, a number of high profile companies such as bookseller Barnes & Noble and amusement parks operator Cedar Fair have recently adopted them. Joining this group is Casey’s General Stores…
22 Apr 2010
In Lehman Brothers’ most recent step along its road to recovery, the financial services firm has submitted its plan of reorganization to the U.S. Bankruptcy Court...
22 Apr 2010
The UK has seemingly reached a new economic recovery milestone – its first listed commodity derivatives fund is set for a tender offer. Cenkos Securities has announced a…
22 Apr 2010
April is just not Goldman’s month. Aside from SEC fraud charges, the investment bank’s agenda includes a possible trip to China’s bankruptcy courts to recover the US$78 million it invested with Morgan Stanley…
21 Apr 2010
When ISE Limited of San Diego successfully completed its $20 million IPO on the Toronto Stock Exchange last month, it became the 150th U.S.-based company to be listed on the exchange. With a similar number of...
21 Apr 2010
Disclosure issues dog Goldman Sachs in more ways than one, as its “Wells Notice” disclosure strategy is also cause for question. On September 10, 2009 Goldman received a “Wells Notice” styled In the Matter of ABACUS CDO from the SEC…
21 Apr 2010
In a bullish bet on Chinese property markets, SPAC real estate conglomerate Dragon Acquisitions Corporation just launched an offering on the U.S. market.…
21 Apr 2010
The brave new world in which the scorching desert sun powers our air conditioning may finally be at hand. Green technology — solar, wind, carbon capture and others — may pour hundreds of billions of dollars into MENA in the coming decades…
21 Apr 2010
The SEC recently announced a proposal for rules related to asset-backed securities. In a 5-0 vote, the Commission…
20 Apr 2010
Recent monetary tightening policies in the PRC have prompted companies to look within for sources of quick credit. Cost effective financing options such as commercial paper and other promissory notes are…
20 Apr 2010
In an era where everyone else’s perks are being cut, once trendsetter Abercrombie is going against the trend. Under the terms of a recently amended employment agreement….
20 Apr 2010
As part of a wave of international companies refinancing themselves on better terms in the aftermath of the credit crisis, Diageo, the global drinks company, has…
20 Apr 2010
Banker compensation is not the only troubling bank fee in the spotlight – so are sky-high investment banking fees, newly the subject of extensive disclosure… and litigation. The mergers of Exxon/XTO, Sun/Oracle and ABInbev, among others, all showcase...
20 Apr 2010
“Keeping the trains running” in China has taken on a new, and hyper-speed, meaning, as unprecedented levels of infrastructure development are underway. Rail companies from the western world have been rolling into China, eager to invest, form joint ventures or…
19 Apr 2010
The SEC recently announced it is proposing new rules for asset-backed securities. In a 5-0 vote, the Commission proposed that firms trading in asset-backed securities be required to…
19 Apr 2010
The shimmering image among the dunes—the old ways of Saudi investing—upon closer approach may dissolve into a mirage. In the world’s arid credit landscape, even the wealthiest investors must…
19 Apr 2010
The returns of say on pay votes for the remaining big Canadian banks are in, and have continued to be overwhelmingly positive…
19 Apr 2010
Typically used to prevent major shareholders from devaluing a company’s shares during its initial trading period, the IPO lock-up is tying one family down to its business interests. Earlier this month, NASDAQ-listed TTM Technologies Incorporated…
16 Apr 2010
“Obama-care” has put some healthy energy into a patient left for sick not that long ago – private equity. Recent transactions involving Cerberus, Blackstone, and others reflect PE’s heightened appetite for health deals…
16 Apr 2010
Lawyers, used ("preowned") car salesmen and fund managers may share the title of "most despised" professions. Yet managing other people’s money is not at all simple, and neither are the agreements which govern Canadian managers...
16 Apr 2010
The UK is facing a peril that is threatening to destabilise the British economy. Ahead of the May 6 general election, the prospect of a hung parliament is looming large over Britain and is …
16 Apr 2010
Offshore companies may enjoy substantial tax benefits, but must contend with a number of access issues when trying to break into the PRC market. Consider the advertising industry, which is fast becoming the apple of many foreign investors’ eye…
16 Apr 2010
Even the consultants need consulting, from the SEC no less, as to their disclosures. The Commission shone its bright light on Accenture, and in the process illuminated its own, broader concerns…
16 Apr 2010
The clearing up in the aftermath of the credit crisis is the opening of a Pandora's box of legal issues which have not been tackled at all or, seemingly solved, have not been tested in respect of certain constellations…
15 Apr 2010
Vion Pharmaceuticals, one of the many biotech companies that slid into Chapter 11 in the wake of the credit crisis, recently filed its Second Amended Chapter 11 Plan of Liquidation. The agreement involves...
15 Apr 2010
Poison pills may be at new lows, but their litigation is on the upswing. For frustrated acquirers like Astellas (by OSI) and Versata (by Selectica), they remain hard pills to swallow…
15 Apr 2010
Video rental chain Blockbuster is in dire straits, having disclosed in recent SEC filings that it faces bankruptcy. Even Carl Icahn is unloading his stock…
15 Apr 2010
Reining in loose loan grants is fast becoming the China Banking Regulatory Commission’s biggest headache. Regulatory measures to tighten credit have been accompanied by…
15 Apr 2010
Alternative energy consolidation is up globally, evidenced most recently by U.S.-based Prime Sun Power Inc, the alternative energy company, which has agreed to buy two photovoltaic energy production plants from…
14 Apr 2010
Private equity diligence and deal-making have both taken on new flavors during this season of recovery. Recovering from the hangover of boom-year binges, major private equity firms are turning to fast food, pizza in particular, as their remedy of choice…
14 Apr 2010
Credit markets might be recovering, but they aren’t in full bloom yet. Weight Watchers International, Inc recently entered into an “amend and extend” loan modification agreement to its…
14 Apr 2010
Piracy, guerillas, and terrorism may seem like a foreign concept (no pun intended) to U.S. companies, but globalization is ushering these risks onto many firms’ 10-Ks. These groups typically operate outside the scope of government sanctioned activity, yet…
14 Apr 2010
Retail-focused REITs are one of the bright spots in commercial real estate these days. To wit, Phillips Edison ARC Shopping Centers REIT filed for a “best efforts” initial public offering of up to $1.8 billion...
14 Apr 2010
Once acutely secretive guardians of national treasure, sovereign wealth funds (SWFs) may be creeping out of the shadows with conspicuous efforts to achieve transparency…
13 Apr 2010
Chemical companies, with the bankruptcies of LyondellBasell and Tronox, scuttled deals for Huntsman, and a Dow Chemical joint venture, had a tough trek through the financial crisis. Things are, however, starting to turn around for the industry...
13 Apr 2010
The UK government has proposed to liberalise the tax treatment of controlled foreign companies in an attempt to stem the flow of companies moving offshore for tax purposes. This comes in reaction to a burst in recent years of…
12 Apr 2010
Energy markets of rebounding and developing countries, including BRIC (Brazil, Russia, India and China) countries, continue growing at monumental rates. As such, Brazilian biofuels appear to be rather attractive investments…
12 Apr 2010
Following the Securities and Exchange Commission’s 2007 adoption of the mandatory notice-and-access model of proxy distribution, known as e-proxy, states are adjusting their corporate codes to accommodate increased e-proxy demands…
12 Apr 2010
Two heads are better than one, or so the cliché goes. Yet, with its recent decisions to close New United Motor Manufacturing Inc (NUMMI) and buy out its partner in sub-compact and sport utility…
12 Apr 2010
A recent filing by a Turkish telecom company suggests that either the world credit crisis may be fading, or one just needs to know where to look. Earlier this month, Turkcell Iletisim Hismetleri A.S. announced…
12 Apr 2010
Kuwait's International Investment Group (IIG) said it was unable to pay the coupon of a $200 million sukuk, in at least the third regional default of an Islamic bond since the financial crisis began…
9 Apr 2010
Some banks, especially regional banks far from Wall Street, just can’t seem to catch a break. Nebraska’s TierOne Corporation, the holding company for...
9 Apr 2010
Though U.S. businesses are going global to mine profits, globalization also brings with it a whole raft of risks. In an era in which risk disclosure has become an art form, it should come as no surprise to find 10-Ks discussing issues ranging from government censorship to deadly diseases....
9 Apr 2010
For all its colorful nomenclature and imaginative structures, a lack of transparency continues to stunt the development of Islamic finance. Investors want to know what they're buying; markets demand accuracy and consistency…
9 Apr 2010
China is one of the world’s largest auto markets, and everyone wants in. Along with a prolific number of European, Japanese and American auto makers fighting for a presence, PRC companies are…
9 Apr 2010
Though economic prospects are looking up for many companies, there are a few notable exceptions. Dyson Group, the high-performance ceramic materials company, has announced that it intends to cancel its listing on…
8 Apr 2010
The cherished duty of loyalty may be tying the hands of real estate directors by placing boards at odds with corporate stakeholders such as lenders and unsecured bondholders...
8 Apr 2010
Land ownership by foreign persons is tightly controlled by the government in China, provoking some companies to get creative. Consider the two step of Hambrecht Asia Acquisition, an offshore company that…
8 Apr 2010
The SEC, once inundated by requests from companies seeking to officially cease obligations under reporting requirements, has attempted through Staff Legal Bulletin No. 18 (SLB 18) to cut down on No Act requests...
7 Apr 2010
Tangled webs of related party transactions woven by family business in Hong Kong may soon face scrutiny from the Securities and Futures Commission. The SFC has been busy warning companies to prepare for more vigilant and stricter…
6 Apr 2010
Non-executive directors might have us believe that ‘much may be done in those little shreds and patches of time which every day produces, and which most men throw away’ but shareholders may beg to differ…
6 Apr 2010
Islamic finance vaulted still further into the 21st century with the March launch of Sharia-compliant derivatives standards. Promulgated by the IIFM and ISDA, the product of this collaboration should…
6 Apr 2010
Tesla Motors is getting some green by being green. The electric car manufacturer recently filed an agreement to sell Zero Emission Vehicle credits to an undisclosed buyer. The agreement provides for the sale…
6 Apr 2010
Hedge funds and private equity firms are always on the lookout for a good deal. Of late, they seem to have found one – by using creative means of obtaining a tax subsidy through the master limited partnership structure…
6 Apr 2010
If Microsemi Corporation is any indication, things may be looking up for the semiconductor industry, which like many industries was hard hit by the credit crisis…
5 Apr 2010
Standard Chartered is to become the first overseas company to list in India via Indian Depositary Receipts. Standard Chartered has filed a draft prospectus…
5 Apr 2010
Ampio Pharmaceuticals has reincorporated from Colorado to Delaware pursuant to a plan of conversion. The company also amended its articles of incorporation to change the…
5 Apr 2010
In an interesting spin on corporate restructuring, creditors are fed up with the sky-high debt levels, and they are trying to deleverage – retroactively. Creditors at the Tribune Co and LyondellBasell have sued…
5 Apr 2010
As the bright lights of Dubai World flicker, investors around the globe have had occasion to re-think not only their rights, but where to pursue potential remedies in the GCC. Courts, arbitration centers and special tribunals may…
5 Apr 2010
Debentures are up, and they are clearly a valuable fundraising vehicle for Canadian public issuers. With over 100 issues of publicly traded convertible debentures outstanding…
2 Apr 2010
While the corners of cyberspace reverberate from Google’s backdoor retreat out of China through Hong Kong, Google’s loyal PRC-based business partners stand dumfounded, asking ‘now what!?’…
2 Apr 2010
Activist shareholders are uniting on corporate political contributions—disclosure is a must. Investor proposals calling for disclosure of political and charitable donations are on the table at Goldman Sachs, Ford, and Boeing – just to name a few…
2 Apr 2010
Dulled to glowing embers in 2009, the Canadian IPO market seems to be on fire again. There has been a flurry of filings by prospective fundraisers on the IPO front, including successful closings by...
2 Apr 2010
Credit crunch no more -- Philip Morris International Inc, the international Marlboro Man, has landed a $2.5 billion senior unsecured revolving credit facility. The new facility will expire Sept. 30, 2013 and replaces…
1 Apr 2010
Earlier this year, Extended Stay seemed to have accepted a date to the reorganization dance with handsome pair, Centerbridge Partners and Paulson & Co. But now, the hotel chain’s board seems to hold the pedigreed track record of another well-groomed suitor in higher regard…
1 Apr 2010
The ethanol industry was virtually capsized during late 2008 and early 2009 by a perfect storm of high corn prices, low fuel demand, and the credit crisis, but a recent reorganization plan may be a sign that the biofuels industry is set for a turnaround…
1 Apr 2010
A series of high profile bribery cases has once again brought the shady dealings of corrupt business into the spotlight as the UK stands poised to introduce new laws to curb bribery by UK companies…