Fri.Dec 08, 2023

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Remarks by Chair Gensler Before the American Bar Association

Harvard Corporate Governance

Posted by Gary Gensler, U.S. Securities and Exchange Commission, on Friday, December 8, 2023 Editor's Note: Gary Gensler is Chair of the U.S. Securities and Exchange Commission. This post is based on his recent remarks. The views expressed in this post are those of Chair Gensler, and do not necessarily reflect those of the Securities and Exchange Commission or its staff.

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How AI can transform the way accountants work — for the better

ThomsonReuters

As technology has evolved, so too has the accounting profession. From paper-based processes to cloud-based software, accountants are no strangers to change. No previous advancement, however, has had the potential to alter accounting (and many other industries) quite like generative artificial intelligence. But for those who embrace AI, there is a strategic opportunity to capitalize on its many benefits while protecting and even uplifting the irreplaceable human connection.

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Weekly Roundup: December 1-December 7, 2023

Harvard Corporate Governance

Posted by the Harvard Law School Forum on Corporate Governance, on Friday, December 8, 2023 Editor's Note: This roundup contains a collection of the posts published on the Forum during the week of December 1-December 7, 2023 Why Have Uninsured Depositors Become De Facto Insured? Posted by Michael Ohlrogge (NYU), on Friday, December 1, 2023 Tags: bank failure , Deposit insurance , FDIC , Moral hazard SEC Outlines 2024 Examination Priorities Posted by Aaron Gilbride, Marlon Q.

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M&A Process: Best Practices for Approaching the Closing Table

Redpath

Mergers and acquisitions are not “business-as-usual” financial transactions. There is a lot at stake—everything, really. Buyers and sellers want to get deals to close in a timely and efficient manner, but getting across the finish line is easier said than done. By the time closing approaches, there are a variety of emotions being experienced by both the buyer and the seller.

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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New Rules Allow Rollover of Funds from 529 Plan to Roth IRA

Gross Mendelsohn

There’s good news for families who diligently save for their child’s education with a 529 plan. Thanks to legislation passed in 2022, this popular savings vehicle just got more flexible. Starting in 2024, unused funds from a 529 plan can be rolled over into a Roth IRA. Let’s dig into the details.

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The power of Assisted Decision Making in Thomson Reuters Cloud Audit Suite

ThomsonReuters

Jump to: How AI is transforming audit AI-Assisted Decision Making in Thomson Reuters Cloud Audit Suite Ready to transform audit? How AI is transforming audit Traditionally, auditors have heavily relied on manual processes to uncover risk in financial statements and business operations. This approach, while effective to a certain extent, is time-consuming and vulnerable to human error.

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J&J Hit With Suit Over Stelara Exclusivity

Law 360 M&A

A group of Blue Cross and Blue Shield licensees have filed a lawsuit in Virginia federal court claiming Johnson & Johnson has been trying to stifle competition in the market for the immunosuppressive drug Stelara, saying it defrauded federal patent officials.

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Companies are broadening their commitments to nature beyond carbon

Mckinsey and Company

Nature-related commitments by Fortune Global 500 companies are rising, but progress is incremental and from a very low base.

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Gambling group Entain’s chief under pressure as activists circle

Financial Times M&A

Jette Nygaard-Andersen faces rising investor frustration as shares languish and tightening regulation bites

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Comment on Is This Room a Bedroom? by Johnny

Appraisers Blog

I often see discussions on various forums about “is this room a bedroom”, or similar comments.

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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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Nikola Investors Fight Call For Del. SPAC Fraud Suit Toss

Law 360 M&A

Five attorney teams pressed Friday for dismissal of most of the derivative claims in a Delaware Court of Chancery stockholder lawsuit seeking damages from Nikola Corp., its directors, officers and an adviser in the wake of the hydrogen- and battery-powered truck manufacturer's fraud-tainted, $3.3 billion take-public deal.

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Assessing an RIA’s Quality of Earnings

Auto Dealer Valuation Insights

Much to my chagrin, most financial analysts aren’t very interested in cars. Every once in a while, I find a colleague who is as fascinated by carburetors and bias-ply tires as I am, but it’s rare. Jim, who retired from Mercer Capital many years ago, was just such a person.

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LyondellBasell, INEOS Cut $700M Deal For Ethylene Oxide Biz

Law 360 M&A

Houston-based LyondellBasell has agreed to sell its ethylene oxide business along with the unit's production facility in Bayport, Texas, to U.K.-based chemical producer INEOS for $700 million, the companies said in statements Friday.

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Obtaining an Entertainment Equipment Appraisal

Peak Business Valuation

An entertainment equipment appraisal can make all the difference for a business. This equipment appraisal can benefit a business in many ways. From insurance purposes and tax deductions to potential sales an equipment appraisal is beneficial. It is crucial to select the best equipment appraiser for the job. By doing your research and choosing an equipment appraiser with expertise in the entertainment industry, you can be confident in the equipment appraisal process.

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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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Former Norton Rose, FTC Atty Joins Davis Wright In NY

Law 360 M&A

A veteran antitrust litigator and former Federal Trade Commission attorney has jumped from Norton Rose Fulbright to the New York City office of Davis Wright Tremaine LLP after five years with his previous firm.

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Honeywell Buys Carrier's Security Business for Nearly $5B, Boosting Automation Portfolio

Benzinga

Honeywell International Inc (NASDAQ: HON ) has agreed to acquire Carrier Global Corporation's (NYSE: CARR ) Global Access Solutions business for $4.95 billion in an all-cash transaction. Carrier's Global Access Solutions business has approximately 1,200 employees operating in 33 countries. The deal, which includes both hardware and software solutions, further supports Honeywell's plans to align its portfolio to automation, the future of aviation and energy transition.

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What Banks Should Know About FDIC Assessment Rule

Law 360 M&A

Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.

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StorageVault Completes the Purchase of Two Storage Assets

Benzinga

TORONTO, Dec. 08, 2023 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (" StorageVault ") ( SVI-TSX) is pleased to announce that it has completed the acquisition of two of the stores announced on November 6, 2023 for an aggregate purchase price of $49,135,000 (the " Acquisitions "). One of the of the Acquisitions is arm's length and one is a related party acquisition (the " Related Party ‎Acquisition ") with Access Self Storage Inc. (" Access ") as the Vendor.

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Ex-Lumentum Exec Gets 2 Years, Stiff Fine In Insider Case

Law 360 M&A

A Manhattan federal judge sentenced a former Lumentum Holdings Inc. executive Friday to two years in prison and slapped him with a $975,000 fine for feeding friends information about the company's merger plans to generate $5.2 million of insider-trading profit.

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Do You Need a Business Valuation for Your SBA Loan?

Equilest

Read more to discover the crucial steps in preparing your business for valuation and the common pitfalls to avoid during the SBA loan application process. Understanding the intricacies of business valuation is key to securing the financial support you need. Outline Introduction Brief explanation of SBA loans Importance of business valuation for SBA loan applicants Understanding SBA Loan Requirements Overview of SBA loan application process Key eligibility criteria Significance of Business Valuat

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UK Litigation Roundup: Here's What You Missed In London

Law 360 M&A

The past week in London has seen Tesla drive patent proceedings against technology company InterDigital, Genesis band members say That's (not) All in a breach of contract claim against Virgin Records, and betting giant Entain play its hand in a claim over its acquisition of BetCity last year. Here, Law360 looks at these and other new claims in the U.K.

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Bucking the odds: An investor approach to portfolio pricing

Mckinsey and Company

Faced with earnings turbulence, some manufacturers are abandoning index-based pricing for a balanced-portfolio strategy.

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NY Marketing Firm Hits Ch. 11 With $72M Debt, Sale Plans

Law 360 M&A

Marketing firm Troika Media Group has filed for Chapter 11 protection in New York with nearly $72 million in debt and plans for a stalking horse sale to a secured lender.

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Paramount in talks for sale to Skydance as Shari Redstone explores options

Financial Times M&A

Hollywood studio’s shares up nearly 40% over month as deal speculation mounts

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What's Going With Media And Entertainment Conglomerate Paramount Stock Today?

Benzinga

Speculation abounds regarding Skydance CEO David Ellison and RedBird Capital , who aim to move on Paramount Global (NASDAQ: PARA ) through National Amusements, founded by Michael Redstone. Holding a substantial 77% of Paramount's Class A shares, National Amusements becomes an essential gateway for those seeking control of Paramount Global. The potential acquisition raises questions about RedBird's and Skydance's specific interests, as they seem disinterested in managing entities like

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A Look Back at 2023 in Golf: A Year of Drama

NYT M&A

The PGA Tour is looking at LIV Golf, and the L.P.G.A. and Ladies European Tour are on the cusp of joining together.

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How mid-tenure CEOs find a new gear

Mckinsey and Company

After starting strong, CEOs need to find a new gear to maintain organizational performance.

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$6.8 billion The Expected Market Size of Biostimulants by 2028

Benzinga

Chicago, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Biostimulants are substances or microorganisms applied to plants, seeds, or the surrounding soil to enhance the plant's growth, development, and overall health. Unlike traditional fertilizers, which primarily provide essential nutrients, biostimulants work by promoting physiological processes in plants, improving nutrient uptake, and increasing tolerance to environmental stress.

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FTC Wants More Info On Chevron's $53B Hess Deal

Law 360 M&A

The Federal Trade Commission has deepened its probe of a second megadeal in the oil and gas industry, asking for more information about Chevron's planned $53 billion purchase of Hess Corp., the companies said Friday.

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Will Microsoft-OpenAI Partnership Face UK Antitrust Challenge? CMA Probes Potential Impact

Benzinga

Microsoft Corp (NASDAQ: MSFT ) and OpenAI 's partnership is under the U.K.'s Competition and Markets Authority (CMA) scrutiny, which is considering whether to initiate a merger probe into the collaboration. This evaluation aims to assess potential competition issues in the UK stemming from their partnership. The CMA's move comes after it approved Microsoft's acquisition of Activision Blizzard.

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Carrier Inks $5B Deal To Sell Security Biz To Honeywell

Law 360 M&A

Carrier Global Corp. agreed to sell its security business, Global Access Solutions, to Honeywell at an enterprise value of $4.95 billion, the companies said in separate statements Friday.

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Cadeler A/S and Eneti Inc. Announce Extension of Share Exchange Offer for all Outstanding Shares of Common Stock of Eneti Inc. to December 14, 2023 & New Loan Facility

Benzinga

MONACO, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Cadeler A/S (OSE: CADLR) ("Cadeler") and Eneti Inc. (NYSE: NETI ) ("Eneti"), two offshore wind turbine and foundation installation companies, announced the extension of the expiration date for the share exchange offer (the "Share Exchange Offer") to acquire all of the issued and outstanding shares of the common stock of Eneti Inc.

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No Shortage Of Action For Energy Deal-Makers In 2023

Law 360 M&A

A fresh wave of oil and gas industry consolidation, stiff macroeconomic headwinds for renewable energy development and the Inflation Reduction Act's growing influence are just some of the highlights of what's been an eventful 2023 for energy sector deal-makers. Here are the transactional trends that stood out to energy attorneys this year, as well as how they expect those trends to carry over into next year.

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Intchains Expands WEB3 Industry Presence, Acquires Goldshell Brand-related Assets

Benzinga

SHANGHAI, China, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Intchains Group Limited (NASDAQ: ICG ) ("Intchains," "we," or the "Company"), a provider of integrated solutions consisting of high-performance computing ASIC chips and ancillary software and hardware for blockchain applications, today announced it has entered into an asset acquisition agreement, or the Agreement, with a Singapore-based company, GOLDSHELL PTE.

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