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A More Secure Investment?
For many decades, U.S. institutional investors and large bond insurers have viewed the general obligation (GO) municipal bonds from rated investment grade municipalities as a much higher value investment vehicle than an illiquid municipal lease subject to annual appropriation. Have the recent large municipal bankruptcies and the increasing recognition of underfunded pension funds improved the attractiveness of the less liquid municipal lease? In the current climate, with cities like Stockton, CA, and Detroit, MI, causing concern for municipal investors, are the municipal lease and its annual appropriation risk are now more secure because of the fully assigned security in the municipality's essential equipment?
In the wake of the recession, unprecedented large U.S. city bankruptcies are emerging, under significantly different circumstances than previous municipal bankruptcies. The Great Recession put more declining revenue pressure on most municipal entities due to generally lower property tax revenue and a reduction in grants and revenue sharing from U.S. federal and state sources, which had been relatively stable or increasing for decades. On a national scale, the 10 worst housing markets saw declines of at least 55% from their peak (NBC News, Sept. 26, 2012).
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.