This is from a presentation I gave at a networking conference.  

REGLAMENTO FERIA DE DIVULGACIÓN La Comisión de Bolsa y Valores (“SEC”) ha emitido muchas leyes que tienen por objeto proteger a los inversores en el mercado de valores. La mayoría de estas leyes se ocupan de divulgación forzada, una transparencia obligada por las empresas que cotizan en bolsa de información sobre todo financiera que va…

This article is reposted from a FINRA and SEC Investor Alert.  A summary can be found here. Securities-Backed Lines of Credit – It May Pay to See Beyond the Pitch An increasing number of securities firms are marketing and offering securities-backed lines of credit, or SBLOCs, to investors. SBLOCs can be a key revenue source…

“How a Corporation Issues Additional Shares”[i] A corporation will most likely decide to issue additional shares of stock in order to raise additional capital. The benefit of raising additional capital is obvious—more capital for the corporation to use in order to grow. The main potential downside of issuing more shares in order to raise capital is a…

Any student of securities laws knows that the Federal Deposit Insurance Corporation plays an important role in safeguarding the integrity of our financial markets.  I’m very interested in the FDIC and I’m surprised there aren’t more histories written about it.  Here is my brief summary of what is out there so far. The Federal Deposit…

This post provides broad general advice on (i) the duties owed by a director of a corporation in the U.S., and (ii) the steps directors should take to minimize the risk of a claim for breach of these duties. Given that most of my clients are Delaware corporations, I have focused primarily on Delaware law and…

Today I decided to study the constitutional origins of corporate rights. SCOTUS has extended constitutional rights to corporations in controversial recent cases like Citizens United and Hobby Lobby, and, admittedly, since it is election season, I wanted to see if Mitt Romney’s statement during the last election cycle that “corporations are people” was correct.  It turns…

The New York Time DealBook Blog discusses the Boom in Private Equity’s Secondary Market. There is a surge in the secondary market for stakes in private equity funds. According to DealBook: “Investors in private equity funds typically have to wait as long as a decade to get their money back. But many are now cashing…

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: LYONDELL CHEMICAL COMPANY, et al., Debtors. EDWARD S. WEISFELNER, AS LITIGATION TRUSTEE OF THE LB CREDITOR TRUST, Plaintiff, v. FUND 1., et al., Defendants. Chapter 11 Case No. 09-10023 Jointly Administered Adversary Proceeding  Case No. 10-4609 (REG) DECISION AND ORDER ON MOTIONS TO DISMISS APPEARANCES: BROWN…

DWAC stands for Deposit/Withdrawal at Custodian.  It is an electronic transaction system run by  The Depository Trust Company (DTC) that makes it possible to transfer new shares or paper share certificates between broker/dealers or custodial banks, the DTC participants, and the issuer’s transfer agent.  The DTC is, thus, “a clearinghouse settling trades in corporate and…