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Secondary Private Equity Funds: The Perfect Storm
Last month, the authors began discussing how the recent growth and maturity of the private equity market has generated significant secondary market opportunities. The discussion continues with one more motivation for selling and concludes by addressing regulatory changes and asset allocation shifts.
Awareness of Options. The increase in supply of direct assets for sale has helped attract new capital for secondary funds, while concurrently expanding the number of secondary buyers. There are now at least twice as many well capitalized buyers in the market as there were only two years ago, and many secondary specialists have far exceeded fundraising goals; some by more than 50%. Some market participants believe that there has been too much money raised in the secondaries, which they speculate will drive up prices; a thought welcomed by sellers. The development of a formidable yet diverse buy-side has helped initiate very broad market activity that can now meet most sellers' needs. For example, many sellers would rather offload an entire portfolio at once, rather than having to sell bit pieces over time. Other sellers would prefer to only sell rights and minority interests, and again the range of market activity has proven this is also possible. The momentum and acceptance of creating solutions for sellers is creating visibility and comfort, quickly spiraling up the number of sellers, buyers, and deals completed. These options have led to some very notable large spin-offs that have received a good deal of press coverage, such as: Deutsche Bank, Lucent, BTexact Technologies (British Telecommunications plc), Quantum Corporation, Accenture Ltd., Wachovia Corporation, National Westminster Bank PLC, and Pioneer Corporation.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.