Scott M. Himes and Brent Weisenberg In today’s investment world, private equity firms, investment managers and other investors often acquire a substantial interest in a business and, as a consequence, earn the right to put “their people” on the company’s board. That person then becomes a “dual fiduciary”someone with fiduciary obligations to his or…
Legislative attack on Detroit Public Schools taking shape By Nancy Hanover 24 March 2016 On March 22, the Michigan Senate passed the Detroit Public Schools (DPS) reorganization legislation promoted by Governor Rick Snyder with bipartisan support. The effort by state and federal officials to use the school districts financial crisis to accelerate the attack…
Sharp Corp. is facing an increasing risk of liquidation if a rescue deal with Foxconn Technology Group is delayed further, according to a top-rated analyst tracking the electronics maker. Jefferies Groups Atul Goyal raised his estimated likelihood of Sharps liquidation to a new threshold of 30 percent to 40 percent from less than 5 percent, citing…
One Essex Court has hired banking silk duo Adrian Beltrami QC and Sonia Tolaney QC from 3 Verulam Buildings (3VB), just weeks after announcing Freshfields Bruckhaus Deringer disputes veteran Ian Terry will also join the set. The pair will be joined by juniors James MacDonald and Sandy Phipps. Beltrami specialises in commercial litigation and advisory…
My recent article, Puerto Rico Illustrates Need For New Public Employee Pension Disclosures, argued that any rescue Puerto Rico rescue bill passed by Congress needs to include the provisions of Rep. Devin Nunes Public Employee Pension Transparency Act (PEPTA), which would require that state and local governments accurately disclose their public employee pension liabilities. This…
A Moroccan court has placed the country’s only oil refiner Samir into liquidation and named an independent trustee, a company source and local media said on Monday. Samir has 10 days to lodge an appeal against the decision, business news website Medias24 reported. The company said it had no immediate comment. Samir, controlled by Corral…
Get an inside look at Wall Street with StreetInsider Premium. Get your 2-week free trial here Standard & Poor’s Ratings Service said it revised its rating outlook on China XD Plastics Co. Ltd. (Nasdaq: CXDC) to negative from stable. In line with this revision, we lowered the long-term Greater China regional scale rating on the…
More than a third of restaurant businesses in Merseyside and the North West are at a higher than average risk of failure over the next 12 months, a study claims. Research carried out by insolvency trade body R3 reveals restaurants ow have the highest risk of failure of any of the key sectors in the…
Heritage FA Limited, which marketed and sold coloured diamonds and other commodities to the public for investment, has been ordered into liquidation following a petition presented by the Secretary of State for Business, Innovation and Skills. The petition was issued following confidential enquiries carried out by Company Investigations, part of the Insolvency Service, under…
LONDON, March 21 (IFR) – Norske Skog has rejigged its bond exchange yet again in response to a controversial legal ruling, with the help of new financing from funds GSO and Cyrus. The latest move ups the ante in the long-running battle between Norske Skog’s unsecured and secured bondholders, which has sparked accusations of nefarious…