Precedent Watch

Credit Ratings: Hot Bond Markets, Amidst the Chill of Dodd-Frank

Fri, 30 Jul 2010 02:30:00 EDT

Corporate bond offerings are hot these days, despite Dodd-Frank’s confusing impact on bond activity. Issuers from Agilent to Target, lured by low long term rates, have recently...

Litigation Watch: NY's Disclosure Cop Throws the Book at Merrill...and Others?

Fri, 30 Jul 2010 02:30:00 EDT

Disclosure law has just found its new sheriff, and he's waving a big gun at Bank of America/Merrill, notably going it alone rather than being boxed into others' class actions…

M&A Terms: Reverse Takeovers Drive Forward

Fri, 30 Jul 2010 02:00:00 EDT

Reverse takeovers are on the uptick, as is the legal complexity that rides alongside them, sometimes stopping them in their tracks. Fueling this is an increase in UK cash shells, and both LSE and AIM companies benefit…

IPO Watch: Surf’s Up at Lisboa Leisure

Fri, 30 Jul 2010 02:00:00 EDT

In a too-good-not-to-be-true story, Lisboa Leisure, Inc. will conduct an initial public offering in hopes of realizing $32,000 in proceeds…

Executive Compensation Watch: Neiman Marcus’s Luxury Pay Packages

Fri, 30 Jul 2010 01:30:00 EDT

As luxury retail sputters, high end retailer Neiman Marcus seems to be attempting to inject new life into its existing employees by way of new compensation incentives…

Corporate Finance Watch: Compton Petroleum Nears the Medal Podium

Fri, 30 Jul 2010 00:15:00 EDT

For Calgary-based Compton Petroleum, the climb back to stability following the global economic crunch of the past few years has been...

Hot Topic: SEC Thaws Market Frozen by Dodd-Frank

Thu, 29 Jul 2010 03:00:00 EDT

The legal side effects of financial reform legislation are already creeping into the market. While many of the changes envisioned under Dodd-Frank will take place years into the future, one of its immediate effects is…

Food Price Speculators Feasting on Financial Innovation

Thu, 29 Jul 2010 02:00:00 EDT

The controversial practice of food price speculation is hotting up in the UK, undeterred by allegations of distorting markets and unscrupulous speculation. With a public campaign against Goldman Sachs for “gambling on hunger”…

Private Equity Watch: Turning Excess Gas Into Gold

Thu, 29 Jul 2010 02:00:00 EDT

Quicksilver Resources is attempting to turn its excess gas into gold. The Texas-based natural gas and oil exploration and production company recently entered into a...

Regulatory Watch: New Reporting Rules for Mineral Sector

Thu, 29 Jul 2010 01:00:00 EDT

Mining, petroleum and mineral companies looking to list on the Hong Kong Stock Exchange now must comply with additional reporting standards…

Restructuring Watch: Wabtec Climbs Aboard the G&B Train

Thu, 29 Jul 2010 00:15:00 EDT

Buying assets from a business in financial distress may require special protections and provisions, as illustrated by...

Ghosts of CDOs Past: Subprime Litigation Spooking Hedge Funds

Wed, 28 Jul 2010 03:00:00 EDT

Subprime chickens are still coming home to roost for hedge funds like Highland Capital Management and one-time fund operator Carlyle Group, which have been the targets of recent lawsuits…

Regulatory Watch: EU’s No Sweat Stress Tests

Wed, 28 Jul 2010 02:45:00 EDT

Not only are EU regulators crowing about their recently-concluded tests, but so too are those who have suffered through the stress. From ING to Barclays, European banks are disclosing that…

Disclosure Watch: Baidu’s Q2 Glee

Wed, 28 Jul 2010 02:30:00 EDT

Google may be turning green with envy over Baidu’s recently released unaudited financial results for its fiscal second quarter. The Chinese language search provider inherited a…

M&A Watch: GM Locks Up AmeriCredit Merger

Wed, 28 Jul 2010 02:00:00 EDT

General Motors does not want to leave things to chance when it comes to its announced $3.5 billion merger with AmeriCredit. The auto giant has locked up...

Global Agribusiness: Profit Takeaway Lost in Delivery

Wed, 28 Jul 2010 01:00:00 EDT

Somehow, the philosophy of ‘everyone’s gotta eat’ has not been translating into gushing profits for the world’s agribusiness conglomerates. Cutthroat competitors Archer Daniels Midland, Cargill and Bunge, among others, are reporting something in common to shareholders…

Offering Watch: For Israel’s Radvision, Cash is King

Wed, 28 Jul 2010 01:00:00 EDT

Contrary to other industries’ credit woes, Israel’s cash-laden Radvision has announced an offer to repurchase nearly a million of its shares representing 5% of the company’s voting power…

Substantial Issuer Bids: The Boom in Canadian Buybacks

Wed, 28 Jul 2010 00:15:00 EDT

Canadian issuers, including MDS, Genworth MI and ACE Canadian Holdings, are together spending billions buying back their own shares, a sign some view as evidence that…

Guest Analysis: A Brief Examination of AAOIFI’s New Standards

Tue, 27 Jul 2010 18:00:00 EDT

In an effort to continue to guide the nascent Islamic Finance industry, the Accounting and Auditing Organization for Islamic Financial Institutions recently promulgated 11 new standards…

Disclosure Statements: 'Plain English' Versus the Corporations Act

Tue, 27 Jul 2010 18:00:00 EDT

The Australian corporate regulator's latest foray into the area of disclosure has highlighted a growing tension within the financial services sector between the Corporations Act and the push for shorter...

Enforcement Watch: Sunrise Senior Living Agrees to SEC Settlement

Tue, 27 Jul 2010 15:00:00 EDT

The SEC announced that it has reached a settlement agreement with Sunrise Senior Living and two former officers over charges of financial reporting fraud...

PRC Regulatory Watch: Spills in the East Draw Scrutiny

Tue, 27 Jul 2010 02:00:00 EDT

In a strange wave of oil and smoke déjà vu to the Gulf of Mexico, China grapples with two man-made environmental disasters in less than two weeks: an oil spill in Dalian and a chemical leak near Zijinshan…

After the Canadian IPO: Share Sale Restrictions

Tue, 27 Jul 2010 00:30:00 EDT

After a sluggish 2009, the forecast for Canadian IPOs was supposed to have improved. Indeed, 2010 started out well. But when…

M&A Terms: Two-Stepping From the Top Up

Mon, 26 Jul 2010 02:30:00 EDT

Dancing the M&A two-step is all the rage these days. And acquirers have a way of ensuring that they come out on top – via “top-up” options…

Financing Watch: Chemical Maker Whips Up a Batch of Credit

Mon, 26 Jul 2010 02:30:00 EDT

In the latest bit of alchemy furthering the financial health of chemical makers, specialty chemical company Lubrizol Corporation recently whipped up a $500 million batch of credit with the help of…

IPO Watch: Ocado's Frustrated Flotation

Mon, 26 Jul 2010 02:00:00 EDT

In one of the most controversial UK IPOs this year, Ocado has plowed ahead with its initial public offering, despite criticism over its market valuation and its last minute revisions to…

PRC Outbound Investment Tide in Tough Regulatory Seas

Mon, 26 Jul 2010 01:30:00 EDT

Much of the US$55 billion in outbound investment, invested in the first half of 2010 by Chinese entities, can be credited to agile corporate counsel. Navigating through the maze of China’s outbound investment laws, these lawyers…

M&A Watch: Thompson Looks to Enter New Terrane

Mon, 26 Jul 2010 01:30:00 EDT

A recently announced $650 million acquisition of a TSX Venture-listed company serves as a good reminder that early stage or emerging companies are not necessarily small potatoes...

The Crucible of Islamic Finance: Dissolving IIG’s $200 Million Sukuk

Sun, 25 Jul 2010 18:00:00 EDT

The maturity of the Islamic finance industry will soon face another critical test, as defaults on $200 million sukuk don’t escape the notice of financial markets…

Financial Reform: Let the Regulators' Race Begin!

Fri, 23 Jul 2010 03:30:00 EDT

President Obama's sprint to sign the financial reform bill may be over, but the massive regulator marathon has only just begun. From the CFTC to the FSOC…

Regulatory Watch: The Incredible Shrinking TALF

Fri, 23 Jul 2010 03:30:00 EDT

The Term Asset-Backed Securities Loan Facility (TALF) never approached the lofty $200 million in loans that the Federal Reserve envisioned and now it’s getting even smaller…

Corporate Finance Watch: BP Sells Global Assets to Apache in $7 Billion Deal

Fri, 23 Jul 2010 03:00:00 EDT

BP is building up its war chest to confront the massive cash outlays it faces through a blockbuster deal to sell oil & gas properties in Egypt, Canada and the Permian Basin of Texas, to Apache Corp. for $ 7 billion...

UK Pensions: Drowning Sorrows in Whiskey and More

Fri, 23 Jul 2010 01:00:00 EDT

Diageo is turning to whiskey to drown its pension woes as it becomes the latest UK company to use asset-backed schemes to fund its pension deficit…

Restructuring: Get Out of Chapter 11 Free Card

Fri, 23 Jul 2010 00:30:00 EDT

Over-leverage in LBOs is proving to be a real sticking point yet again, this time amidst exits from Chapter 11. As the three-way dance between Extended Stay, the U.S. trustee and creditors have found...

M&A Watch: When Competition Comes Calling, Israel Techs Get Merging

Fri, 23 Jul 2010 00:15:00 EDT

Faced with overwhelming telecom competition, M&A provides a welcome respite. In their corner of VOIP, YMax Corp. and Israel’s VocalTec Communications Ltd. are...

Acquisition Watch: Israel’s Comverse is Selling, Soros is Buying

Thu, 22 Jul 2010 16:00:00 EDT

Fresh on the heels of its recent $225 million backdating settlement, Israel’s Comverse Technologies continues to pique the interest of global investors…

BP Sets New Standards: State of Play, From Litigation to Legislation

Thu, 22 Jul 2010 03:00:00 EDT

The oil and gas exploration and drilling industry faces a legal landscape being rapidly transformed by a yet-to-be determined number of lawsuits and several legislative proposals on the congressional fast track…

Corporate Finance Watch: Toxic Liability Sale

Thu, 22 Jul 2010 02:00:00 EDT

After hearing about toxic assets on bank balance sheets for years, it is strangely refreshing to hear about insurance companies reshuffling their toxic liabilities…

Minority Report: Buying Shares to Build Business

Thu, 22 Jul 2010 01:30:00 EDT

Global companies, take note of the Agricultural Bank of China’s neat ruse to improve the prospects of its recent Hong Kong IPO…

Restructuring Watch: Nortel Dives While Genband Thrives

Thu, 22 Jul 2010 01:30:00 EDT

Nortel and Genband, two companies headed in different directions, briefly crossed paths at a recent bankruptcy auction. Texas-based Genband has acquired Nortel’s carrier VOIP business – a big step en route to a rumoured 2011 IPO...

Piracy and Disclosures: The Dangers and Costs of Globalization

Thu, 22 Jul 2010 00:30:00 EDT

For all the drama of high seas brigandage, many of the risks and costs go unpublicized. Wherever there’s insurance, litigation follows…

Litigation Watch: Goldman’s Settlement, Unsettling Wall Street?

Wed, 21 Jul 2010 03:00:00 EDT

Goldman might have settled with the SEC, but disclosure norms for synthetic CDOs are far from settled. The SEC’s $550 million settlement and consent with Goldman Sachs is trailblazing in more ways than one…

Restructuring Watch: Bank of Ireland Counts Cost of EU Aid Rules

Wed, 21 Jul 2010 01:45:00 EDT

The European Commission has approved a sweeping restructuring of Bank of Ireland, which will see the beleaguered bank dispose of a number of key assets in order to comply with EU rules on state aid…

PRC Hot Topic: Businesses Lament Early Real Estate Winter

Wed, 21 Jul 2010 01:30:00 EDT

In the PRC’s highly regulated economy, listed companies and business not directly in the real estate sector can be intimately affected by regulatory changes such as those pertaining to zoning and land-use…

Canadian Board Representation: Double-Edged Sword or Sturdy Shield?

Wed, 21 Jul 2010 00:30:00 EDT

Directors of public issuers are on the firing line. Investors and regulators are looking carefully into how directors are elected and whose interests they represent…

China Watch: Xinhua Refinances for Hollywood Action

Wed, 21 Jul 2010 00:30:00 EDT

U.S. and Chinese media companies have at least thing in common – no it’s not their love of kung fu movies. Companies on both sides of the Pacific are restructuring…

Hong Kong to Follow International Trend on Regulation of Credit Rating Agencies

Wed, 21 Jul 2010 00:05:00 EDT

Hong Kong's Securities and Futures Commission has announced plans to regulate credit rating agencies based in the city, in an effort to keep up with...

Guest Analysis: Negotiating Over-the-Counter Derivative Contracts

Tue, 20 Jul 2010 18:00:00 EDT

Over-the-counter derivatives contracts are much in the news because of the new financial reform act, which will change who regulates derivative contracts, where these contracts can be...

Disclosure Watch: PRC Education Takes Flight

Tue, 20 Jul 2010 01:00:00 EDT

The initial public offering of China-based Ambow Education Holdings spotlights a notable sector blooming in the PRC: the increasingly lucrative industry of privatized education…

M&A Watch: Cott Hopes Cliffstar Deal Will Bear Fruit

Tue, 20 Jul 2010 00:30:00 EDT

Looking to juice itself through an unusual deal, Cott, Canada's national drinks-maker just acquired Cliffstar Corporation of New York for $500 million...

Restructuring: From the Poorhouse to the Penthouse

Mon, 19 Jul 2010 03:00:00 EDT

Companies once crying poverty and filing for bankruptcy are quickly turning around and giving their stakeholders a payday, moving out of the poorhouse into the penthouse…

Regulatory Watch: Is the U.S. Proxy System Due for A Makeover?

Mon, 19 Jul 2010 03:00:00 EDT

Emboldened by Dodd-Frank and its enhanced authority, the SEC is now considering tackling the proxy system. In its just announced concept release, the...

M&A Watch: Deepwater Drilling Buoyant in Land of Rising Sun

Mon, 19 Jul 2010 02:30:00 EDT

Perhaps surprisingly, even in this wizened post-BP age, ultra deepwater drilling is going on unabated, leveraging some of the same structures as BP/Transocean…

India: Western Capital Meets Eastern Promise

Mon, 19 Jul 2010 02:00:00 EDT

India is gaining new corporate renown as, via acquisitions and exchanges, its companies migrate worldwide…

CSA Disclosure Report Card: Issuers Receive Below Average Grades

Mon, 19 Jul 2010 01:00:00 EDT

The 2010 report card for Canadian public issuers is in, and while some have shown improvement, the class average is still pretty low...

Banking Watch: Wilbur Ross Buys a Bank, Part Deux

Mon, 19 Jul 2010 00:30:00 EDT

Distressed investor Wilbur Ross continues to build up his banking assets, while keeping Bank Holding Company Act (BHCA) restrictions in mind, to boot…

Dubai’s Regulatory Reform: DIFC Rules Embrace Flexibility

Sun, 18 Jul 2010 00:30:00 EDT

In a move which signals Dubai’s recognition of fund management as a core business, the emirate has amended its regulatory regime to ease burdens on…

M&A Terms: Breakup Fees, as Deals Pickup

Fri, 16 Jul 2010 03:00:00 EDT

M&A is back in the spotlight after a lackluster 2008 and early 2009. This year, deals such as Aon's $4.9 billion merger with Hewitt Associates and...

Deal Watch: Madison Square Garden Scores With Turner Construction

Fri, 16 Jul 2010 03:00:00 EDT

Turner Construction Company has scored a deal with Madison Square Garden, LP to manage the transformation of the Madison Square Garden Arena and the...

Lawyers Bamboozled as PRC Tax Bureau Takes Aim Offshore

Fri, 16 Jul 2010 02:30:00 EDT

A recently enacted tax disclosure law from China is threatening to take the world by storm, even shaking public markets in the U.S., Hong Kong, Canada and Bermuda…

Offering Watch: Defining “Public” in Malaysian IPOs

Fri, 16 Jul 2010 02:15:00 EDT

A newly hatched Malaysian IPO demonstrates the lure of iconic American brands, yet in a decidedly un-American style offering...

M&A Watch: Avon’s New Bling

Fri, 16 Jul 2010 02:00:00 EDT

The Avon lady just picked out some new bling to add to her empire, which may be coming soon to a home near you...

Regulatory Watch: SEC Grants FDIC Exemption for Mortgage Trust

Fri, 16 Jul 2010 01:00:00 EDT

In a recent no action request, the SEC confirmed the registration exempt status of senior certificates issued by a mortgage trust established by the FDIC…

Emerging Markets: The British are Coming

Fri, 16 Jul 2010 00:15:00 EDT

Buy shares in a leading British company and you might be buying more than you bargained for, as emerging market deals come into play…

Enforcement Watch: SEC, Goldman Agree to Record CDO Settlement

Thu, 15 Jul 2010 18:00:00 EDT

The SEC and Goldman Sachs have reached a record $500 million settlement of charges related to insufficient and misleading disclosure. In the case of SEC v. Goldman Sachs and Fabrice Tourre, the Commission charged Goldman with...

Disclosure Controls: Sunlight as Disinfectant

Thu, 15 Jul 2010 02:00:00 EDT

Though investors and regulators may be calling for greater sunlight in order to “disinfect” potential trouble-spots, some public issuers remain leery that too much exposure will result in a sunburn...

Governance Watch: Boardroom Dogfight at Israel’s Magal

Thu, 15 Jul 2010 02:00:00 EDT

A group of former Israeli Air Force fighter pilots has taken a dogfight to the boardroom as Israel’s Magal Security Systems braces for a potentially bruising proxy battle…

“Accredited Investor” Reform: Wet Blanket on REIT Fund-Raising?

Thu, 15 Jul 2010 01:30:00 EDT

REITs may reel from re-regulation of financial services, even while reform rings out across the land. Not all REITs are affected equally, however, exposing players like...

Disclosure Watch: China Sunergy Price Haggles its PRC Purchases

Thu, 15 Jul 2010 01:00:00 EDT

While some China-based solar companies are infused with enthusiasm towards the PRC green sector, one company is treading carefully. NASDAQ-listed China Sunergy recently…

M&A Watch: Travis Perkins Breaks Ground on Builder Growth

Thu, 15 Jul 2010 00:30:00 EDT

In a deal which promises to turn the tap on UK building sector consolidation through M&A, Travis Perkins, one of the UK’s largest builders’ merchants…

Piracy Attacks fall by a Fifth in First Half of 2010

Thu, 15 Jul 2010 00:00:00 EDT

Pirate attacks globally declined by nearly a fifth in the first half of 2010 from the same period last year due to a strong naval presence in the Gulf of Aden…