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SBIC Capital for Small Businesses
Since the overhaul of the small business investment company (SBIC) program in the early 1990's, the program has grown rapidly to become a large source of equity and mezzanine capital for small and medium-sized businesses. This article provides an overview of the SBIC program, with particular emphasis on those features that benefit entrepreneurs.
Growth of the SBIC Program
SBICs are privately managed venture capital or other private equity funds that receive funding from the U.S. government in the form of debt (debentures) or equity (participating securities), which they combine with contributions from their private investors to create a large pool of capital to invest in eligible companies. For fiscal year 2003, government debenture leverage is available to SBICs in the amount of $3 billion, and equity leverage is available to SBICs in the amount of $4 billion. With so much low cost capital available, it is no surprise that investment management teams are lining up to apply for SBIC licenses.
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.
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.
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.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.