http://www.reedsmith.com/ en-us © Copyright 2013 Reed Smith LLP. All rights reserved. Thu, 20 Jun 2013 03:51:58 GMT Thu, 20 Jun 2013 03:51:58 GMT The European Markets Infrastructure Regulation1 (EMIR) introduces requirements aimed at improving transparency and the reduction of risks associated with the derivatives market. EMIR also establishes organisational, conduct of business and prudential standards for central counterparties (CCPs) and trade repositories (TRs). http://www.reedsmith.com/publications/detail.aspx?publication=12542 Publication http://www.reedsmith.com/publications/detail.aspx?publication=12542 Fri, 14 Jun 2013 00:00:00 GMT In this issue: Make–Whole Claim in the Amount of 37% of Loan Balance is Enforced by Delaware Bankruptcy Court Seventh Circuit Requires Competition for Insider’s New-Value Plan of Reorganization Following Castleton Plaza, Competitive Bidding Required Where Insider Asserts ‘New Value’ Exception to Absolute Priority Rule Fourth Circuit is the First to Hold Absolute Priority Rule Applicable to Individual Chapter 11 Debtors Tenth Circuit Joins Fourth Circuit in Holding that Absolute Priority Rule Applies to Individual Chapter 11 Cases Court Affirms Separate Classification, Holds Artificial Impairment Not Per Se Impermissible Debtor Had Legitimate Business Reason to Separately Classify Unsecured Claims Venue Created by Subsidiary Incorporation ‘Bootstraps’ Venue Selection Seventh Circuit Overturns Veil-Piercing Subtenant Retains Possessory Rights Under Section 365(h) Despite Explicit Free and Clear Section 363(f) Sale Asset Purchaser is Subject to Successor Liability for FLSA Judgment, Despite Specific Disclaimer of Liability Comity Outweighed by Significant Differences in Law in Chapter 15 Case Seventh Circuit Rules Rejection of Executory Trademark License Does Not Terminate the License, Creates a Split of Authority Post-Petition Lock-Down Agreement Does Not Equate to Impermissible Vote Solicitation Defrauded Initial Lien Holder Maintains Priority over Subsequent Innocent Lenders Mortgage Foreclosure is ‘Debt Collection’ Under Fair Debt Collection Practices Exit Lenders Liable for Conversion Where Distributions Contravene Credit Agreement Beware the Credit Overbid Bank Loses Possessory Lien Following Turnover of Funds to Trustee – Should Have Sought Adequate Protection Creditor Defeats Preference Action Based on ‘New Value’ Defense A Longer Statute of Limitations Period for Pursuing Fraudulent Transfer Actions May Exist Trustee Fails to Carry Burden, Court Affirms Pre-petition Transfers to Cover Check-Kiting Losses Not Avoidable Preference Ninth Circuit Joins Majority, Holds Unstayed Judgments Not ‘Bona Fide Counsel’s Corner: News From Reed Smith http://www.reedsmith.com/publications/detail.aspx?publication=12532 Publication http://www.reedsmith.com/publications/detail.aspx?publication=12532 Wed, 12 Jun 2013 00:00:00 GMT International law firm Reed Smith has advised the shareholders of Red Box Recorders Limited, global provider of voice- and data-recording solutions, on their £14 million management-buyout transaction, backed by ISIS Equity Partners, a respected mid-size UK private equity house. http://www.reedsmith.com/knowledge/detail.aspx?news=1940 News http://www.reedsmith.com/knowledge/detail.aspx?news=1940 Tue, 11 Jun 2013 00:00:00 GMT On June 5, 2013, the Securities and Exchange Commission ("Commission") unanimously voted to propose rules that would alter the way that money market funds operate. Shortly thereafter, the Commission released the proposed rule, titled "Money Market Fund Reform." As described in the meeting and the accompanying press release, the proposal includes two principal alternative amendments to Rule 2a-7, which could be adopted alone or in combination. The proposal also includes additional amendments to Rule 2a-7 that would impose a stricter diversification regime, enhanced disclosure requirements, and best practices with respect to stress testing. These additional amendments would apply under either of the principal alternative amendments. http://www.reedsmith.com/publications/detail.aspx?publication=12490 Publication http://www.reedsmith.com/publications/detail.aspx?publication=12490 Thu, 06 Jun 2013 00:00:00 GMT The Legal 500 United States 2013 has named Reed Smith a leading law firm in 21 practices, with two practices ranking among the publication’s “Top Tier.” The annual guide also recommended 70 of the firm’s attorneys, singling six of them out for recognition as “Leading Lawyers” in their industry sectors. The firm was named a “Top Tier” firm in Litigation – Product liability and mass tort defense: Pharmaceuticals and medical devices; and Media, technology and telecoms – Marketing and advertising. http://www.reedsmith.com/knowledge/detail.aspx?news=1937 News http://www.reedsmith.com/knowledge/detail.aspx?news=1937 Thu, 06 Jun 2013 00:00:00 GMT http://www.reedsmith.com/events/detail.aspx?firmEvent=3638 Event http://www.reedsmith.com/events/detail.aspx?firmEvent=3638 Mon, 03 Jun 2013 05:00:00 GMT 6/3/2013 12:00:00 AM Crowdfunding basically consists in the funding of a project by raising many small amounts of money from a large number of people, typically via the Internet. Primarily used in specific artistic sectors, such as the music or movie business, crowdfunding is booming as it may be considered as an interesting alternative to finance projects other than by bank loans and venture capital, in particular for small- to medium-sized companies. Under French law, public offers, banking and financing activities are strictly regulated. Because of regulation of banking monopoly, only credit institutions may carry out banking and financing activities which are subject to heavy accreditations and monitoring procedures from the French securities, financial and banking regulators: the “Autorité des Marchés Financiers” (AMF) and the “Autorité de Contrôle Prudentielle” (ACP). http://www.reedsmith.com/publications/detail.aspx?publication=12448 Publication http://www.reedsmith.com/publications/detail.aspx?publication=12448 Fri, 31 May 2013 00:00:00 GMT The recent Office of the Comptroller of the Currency (OCC) decision applying disparate impact theory in finding that a group of white borrowers had been discriminated against adds a further layer of confusion to the interplay of various laws to encourage community lending and discourage discrimination. At first blush, the case would seem insignificant in view of the small size of the community bank involved (only $7 million in total assets), the limited number of borrowers entitled to restitution (around 65), and the low overall amount to be refunded (less than $100,000). As compared with the eight- and nine-figure settlements of fair lending and other cases involving mortgages that have been occurring with increased frequency, this matter shouldn't even be on the radar screen. But if it becomes a precedent that is followed in other cases involving the already complex and overlapping myriad fair lending laws and their enforcement by regulators, it could further add confusion to an area that is already too complex and confused. http://www.reedsmith.com/publications/detail.aspx?publication=12431 Publication http://www.reedsmith.com/publications/detail.aspx?publication=12431 Tue, 28 May 2013 00:00:00 GMT May 24, 2013 – Reed Smith LLP today announced the 2013 rankings of its practices and lawyers in the United States by Chambers and Partners. The firm earned four nationwide practice group rankings and 21 statewide practice group rankings, including three statewide practices ranked in Band 1 – Pennsylvania Banking & Finance, Pennsylvania Bankruptcy/Restructuring and Illinois Insurance: Dispute Resolution. Seventy-two Reed Smith lawyers collectively earned 82 Chambers rankings for the year, including 13 Band 1 ranks. Lawyers named in Band 1 for 2013 include four recognized for their nationwide practices: Douglas J. Wood, Advertising: Transactional & Regulatory; Elizabeth Carder-Thompson, Healthcare: Regulatory & Litigation; John S. Vishneski, Insurance: Dispute Resolution: Policyholder; and Michael K. Brown, Product Liability & Mass Torts. Others lawyers at the firm ranked in Band 1 for 2013, their practice group and the states in which they practice included: Margaret Grignon, Litigation: Appellate, California; Kurt F. Gwynne, Bankruptcy/Restructuring, Delaware; John S. Vishneski, Insurance: Dispute Resolution and John Shugrue, Insurance: Dispute Resolution, both in Illinois; Murray J. Klein, Healthcare, New Jersey; and Claudia Z. Springer, Bankruptcy/Restructuring; Leonard A. Bernstein, Banking & Finance: Mainly Regulatory; Lisa D. Kabnick, Banking & Finance; Michael E. Bleier, Banking & Finance: Mainly Regulatory; and, Paul Singer, Bankruptcy/Restructuring, all five in Pennsylvania. Reed Smith’s lawyers singled out by the publication are members of 28 practices across the United States A complete list of the U.S. lawyers and practices ranked by Chambers in 2013 is available online at http://www.chambersandpartners.com/USA/Search/Firm/Reed-Smith. http://www.reedsmith.com/knowledge/detail.aspx?news=1929 News http://www.reedsmith.com/knowledge/detail.aspx?news=1929 Fri, 24 May 2013 00:00:00 GMT Welcome to our latest issue of Reed Smith's Private Equity Newsletter. Inside you will find news across the Private Equity team, transaction highlights, and the industry around the globe. For additional information, please contact Perry Yam. Articles in this issue: Private Equity Sound Bite: Tax Relief on Acquisition Debt Event Highlight: Poker Evening http://www.reedsmith.com/publications/detail.aspx?publication=12418 Publication http://www.reedsmith.com/publications/detail.aspx?publication=12418 Thu, 23 May 2013 00:00:00 GMT "Legal fees keep rising, but don’t believe them. Clients are demanding, and getting, discounts." Wall Street Journal, 4/10/13 There are new market dynamics, particularly corporate efforts to limit costs. We will look at strategic issues and opportunities in alternate fee situations identifying the tactics and techniques to achieve a positive result. While many alternative fee arrangements have been developed and explored by clients, it is increasingly clear that the favored choice is a fixed fee arrangement. At many briefings we have organized in the last year for corporate counsel and law firms, we are hearing repeatedly that the fixed fee is attractive to clients because of its certainty and predictability and the fact that it can be budgeted with confidence. In turn law firms utilizing project management and more efficient approaches can count on sustainable levels of profitability in accordance with expectations. Who should run the alternate fee program and what are the roles for your lawyer leaders and senior business executives including the COO, CFO and Pricing Director? From the client’s viewpoint, what’s working, what isn’t? How do you operate a successful project management program. Mary Hackett, a partner in Reed Smith's Financial Industry Group, will serve as faculty. http://www.reedsmith.com/events/detail.aspx?firmEvent=3573 Event http://www.reedsmith.com/events/detail.aspx?firmEvent=3573 Wed, 22 May 2013 14:00:00 GMT 5/22/2013 9:00:00 AM