Lending to Series of LLCs: Navigating UCC and Bankruptcy Code Risks and Providing Closing Opinions
|
|
- Dale Curtis
- 6 years ago
- Views:
Transcription
1 Presenting a live 90-minute webinar with interactive Q&A Lending to Series of LLCs: Navigating UCC and Bankruptcy Code Risks and Providing Closing Opinions Identifying Potential Pitfalls for Lenders and Mitigating Risks in Finance Transactions WEDNESDAY, AUGUST 26, pm Eastern 12pm Central 11am Mountain 10am Pacific Today s faculty features: Norman M. Powell, Partner, Young Conaway Stargatt & Taylor, Wilmington, Del. Jonathan R.C. Arkins, Partner, Kaye Scholer, New York The audio portion of the conference may be accessed via the telephone or by using your computer's speakers. Please refer to the instructions ed to registrants for additional information. If you have any questions, please contact Customer Service at ext. 10.
2 Tips for Optimal Quality FOR LIVE EVENT ONLY Sound Quality If you are listening via your computer speakers, please note that the quality of your sound will vary depending on the speed and quality of your internet connection. If the sound quality is not satisfactory, you may listen via the phone: dial and enter your PIN when prompted. Otherwise, please send us a chat or sound@straffordpub.com immediately so we can address the problem. If you dialed in and have any difficulties during the call, press *0 for assistance. Viewing Quality To maximize your screen, press the F11 key on your keyboard. To exit full screen, press the F11 key again.
3 Continuing Education Credits FOR LIVE EVENT ONLY In order for us to process your continuing education credit, you must confirm your participation in this webinar by completing and submitting the Attendance Affirmation/Evaluation after the webinar. A link to the Attendance Affirmation/Evaluation will be in the thank you that you will receive immediately following the program. For additional information about CLE credit processing call us at ext. 35.
4 Lending to Series LLCs Jonathan Arkins Kaye Scholer LLP, New York Norman M. Powell Young Conaway Stargatt & Taylor, LLP, Wilmington
5 Overview Series LLC: an LLC with one or more series. A series is like, yet unlike, a subsidiary or, perhaps, a division. Most series have their own assets and liabilities associated with the series. Internal liability shields: series assets are available only to creditors of that series. Most series can act in their own names. 5
6 Overview Series might not be organizations, entities, or persons. Most statutes don t define series. They provide that an operating agreement may establish (or provide for the establishment of) one or more series of members, managers, assets, and economic rights. Many current statutes do not require any publicly available notice of series. 6
7 Establishing Internal Shields Where public notice and additional conditions are satisfied, the debts, obligations, and other liabilities of a series are enforceable only against the assets associated with that series. Internal shields are important to lenders. 7
8 Establishing Internal Shields Conditions include public notice. Some statutes require general notice filing with the Secretary of State. e.g., Delaware notice can indicate that the series LLC has or may in the future have one or more series. Some require specific notice filing with the Secretary of State. (e.g., Illinois - notice must be filed with respect to and specifically referencing each series by name). 8
9 Establishing Internal Shields Records for any series must account for the assets associated with such series separately from the other assets of the series LLC or its other series. The LLC agreement must adequately provide for all relevant series. Establishment of series is facilitated by the enabling statutes, but accomplished by or pursuant to the LLC agreement. 9
10 Establishing Internal Shields Internal shields requires satisfaction of both static and ongoing requirements. Static - e.g., the requisite filing and LLC agreement language. Ongoing - e.g., maintaining separate records. Failure to maintain separate records results in loss of internal shields. But the series continues to exist as a series despite the loss of internal shields. 10
11 Internal Shields in States Other Than Delaware Will internal shields be respected in states that don t offer shielded series? Some say yes - law of the formation state. Implicitly assumes shields are internal affairs. Others take a contrary view. Alphonse v. Arch Bay Holdings, L.L.C., 548 F. App x 979 (5th Cir. 2013) offers insights. 11
12 Internal Shields in States Other Than Delaware The Alphonse dispute arose in a residential foreclosure. Plaintiff was a series of a Delaware series LLC. The homeowner did not defend, but later brought an action against the series LLC alleging robo-signing and fraud. Trial court dismissed: the series and the series LLC were separate from each other. 12
13 Internal Shields in States Other Than Delaware On appeal, the court acknowledged the law of the state of formation normally determines issues relating to internal affairs. But different conflict-of-laws principles apply where the rights of third parties (i.e., strangers to the LLC agreement) are involved. Internal affairs does not apply to disputes that include people or entities that are not part of the LLC. How apply intra-series 13
14 Series Might Not Be Entities Most series have a great many entity characteristics. Series can sue. Series can contract. Series can hold property. But most series are denied certain entity characteristics cannot exist except during the life of the series LLC, cannot merge. Are series separate entities? Most statutes are silent (e.g., Delaware). 14
15 Series Might Not Be Entities Under some statutes, an LLC agreement may provide that series are to be treated as separate entities (e.g., District of Columbia). Thus, entity status can be a matter of contract. Other statutes also require internal shields for entity status (e.g., Illinois). Still others explicitly disclaim separate entity status (e.g., Texas). 15
16 Series Might Not Be Entities Complicating matters, a series may be an entity for some purposes, but not for others. Under the Treasury Department s proposed regulations, a series is treated as an entity formed under state law, regardless of whether the series is a juridical person for state law purposes. 16
17 Series Governance General default rule is governance by associated members in proportion to their interests. Most permit other governance as agreed. Thus, a series can have most any governance structure. Governance of a series can differ from that of the series LLC, and governance of one series can differ from that of another series. 17
18 Series Purpose Generally, series may have any lawful purpose. Some statutes authorize series both for profit and not for profit. Many statutes exclude regulated activities such as banking. Some provide that a series purpose may differ from that of the series LLC. It is less clear whether a series can have a purpose inconsistent with the purpose of the related series LLC. 18
19 Series Purpose Statutes differ in explicitness as to holding title to property, granting security interests, and suing and being sued. Most statutes provide options for holding of property: in the name of the series LLC, in the name of the series, and in the name of a nominee. The statute tells us what s possible. Documents tell us what s been chosen. 19
20 Series and UCC Article 9 By definition, the debtor is the person having an interest in the collateral. LLCs are registered organizations (i.e., filing required) Thus LLCs are located in their formation jurisdictions, and their names are ascertainable with certainty. But things may be different for assets associated with a series. Secured parties must determine what, in fact, is the debtor within the meaning of RA9. 20
21 Series LLC as Article 9 Debtor If a series LLC is the debtor, make an ordinary filing against and naming the series LLC as debtor, in the series LLC s location. Matters unique to the series can be addressed in the collateral description, or in box 17 (miscellaneous) of a financing statement addendum on form UCC1Ad, as appropriate. 21
22 Nominee as Article 9 Debtor If a nominee is the debtor, determine whether the nominee is an organization, a registered organization, or an individual. File in the nominee s location and name. Note that a nominee s location may differ from that of the series LLC or a given series. 22
23 Series as Article 9 Debtor If a series purports to be the debtor, first consider whether the series is an organization. UCC Article (b)(25) - organization is a person other than an individual. UCC Article (b)(27) person means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. 23
24 Series as UCC Article 9 Debtor Is a series a legal or commercial entity? If it s neither, it may not be a possible Article 9 debtor. Series likely are not registered organizations (compare Illinois series with internal shields). By definition, a registered organization must be formed or organized by the filing or issuance of a public organic record. 24
25 Series as UCC Article 9 Debtor Under general notice statutes, the State need not receive any record showing a series to have been formed or organized. Even specific notice statutes, the filing is not a condition to establishment of a series, but only to its having internal shields. Thus, series likely are not registered organizations (except Illinois series with internal shields). Series analogous to limited liability partnerships? LLP is not a registered organization. See PEB COMMENTARY NO
26 Series and the Bankruptcy Code Treatment of series under the Bankruptcy Code is still more uncertain. Because many series are not entities, they may be ineligible to become Bankruptcy debtors. A debtor is a person... concerning which a case has been commenced. Person includes individuals, partnerships, and corporations. If series is a person, is it a partnership or a corporation? 26
27 Series and the Bankruptcy Code The Bankruptcy Code does not define partnership. It provides an illustrative, but not exclusive or exhaustive, definition of corporation. Corporation (A) includes (i) [an] association having a power or privilege that a private corporation...possesses; (ii) [a] partnership association [in which] only the capital subscribed [is] responsible for the debts of such association; (iii) [a] joint-stock company; (iv) [an] unincorporated company or association; or (v) [a] business trust; but (B) does not include [a] limited partnership. 27
28 Series and the Bankruptcy Code LLCs generally fit the Bankruptcy Code s definition of corporation. But its unclear whether series do. Similarly, its unclear whether internal shields would be respected in a bankruptcy proceeding. 28
29 Closing Opinions for Series Lenders to series have the same concerns as lenders to traditional borrowers. Lenders to series may have additional concerns unique to series. Even a status opinion is based in contract law. A closing opinion isn t a good way to address the viability of internal shields. Where a series LLC has one series, it will likely eventually have additional series. If any series is amenable to suit in a jurisdiction that may not respect internal liability shields, a lender to any series may find its expectations frustrated. 29
Secured Lending to Series of LLCs: Beware What You Do Not (and Cannot) Know
Secured Lending to Series of LLCs: Beware What You Do t (and Cannot) Know By rman M. Powell 1 A series LLC is an LLC that has one or more series. A series is like, but not quite, a subsidiary. About a
More informationMinority Investors in LLCs: Contractual Limitations, Waivers of Fiduciary Duties, Other Key Provisions
Presenting a live 90-minute webinar with interactive Q&A Minority Investors in LLCs: Contractual Limitations, Waivers of Fiduciary Duties, Other Key Provisions Protecting Minority Interests, Choice of
More informationExercising Setoff and Recoupment Rights in Bankruptcy
Presenting a live 90-minute webinar with interactive Q&A Exercising Setoff and Recoupment Rights in Bankruptcy Mutuality of Obligation; Disputed Transactions; Relief From Automatic Stay TUESDAY, NOVEMBER
More informationCompletion Guaranties in Construction Lending: Key Provisions for Lenders and Guarantors
Presenting a live 90-minute webinar with interactive Q&A Completion Guaranties in Construction Lending: Key Provisions for Lenders and Guarantors TUESDAY, MARCH 6, 2018 1pm Eastern 12pm Central 11am Mountain
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features: Brian E. Hammell, Esq., Sullivan & Worcester, Boston
Presenting a live 90-minute webinar with interactive Q&A Buy-Sell Agreements for Corporations and LLCs: Drafting Stock Redemption, Cross-Purchase and Mixed Agreements Navigating Complex Corporate, Tax,
More informationProtecting Business Assets From Creditors in Litigation: Strategic Choice of Entities, Avoiding Fraudulent Transfers
Presenting a live 90-minute webinar with interactive Q&A Protecting Business Assets From Creditors in Litigation: Strategic Choice of Entities, Avoiding Fraudulent Transfers TUESDAY, JULY 21, 2015 1pm
More informationInsurance Coverage for Statutory and Liquidated Damages and Attorney Fees: Policyholder and Insurer Perspectives
Presenting a live 90-minute webinar with interactive Q&A Insurance Coverage for Statutory and Liquidated Damages and Attorney Fees: Policyholder and Insurer Perspectives Advocating Coverage for Statutory
More informationFraudulent Conveyance Exposure for Intercorporate Guaranties, Integrated Transactions and Designated-Use Loans
Presenting a live 90-minute webinar with interactive Q&A Fraudulent Conveyance Exposure for Intercorporate Guaranties, Integrated Transactions and Designated-Use Loans Navigating the Contours of Section
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Transactional Risk Insurance in M&A: Reps and Warranties, Contingent Liability and More Leveraging Insurance to Allocate Risk and Protect Deal Value;
More informationCommercial Lease Negotiations: Property and Liability Insurance, Proof of Coverage, AI and Loss Payee Issues
Presenting a live 90-minute webinar with interactive Q&A Commercial Lease Negotiations: Property and Liability Insurance, Proof of Coverage, AI and Loss Payee Issues Structuring Lease Provisions to Require
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A D&O Indemnification Provisions in Governance Documents and Agreements Drafting Effective Indemnity and Advancement Agreements to Protect Directors
More informationReal Estate Transactions With REITs: Selling, Leasing or Lending to a REIT
Presenting a 90-Minute Encore Presentation of the Webinar with Live, Interactive Q&A Real Estate Transactions With REITs: Selling, Leasing or Lending to a REIT Navigating Unique Organizational, Operational
More informationDrafting Shareholder Agreements for Private Equity M&A Deals
Presenting a live 90-minute webinar with interactive Q&A Drafting Shareholder Agreements for Private Equity M&A Deals Structuring Provisions on Board Composition and Duties, Drag-Along, Tag-Along, Information
More informationUCC Article 9 Blanket Asset Lien Exclusions and Purchase Money Security Interests
Presenting a live 90-minute webinar with interactive Q&A UCC Article 9 Blanket Asset Lien Exclusions and Purchase Money Security Interests Navigating Statutory, Contractual and Other Exclusions to All
More informationUCC Article 9 Blanket Asset Lien Exclusions and Purchase Money Security Interests
Presenting a live 90-minute webinar with interactive Q&A UCC Article 9 Blanket Asset Lien Exclusions and Purchase Money Security Interests Navigating Statutory, Contractual and Other Exclusions to All
More informationSurvivor Benefit Plans and Military Divorce: Defending Against or Claiming Former-Spouse SBP Coverage
Presenting a live 90-minute webinar with interactive Q&A Survivor Benefit Plans and Military Divorce: Defending Against or Claiming Former-Spouse SBP Coverage WEDNESDAY, JUNE 28, 2017 1pm Eastern 12pm
More informationHigh Volatility Commercial Real Estate Loans: Guidance for Developers and Lenders on HVCRE Rules and Loan Covenants
Presenting a 90 minute encore presentation High Volatility Commercial Real Estate Loans: Guidance for Developers and Lenders on HVCRE Rules and Loan Covenants Navigating Borrower Contributed Capital Rules,
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Drafting Standstills in Intercreditor Agreements: Balancing Rights and Remedies of Junior and Senior Lienholders Structuring Duration, Commencement,
More informationOpinion Letters in Commercial Real Estate Best Practices to Minimize Risk When Crafting Third Party Opinions on Loans and Acquisitions
Presenting a live 90 minute webinar with interactive Q&A Opinion Letters in Commercial Real Estate Best Practices to Minimize Risk When Crafting Third Party Opinions on Loans and Acquisitions TUESDAY,
More informationClearing Title for Defects Due to Mortgage-Related Issues, Legal Description Errors, and Foreclosure
Presenting a live 90-minute webinar with interactive Q&A Clearing Title for Defects Due to Mortgage-Related Issues, Legal Description Errors, and Foreclosure Identifying and Resolving Common Title Defects
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Commercial Mortgage Modifications: Lien Priority, Title Insurance and Bankruptcy Issues Structuring Modification Agreements While Avoiding Legal
More informationConstruction OCIP/CCIP Insurance Programs: Potential Coverage Gaps and Other Coverage Pitfalls
Presenting a live 90-minute webinar with interactive Q&A Construction OCIP/CCIP Insurance Programs: Potential Coverage Gaps and Other Coverage Pitfalls Coordinating With Other Policies; Navigating Issues
More informationStructuring Equity Compensation for Partnerships and LLCs Navigating Capital and Profits Interests Plus Section 409A and Tax Consequences
Presenting a live 110-minute webinar with interactive Q&A Structuring Equity Compensation for Partnerships and LLCs Navigating Capital and Profits Interests Plus Section 409A and Tax Consequences THURSDAY,
More informationProperty Management and Leasing Agreements: Key Provisions for Multi-Family, Office, Retail and Industrial Properties
Presenting a live 90-minute webinar with interactive Q&A Property Management and Leasing Agreements: Key Provisions for Multi-Family, Office, Retail and Industrial Properties Navigating Fees and Expenses,
More informationUniversal Health Services v. Escobar: Avoiding Implied Certification Liability Under FCA
Presenting a live 30-minute webinar with interactive Q&A Universal Health Services v. Escobar: Avoiding Implied Certification Liability Under FCA MONDAY, JULY 25, 2016 1pm Eastern 12pm Central 11am Mountain
More informationERISA Retirement Plan Investment Management Agreements: Guidance for Plan Sponsors to Minimize Risks
Presenting a live 90-minute webinar with interactive Q&A ERISA Retirement Plan Investment Management Agreements: Guidance for Plan Sponsors to Minimize Risks Selecting 3(38) Investment Managers, Negotiating
More informationCreatively Completing The Capital Stack: Real Estate GP Private Equity Funds
Presenting a live 90-minute webinar with interactive Q&A Creatively Completing The Capital Stack: Real Estate GP Private Equity Funds Structuring Key Deal Terms Regarding Distribution, Sharing of Promote
More informationStructuring Equity Compensation for Partnerships and LLCs Navigating Capital and Profits Interests Plus Section 409A and Tax Consequences
Presenting a live 90-minute webinar with interactive Q&A Structuring Equity Compensation for Partnerships and LLCs Navigating Capital and Profits Interests Plus Section 409A and Tax Consequences TUESDAY,
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Keys To Equity Financing: The Compliance Requirements for Lenders and Borrowers Structuring Loans Secured by Stock, Hedge Fund Shares, 40 Act Companies
More informationTax Strategies for Real Estate LLC and LP Agreements: Capital Commitments, Tax Allocations, Distributions, and More
Presenting a live 90-minute webinar with interactive Q&A Tax Strategies for Real Estate LLC and LP Agreements: Capital Commitments, Tax Allocations, Distributions, and More Structuring Provisions to Achieve
More informationUCC Article 9 Update: Searching and Filing Under New Amendments
Presenting a live 90-minute webinar with interactive Q&A UCC Article 9 Update: Searching and Filing Under New Amendments Lessons Learned Under the Recent Rules, Best Practices for Secured Lenders WEDNESDAY,
More informationAuto Injury Claim Recovery: Maximizing Pain and Suffering, Loss of Future Earning Capacity Damages
Presenting a live 90-minute webinar with interactive Q&A Auto Injury Claim Recovery: Maximizing Pain and Suffering, Loss of Future Earning Capacity Damages Leveraging Calculation Methodologies, Medical
More informationMaster Service Agreements for Oil and Gas: Key Provisions, Court Treatment
Presenting a live 90-minute webinar with interactive Q&A Master Service Agreements for Oil and Gas: Key Provisions, Court Treatment TUESDAY, MARCH 13, 2018 1pm Eastern 12pm Central 11am Mountain 10am Pacific
More informationQDRO Drafting Boot Camp: Preparing QDROs for 401(k)s and Similar Defined Contribution Plans
Presenting a live 90-minute webinar with interactive Q&A QDRO Drafting Boot Camp: Preparing QDROs for 401(k)s and Similar Defined Contribution Plans Strategies for Family Law Practitioners to Help Ensure
More informationERISA Considerations in Structuring Credit Facilities with Private Investment Funds
Presenting a live 90-minute webinar with interactive Q&A ERISA Considerations in Structuring Credit Facilities with Private Investment Funds WEDNESDAY, AUGUST 15, 2018 1pm Eastern 12pm Central 11am Mountain
More informationStructuring Commercial Loan Documents to Protect Non-Affiliated Lenders
Presenting a live 90-minute webinar with interactive Q&A Structuring Commercial Loan Documents to Protect Non-Affiliated Lenders Negotiating and Drafting Provisions Involving Loan Buybacks, Additional
More informationM&A Indemnification Deal Terms: 2017 Survey Results
Presenting a 60-minute encore presentation featuring live Q&A M&A Indemnification Deal Terms: 2017 Survey Results What's Market for Negotiating and Drafting Private Target Company Indemnification Terms
More informationStructuring Waterfall Provisions in LLC and Partnership Agreements Navigating Complex Distribution Structures, Minimizing Negative Tax Consequences
Presenting a 90-minute encore presentation featuring live Q&A Structuring Waterfall Provisions in LLC and Partnership Agreements Navigating Complex Distribution Structures, Minimizing Negative Tax Consequences
More informationTax Reform for Pass-Through Entities: Impact of New Tax Law on Partnerships, LLCs and S-Corporations
Presenting a live 90-minute webinar with interactive Q&A Tax Reform for Pass-Through Entities: Impact of New Tax Law on Partnerships, LLCs and S-Corporations Planning Techniques, Loopholes, Qualified Business
More informationInterest Rate Hedges in Real Estate Finance: Placing Swaps, Caps, and Collars on Floating Rate Loans
Presenting a live 90-minute webinar with interactive Q&A Interest Rate Hedges in Real Estate Finance: Placing Swaps, Caps, and Collars on Floating Rate Loans Understanding Pricing and Trade Confirmations,
More informationEstate Planning and Tax Reform: Wealth Transfer Structures Under the New Tax Law
Presenting a live 90-minute webinar with interactive Q&A Estate Planning and Tax Reform: Wealth Transfer Structures Under the New Tax Law WEDNESDAY, FEBRUARY 7, 2018 1pm Eastern 12pm Central 11am Mountain
More informationNew Section 199A: Structuring Real Estate Transactions to Take Advantage of the Qualified Business Income Deduction
Presenting a 90-minute encore presentation featuring live Q&A New Section 199A: Structuring Real Estate Transactions to Take Advantage of the Qualified Business Income Deduction THURSDAY, JANUARY 17, 2019
More informationBankruptcy Section 506(c) Surcharge on Secured Collateral
Presenting a live 90-minute webinar with interactive Q&A Bankruptcy Section 506(c) Surcharge on Secured Collateral Seeking or Defeating Recovery of Expenses for Preserving or Disposing of Collateral TUESDAY,
More informationUCC Article 9 Update on Searching and Filing: Best Practices for Secured Lenders Under the Amended Rules
Presenting a live 90-minute webinar with interactive Q&A UCC Article 9 Update on Searching and Filing: Best Practices for Secured Lenders Under the Amended Rules TUESDAY, JUNE 26, 2018 1pm Eastern 12pm
More informationAllocating Risk in Real Estate Leases: Contractual Indemnities, Additional Insured Endorsements and Waivers of Subrogation
Presenting a live 90-minute webinar with interactive Q&A Allocating Risk in Real Estate Leases: Contractual Indemnities, Additional Insured Endorsements and Waivers of Subrogation Structuring Lease Provisions
More informationResolving Medicare and Medicaid Liens in Personal Injury Cases Negotiating Healthcare Liens or Claims for Reimbursement, Maximizing Settlement Awards
Presenting a live 90-minute webinar with interactive Q&A Resolving Medicare and Medicaid Liens in Personal Injury Cases Negotiating Healthcare Liens or Claims for Reimbursement, Maximizing Settlement Awards
More informationUsing Inverted Leases to Finance Renewable Energy Projects
Presenting a live 90-minute webinar with interactive Q&A Using Inverted Leases to Finance Renewable Energy Projects Evaluating Tax Risks, Navigating Structural Variations, Leveraging Pass-Through Election
More informationStructuring Preferred Equity Investments in Real Estate Ventures: Impact of True Equity vs. "Debt-Like" Equity
Presenting a live 90-minute webinar with interactive Q&A Structuring Preferred Equity Investments in Real Estate Ventures: Impact of True Equity vs. "Debt-Like" Equity Negotiating Deal Terms, Investor
More informationZombie Corporations and CERCLA Liability: Identifying, Reviving and Pursuing Zombie PRPs
Presenting a live 90-minute webinar with interactive Q&A Zombie Corporations and CERCLA Liability: Identifying, Reviving and Pursuing Zombie PRPs TUESDAY, APRIL 3, 2018 1pm Eastern 12pm Central 11am Mountain
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Grantor Trusts After Divorce: Tax Reform, Fiduciary Challenges, and Minimizing Tax for Trust Transfers to Former Spouse Gift Tax Exemption on Divorce
More informationCorporate Governance of Subsidiaries: Board Roles and Responsibilities, Interplay With Parent Board, Liability Risks
Presenting a live 90-minute webinar with interactive Q&A Corporate Governance of Subsidiaries: Board Roles and Responsibilities, Interplay With Parent Board, Liability Risks THURSDAY, AUGUST 16, 2018 1pm
More informationSpringing the Delaware Tax Trap: Drafting Limited Powers of Appointment to Increase Asset Income Tax Basis
Presenting a live 90-minute webinar with interactive Q&A Springing the Delaware Tax Trap: Drafting Limited Powers of Appointment to Increase Asset Income Tax Basis TUESDAY, JUNE 28, 2016 1pm Eastern 12pm
More informationScott J. Bakal, Partner, Neal Gerber & Eisenberg, Chicago Robert C. Stevenson, Attorney, Skadden Arps Slate Meagher & Flom, Washington, D.C.
Presenting a live 90-minute webinar with interactive Q&A : Tax Basis Step-Up Through Deemed Asset Sale Treatment Structuring Qualifying Stock Dispositions for Partnership and Private Equity Acquirers WEDNESDAY,
More informationStructuring Credit Facilities for Private Equity Funds: Subscription, NAV and Hybrid Loans
Presenting a live 90-minute webinar with interactive Q&A Structuring Credit Facilities for Private Equity Funds: Subscription, NAV and Hybrid Loans THURSDAY, DECEMBER 7, 2017 1pm Eastern 12pm Central 11am
More informationUCC Article 9 Amendments: Operating Under the New Rules
Presenting a live 90-minute webinar with interactive Q&A UCC Article 9 Amendments: Operating Under the New Rules Navigating New Secured Lending Rules, Filing and Search Procedures, and Due Diligence Practices
More informationAdvanced Tax Issues in Entity Selection Choosing the Entity to Meet the Client's Business Strategies and Capital and Compensation Structures
Presenting a live 90 minute webinar with interactive Q&A Advanced Tax Issues in Entity Selection Choosing the Entity to Meet the Client's Business Strategies and Capital and Compensation Structures TUESDAY,
More informationBank Affiliate Transactions Under Scrutiny Complying With Regulation W's Complex Restrictions on Business Dealings with Affiliate Institutions
Presenting a live 90-minute webinar with interactive Q&A Bank Affiliate Transactions Under Scrutiny Complying With Regulation W's Complex Restrictions on Business Dealings with Affiliate Institutions TUESDAY,
More informationConstruction Subcontractor Default Insurance: A Viable Alternative to Performance Bonds?
Presenting a live 90-minute webinar with interactive Q&A Construction Subcontractor Default Insurance: A Viable Alternative to Performance Bonds? Evaluating the Pros and Cons of SDI Insurance as a Risk
More informationDistressed Loan Workouts: How Equity Cure Rights Work, Negotiating Loan Restructuring and Forbearance Agreements
Presenting a live 90-minute webinar with interactive Q&A Distressed Loan Workouts: How Equity Cure Rights Work, Negotiating Loan Restructuring and Forbearance Agreements Curing and Addressing Financial
More informationIRC 751 "Hot Asset" Treatment: New Rules for Calculating Ordinary Income Recharacterization
Presenting a live 90-minute webinar with interactive Q&A IRC 751 "Hot Asset" Treatment: New Rules for Calculating Ordinary Income Recharacterization New IRS Proposal on Determining Partners' Share of Section
More informationSecurities Accounts and Other Investment Property Establishing Control Under the UCC to Perfect Security Interests in Special Collateral Types
Presenting a live 90 minute webinar with interactive Q&A Perfecting Security Interests in Deposit Accounts, Securities Accounts and Other Investment Property Establishing Control Under the UCC to Perfect
More informationAcquiring Real Estate From a Bankrupt Seller: Legal Issues Evaluating Acquisition Options and Navigating Complex Bankruptcy Court Procedures
Presenting a live 90 minute webinar with interactive Q&A Acquiring Real Estate From a Bankrupt Seller: Legal Issues Evaluating Acquisition Options and Navigating Complex Bankruptcy Court Procedures TUESDAY,
More informationDrafting Asset Purchase Agreements: Reps, Warranties, Covenants, Conditions, Indemnity and Other Key Provisions
Presenting a live 90-minute webinar with interactive Q&A Drafting Asset Purchase Agreements: Reps, Warranties, Covenants, Conditions, Indemnity and Other Key Provisions TUESDAY, DECEMBER 15, 2015 1pm Eastern
More informationAllocating Operating Expenses in Commercial Real Estate Leases: Negotiating Strategies for Landlords and Tenants
Presenting a live 90-minute webinar with interactive Q&A Allocating Operating Expenses in Commercial Real Estate Leases: Negotiating Strategies for Landlords and Tenants Structuring Pass-Throughs, Exclusions,
More informationTrucking and Auto Injury Cases: Deposing Accident Reconstruction and Biomechanical Experts
Presenting a live 90-minute webinar with interactive Q&A Trucking and Auto Injury Cases: Deposing Accident Reconstruction and Biomechanical Experts WEDNESDAY, JULY 11, 2018 1pm Eastern 12pm Central 11am
More information30(b)(6) Depositions in Insurance Coverage and Bad Faith Litigation Preparing and Responding to Notices of Corporate Representative Depositions
Presenting a live 90-minute webinar with interactive Q&A 30(b)(6) Depositions in Insurance Coverage and Bad Faith Litigation Preparing and Responding to Notices of Corporate Representative Depositions
More informationStephanie Winer Schreiber, Shareholder, Buchanan, Ingersoll & Rooney PC, Pittsburgh
Presenting a live 90-minute webinar with interactive Q&A Drafting Shareholder Agreements for Private Equity M&A Deals Structuring Provisions on Board Composition and Duties, Drag-Along, Tag-Along, Information
More informationMortgage Foreclosure Responding to Attorneys General Investigations and Minimizing Liability Risk
Presenting a 90 Minute Encore Presentation of the Teleconference with Live, Interactive Q&A Lender Liability for Wrongful Mortgage Foreclosure Responding to Attorneys General Investigations and Minimizing
More informationMezzanine Lending: Overcoming Lender Risks to Protect ROI
Presenting a live 90-minute webinar with interactive Q&A Mezzanine Lending: Overcoming Lender Risks to Protect ROI Negotiating Intercreditor Agreements and Assessing Foreclosure and Bankruptcy Strategies
More informationPrivate Equity Real Estate Fund Formation: Capital Raising, Regulatory Issues and Negotiating Trends
Presenting a live 90-minute webinar with interactive Q&A Private Equity Real Estate Fund Formation: Capital Raising, Regulatory Issues and Negotiating Trends Capital Contributions, Allocation of Profits/Losses,
More informationBuilder's Risk Insurance for Construction Projects: Legal Issues Evaluating Scope of Coverage and Resolving Coverage Disputes
Presenting a live 90 minute webinar with interactive Q&A Builder's Risk Insurance for Construction Projects: Legal Issues Evaluating Scope of Coverage and Resolving Coverage Disputes WEDNESDAY, JUNE 29,
More informationPersonal Injury Claims for Uber and Lyft Accidents: Navigating Complex Liability and Insurance Coverage Issues
Presenting a live 90-minute webinar with interactive Q&A Personal Injury Claims for Uber and Lyft Accidents: Navigating Complex Liability and Insurance Coverage Issues WEDNESDAY, JUNE 20, 2018 1pm Eastern
More informationStructuring Commercial Loan Term Sheets, Proposals and Commitment Letters: Key Terms for Lenders and Borrowers
Presenting a live 90-minute webinar with interactive Q&A Structuring Commercial Loan Term Sheets, Proposals and Commitment Letters: Key Terms for Lenders and Borrowers Avoiding Unintended Consequences
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A NING and DING Trusts in Estate Planning: Designing ING Trusts to Avoid State Income Tax and Protect Assets Effective Drafting of Incomplete Gift
More informationBest Efforts and Commercially Reasonable Efforts in M&A Agreements: Drafting and Interpretation Challenges
Presenting a live 90-minute webinar with interactive Q&A Best Efforts and Commercially Reasonable Efforts in M&A Agreements: Drafting and Interpretation Challenges Lessons From Case Law for Interpreting
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Qualified Opportunity Zones: New Tax Incentives for Commercial Real Estate and Other Investments Deferred Capital Gains and Tax Abatement Under
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Equity Joint Ventures: Structuring Capital Contribution, Waterfall and Other Payment Provisions Promoted Interest, Carried Interest, Cash Flow Splits
More informationIP Agreements: Structuring Indemnification and Limitation of Liability Provisions to Allocate Infringement Risk
Presenting a live 90-minute webinar with interactive Q&A IP Agreements: Structuring Indemnification and Limitation of Liability Provisions to Allocate Infringement Risk TUESDAY, OCTOBER 4, 2016 1pm Eastern
More informationForeign Investment in U.S. Real Estate: Impact of Tax Reform
Presenting a live 90-minute webinar with interactive Q&A Foreign Investment in U.S. Real Estate: Impact of Tax Reform Entity Selection, FIRPTA, Tax Concerns When Acquiring or Disposing of Ownership Interests
More informationIP Agreements: Structuring Indemnification and Limitation of Liability Provisions to Allocate Infringement Risk
Presenting a live 90-minute webinar with interactive Q&A IP Agreements: Structuring Indemnification and Limitation of Liability Provisions to Allocate Infringement Risk TUESDAY, SEPTEMBER 1, 2015 1pm Eastern
More informationInvestment Adviser Advertising Rule: New SEC Guidance and Best Practices for Compliance
Presenting a live 90-minute webinar with interactive Q&A Investment Adviser Advertising Rule: New SEC Guidance and Best Practices for Compliance TUESDAY, NOVEMBER 21, 2017 1pm Eastern 12pm Central 11am
More informationRevenue Ruling : New IRC 355 North-South Spinoff Transaction Guidance and Resumption of Private Letter Rulings
resenting a live 90-minute webinar with interactive Q&A Revenue Ruling 2017-09: New IR 355 North-South Spinoff Transaction Guidance and Resumption of rivate Letter Rulings THURSAY, AUGUST 17, 2017 1pm
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features: Scott D. Brooks, Partner, Cox Castle & Nicholson, San Francisco
Presenting a live 90-minute webinar with interactive Q&A Allocating Risk in Real Estate Leases: Contractual Indemnities, Additional Insured Endorsements, Subrogation Waivers Coordinating Lease Provisions
More informationTax Treatment of Carried Interest: Planning Opportunities for Tax, Private Equity and Real Estate Professionals
Presenting a 90-minute encore presentation featuring live Q&A Tax Treatment of Carried Interest: Planning Opportunities for Tax, Private Equity and Real Estate Professionals IRC Section 1061, Capital Contributions,
More informationSBA Lending: Documenting, Closing and Servicing 7(a) and CDC/504 Loans
Presenting a live 90-minute webinar with interactive Q&A SBA Lending: Documenting, Closing and Servicing 7(a) and CDC/504 Loans Navigating SBA Approval and Authorization Process, Preserving the Loan Guaranty
More informationUCC Issues in Mezzanine and Mortgage Loans: Using LLC Equity Interests and Deposit Accounts as Collateral
Presenting a live 90-minute webinar with interactive Q&A UCC Issues in Mezzanine and Mortgage Loans: Using LLC Equity Interests and Deposit Accounts as Collateral Navigating the Complexities of Article
More informationERISA Compliance and Monitoring 401(k) Investments: Safe Harbor Rules and Appointing Advisers
Presenting a live 90-minute webinar with interactive Q&A ERISA Compliance and Monitoring 401(k) Investments: Safe Harbor Rules and Appointing Advisers TUESDAY, APRIL 3, 2018 1pm Eastern 12pm Central 11am
More informationERISA Pre-Approved and Customized Benefit Plans: Overhauled IRS Procedures and Determination Letter Process
Presenting a live 90-minute webinar with interactive Q&A ERISA Pre-Approved and Customized Benefit Plans: Overhauled IRS Procedures and Determination Letter Process TUESDAY, NOVEMBER 14, 2017 1pm Eastern
More informationStructuring Waterfall Provisions in LLC and Partnership Agreements Navigating Complex Distribution Structures, Minimizing Negative Tax Consequences
Presenting a 90-Minute Encore Presentation of the Webinar with Live, Interactive Q&A Structuring Waterfall Provisions in LLC and Partnership Agreements Navigating Complex Distribution Structures, Minimizing
More informationAsset Sale vs. Stock Sale: Tax Considerations, Advanced Drafting and Structuring Techniques for Tax Counsel
Presenting a live 90-minute webinar with interactive Q&A Asset Sale vs. Stock Sale: Tax Considerations, Advanced Drafting and Structuring Techniques for Tax Counsel TUESDAY, AUGUST 2, 2016 1pm Eastern
More informationUsing Partnership Flips to Finance Renewable Energy Projects: Evaluating Tax Risks, Navigating IRS Safe Harbors
Presenting a live 90-minute webinar with interactive Q&A Using Partnership Flips to Finance Renewable Energy Projects: Evaluating Tax Risks, Navigating IRS Safe Harbors THURSDAY, JULY 26, 2018 1pm Eastern
More informationHorizontal vs. Vertical Exhaustion of Insurance: Priority of Coverage and Settlement for Less Than Policy Limits
Presenting a live 90-minute webinar with interactive Q&A Horizontal vs. Vertical Exhaustion of Insurance: Priority of Coverage and Settlement for Less Than Policy Limits THURSDAY, FEBRUARY 1, 2018 1pm
More informationand Waivers After Default Crafting Forbearance Agreements That Minimize Lender Liability and Bankruptcy Risks
Presenting a live 60 minute webinar with interactive Q&A Loan Forbearance Options and Waivers After Default Crafting Forbearance Agreements That Minimize Lender Liability and Bankruptcy Risks THURSDAY,
More informationfor Landlords and Tenants Negotiating Insurance, Indemnity and Mutual Waiver of Subrogation Provisions
Presenting a live 90 minute webinar with interactive Q&A Commercial Leases: Risk Mitigation Strategies for Landlords and Tenants Negotiating Insurance, Indemnity and Mutual Waiver of Subrogation Provisions
More informationEnvironmental Audits: Privilege, Voluntary Disclosure and Other Legal Issues
Presenting a live 90-minute webinar with interactive Q&A Environmental Audits: Privilege, Voluntary Disclosure and Other Legal Issues Ensuring Compliance With Environmental Laws, Responding When Violations
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Tax Reform: Impact on REITs, Real Estate Businesses and Investors Pass-Through Business and Interest Deductions, Cost Recovery, Carried Interest,
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Swaps in Loan Transactions: Coordinating Loan Document Terms With the ISDA Master Agreement Documenting Covenants, Security, Voting and Control,
More informationBank Affiliate Transactions: Navigating Regulation W, Sections 23A and 23B of the Federal Reserve Act
Presenting a live 90-minute webinar with interactive Q&A Bank Affiliate Transactions: Navigating Regulation W, Sections 23A and 23B of the Federal Reserve Act TUESDAY, MAY 16, 2017 1pm Eastern 12pm Central
More informationPartnership Exchanges: Structuring "Drop and Swap" and "Mixing Bowl" Transactions Minimizing the Risk of an Unfavorable Audit Outcome
Presenting a live 90-minute webinar with interactive Q&A Partnership Exchanges: Structuring "Drop and Swap" and "Mixing Bowl" Transactions Minimizing the Risk of an Unfavorable Audit Outcome WEDNESDAY,
More informationNegotiating Reserve Provisions in Real Estate Loan Transactions
Presenting a live 90-minute webinar with interactive Q&A Negotiating Reserve Provisions in Real Estate Loan Transactions Determining Funding and Disbursement Conditions for Tax and Insurance, Tenant Rollover,
More information