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Index
November 13, 2003
A complete listing of all cases discussed in this issue.
Quiz of the Month
November 12, 2003
Test your knowledge of the law!
New Protected Activity ' Displaying the Flag
November 12, 2003
The realm of protected activity has been expanded by the New York Legislature to include the display of the American flag by an employee on that employee's person or in his/her workstation.
John Gaal's Ethics Corner
November 12, 2003
Your ethics questions answered by the expert.
Decisions of Interest
November 12, 2003
Recent rulings of interest to your practice.
UK Announces Labeling Guides
November 12, 2003
New guidelines for the design of drug labeling and packaging were announced March 3 by Britain's Health minister, Lord Philip Hunt.
Index
November 12, 2003
A complete listing of all cases discussed in this issue.
Decisions of Interest
November 12, 2003
Recent decisions of importance to your practice.
Quiz of the Month
November 12, 2003
Test your knowledge of the law!
John Gaal's Ethics Corner
November 12, 2003
Your ethics questions answered by the expert.

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  • Private Equity Valuation: A Significant Decision
    Insiders (and others) in the private equity business are accustomed to seeing a good deal of discussion ' academic and trade ' on the question of the appropriate methods of valuing private equity positions and securities which are otherwise illiquid. An interesting recent decision in the Southern District has been brought to our attention. The case is <i>In Re Allied Capital Corp.</i>, CCH Fed. SEC L. Rep. 92411 (US DC, S.D.N.Y., Apr. 25, 2003). Judge Lynch's decision is well written, the Judge reviewing a motion to dismiss by a business development company, Allied Capital, against a strike suit claiming that Allied's method of valuing its portfolio failed adequately to account for i) conditions at the companies themselves and ii) market conditions. The complaint appears to be, as is often the case, slap dash, content to point out that Allied revalued some of its positions, marking them down for a variety of reasons, and the stock price went down - all this, in the view of plaintiff's counsel, amounting to violations of Rule 10b-5.
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