Brian DeChesare

AUGUST 31, 2022

Convertible Arbitrage Definition: Convertible arbitrage is a relative value strategy in which a hedge fund profits based on the pricing discrepancy between a company’s convertible bonds and its underlying stock; the fund exploits changes in volatility, credit quality, and interest rates to make money while minimizing overall market risk.

Banking 64

Banking Risk-free Rate Equity Start-ups 64

Chris Mercer

MARCH 7, 2024

The second and third musings address the issue of marketability discounts and conclude that it is not possible to comply with any valuation standards, whether USPAP or not, using only averages of restricted stock studies as a basis for “guessing” marketability discounts. Enterprise-level or asset-level tax effects, if relevant.

Dividends 52

Dividends Appraisal Terminal Value Business Valuation 52

Reynolds Holding

OCTOBER 1, 2023

On September 27, 2023, the staff of the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance issued 10 new Compliance & Disclosure Interpretations (C&DIs) relating to the pay-versus-performance (PVP) disclosure rules adopted last year. Question 118.08 September 27, 2023] Question 128D.14 Answer: Yes.

Compliance 40

Compliance Equity Marketability Corporate Finance 40

Reynolds Holding

FEBRUARY 26, 2023

The Adani Group and Activists On January 24, financial research firm Hindenburg Research published findings of a two-year investigation that found evidence of stock manipulation and accounting fraud at the $218-billion Indian conglomerate Adani Group over the course of decades. 13] [14] That did not move the Indian stock exchanges.

Banking 111

Banking Marketability Market Capitalization Finance 111

Reynolds Holding

JUNE 4, 2023

In a decision on “enhanced scrutiny” under Unocal Corp. Further, despite there being a fully informed stockholder vote on the business combination, the court declined to find the board actions cleansed (and, accordingly, did not subject the board’s actions to the deferential “business judgment rule”) under Corwin v.

Marketability 40

Marketability 40

Reynolds Holding

MAY 4, 2023

And well-run companies become good stocks to own.” [5] In July, 2017, the stock of NYSE-traded Tahoe Resources dropped 33 percent when the Supreme Court of Guatemala suspended its license to operate the world’s third-largest silver mine. [14] 5] The motive here is not mixed; it is pecuniary. 3°C by 2100. [25]

Systematic Risk 117

Systematic Risk Finance Marketability Equity 117

Chris Mercer

MAY 19, 2023

This post was originally written for Mercer Capital’s Family Business Director Blog and offered advice to family business directors based on my observations following the failure of Silicon Valley Bank on March 10, 2023. But money is all green. On October 1, 2011, the common stock of SIVB, SVB’s parent, peaked at $717 per share.

Banking 98

Banking Treasury Start-ups Marketability 98

Reynolds Holding

MARCH 21, 2023

Panuwat (a recent case in which the head of business development at a pharmaceutical company traded in the stocks of a competitor) has reinvigorated the debate on the consequences of shadow trading and the extent to which it ought to be regulated. The other project is safe and would result in a relatively small increase in the stock price.

Marketability 105

Marketability 105

Benzinga

APRIL 22, 2024

Under the terms of the Agreement, GMIN and RGD shareholders will receive common shares of a newly formed company (the " New GMIN ") equivalent to RGD shareholders being issued 0.285 GMIN common shares for each RGD common share. La Mancha also intends to purchase up to an additional US$10 million of GMIN shares in the open market.

Equity Financing 40

Equity Financing Start-ups Equity Finance 40

Reynolds Holding

JULY 17, 2023

The opinion answered the first question by analyzing the term “investment contract” found throughout the securities laws under the Howey doctrine. [1] If I buy Apple stock on the NASDAQ, it is still a security even though I have not entered into a contract with Apple and none of my funds go directly to Apple. Howey Co. ,

Finance 98

Finance Marketability 98

Reynolds Holding

MAY 25, 2023

They provide everyday investors diversification and lower costs than buying individual stocks or bonds. 10] When I started on Wall Street, it was less than 6 percent of households. [11] 10] When I started on Wall Street, it was less than 6 percent of households. [11] Money market funds came about in the early 1970s. [12]

Banking 40

Banking Treasury Marketability Start-ups 40

Musings on Markets

NOVEMBER 9, 2021

While these valuations led me to different assessments of value, there were common themes across time: At its core, Tesla has been an automobile company : In my 2016 post on Tesla , I described it as the ultimate story stock, driven less by news about its most recent financial performance, and more by news that alters its story trajectory.

Start-ups 99

Start-ups Dividends Marketability Market Capitalization 99

Brian DeChesare

NOVEMBER 16, 2022

It’s the biggest financial scandal since Bernie Madoff in 2008, and if you haven’t been living under a rock, you’ve read about it by now. And if you have been living under a rock, here’s a good 99-second summary. Based on these numbers, it seems highly unlikely that FTX customers will recover much of their money.

Start-ups 52

Start-ups Banking Finance Technology 52

Reynolds Holding

MARCH 24, 2024

The basic bargain that President Franklin Roosevelt and Congress laid out 90 years ago was that investors get to decide which risks to take so long as those companies raising money from the public make what Roosevelt called, “complete and truthful disclosure.” 7] A mandatory disclosure-based regime helps protect investors.

Marketability 45

Marketability Market Risk Compliance Start-ups 45

Reynolds Holding

NOVEMBER 28, 2022

Supporters of “crypto inclusion” envision crypto trading flourishing under the imprimatur of financial regulators empowered to police markets for improper activities. Gamblers bring money – fiat currency – into a casino or online gambling game, wager on outcomes, and convert the winnings or losings back into money.

Finance 145

Finance Banking Marketability Treasury 145

Reynolds Holding

SEPTEMBER 9, 2022

The Securities Act of 1933 was about companies raising money from the public. They understood that, when advisers manage someone else’s money, there may be additional opportunities for conflicts of interest between those advisers and clients. Congress knew the job still wasn’t done. Crypto Tokens.

Marketability 49

Marketability Compliance Start-ups Banking 49

Farrel Fritz

MAY 8, 2023

First, there’s the buy-out appraisal under Business Corporation Law § 1118 triggered by a minority shareholder’s petition for judicial dissolution. Statutory fair value appraisal proceedings in New York come in two flavors.

Appraisal 52

Appraisal Marketability Equity 52

Musings on Markets

JANUARY 19, 2022

In a post at the start of 2021 , I argued that while stocks entered the year at elevated levels, especially on historic metrics (such as PE ratios), they were priced to deliver reasonable returns, relative to very low risk free rates (with the treasury bond rate at 0.93% at the start of 2021).

Risk Premium 80

Risk Premium Risk-free Rate Start-ups Equity 80

Reynolds Holding

APRIL 4, 2022

BlockFi agreed to attempt to bring its business into compliance with the Investment Company Act, and its parent company announced that it intends to register under the Securities Act of 1933 the offer and sale of a new lending product. Even fewer, if any, are actually operating like money. Stablecoins.

Marketability 65

Marketability Banking Start-ups Compliance 65

Brian DeChesare

MAY 11, 2022

And if you have more than 3 – 5 years of pre-MBA full-time work experience and then do an MBA , it will become difficult to win an Associate-level role (most are under the age of 30 , but the upper limit is probably closer to 35 ). You also need to take orders from crazy and deranged people above you without questioning them.

Banking 98

Banking Start-ups Finance Private Equity Firm 98

Cooley M&A

JULY 20, 2023

The facts Following a period of poor performance and speculation of activist interest, Limelight Network entered into a stock-for-stock combination with the owners of Edgecast to create Edgio. Limelight issued stock amounting to a 35% ownership stake of Edgio to College Parent (Edgecast’s parent).

Equity 52

Equity Marketability 52

Erik A. Lopez

OCTOBER 3, 2015

These may arise under applicable stock exchange listing rules, federal securities laws, state fiduciary duty and proxy requirements as well as antitrust law and other regulatory regimes. Today, we’ll address the most common of these disclosure obligations: those arising under the Form 8-K Current Report.

Compliance 52

Compliance Finance 52

Cooley M&A

FEBRUARY 7, 2023

This post highlights 10 key trends that shaped global M&A market activity in 2022 – and will likely continue to impact deals into 2023. We expect this trend to continue in 2023, particularly in leading-edge technologies such as artificial intelligence.

Finance 59

Finance Start-ups Marketability Banking 59

Reynolds Holding

JANUARY 25, 2023

At first, this difference did not seem to matter as, either way, it looked like a misappropriation of information from the source under the O’Hagan case. [2] 2] Second, the jury actually acquitted the defendants of the Rule 10b-5 violations but convicted them on the wire fraud and other charges, including securities fraud under 18 U.S.C.

Dividends 59

Dividends 59

Cooley M&A

NOVEMBER 20, 2023

Companies listed on Nasdaq or the New York Stock Exchange generally are required to seek stockholder approval of equity compensation plans, adding another layer of complexity for a buyer looking to use shares as consideration and go-forward retention. Shares may be used for post-transaction grants under the preexisting plan or another plan.

Marketability 52

Marketability Equity Finance 52

Reynolds Holding

OCTOBER 27, 2022

Nor did Congress, in adopting this provision, prohibit us from using our exemptive authority under Section 36 of the Ex[link] Act, which allows the Commission to tailor the implementing regulations if doing so is “necessary or appropriate in the public interest, and is consistent with the protection of investors.” [2] a) of Form 8-K.” [5].

Total Shareholder Return 45

Total Shareholder Return Compliance Corporate Finance Banking 45

ABI

JANUARY 16, 2020

Under section 1123(a)(4) of title 11 of the United States Code (the “Bankruptcy Code”), a reorganization plan should provide equal treatment for each claim of a particular class, unless the claim holder specifically agrees to less favorable treatment. [1] billion in new money. [4] billion in new money. [4] By: Morgan C.

Equity 40

Equity Banking 40

Reynolds Holding

MAY 9, 2022

government raised money from the public through “Liberty Bonds,” marketed on posters featuring Uncle Sam. Third, there should be additional laws and rules for individuals and companies that managed other people’s money. Fundamentally, finance is about the pricing and allocation of risk and money in our economy.

Marketability 45

Marketability Treasury Start-ups Banking 45

Musings on Markets

JULY 14, 2021

It took the Great Depression for the New York Stock Exchange to wake up to the need for improved and standardized disclosure requirements, and for the government to create a regulatory body, the Securities and Exchange Commission (SEC).

Start-ups 52

Start-ups Marketability 52

Reynolds Holding

DECEMBER 17, 2023

Congress could have said in 1933 or in 1934 that the securities laws applied only to stocks and bonds. Howey Co. , [2] an investment contract exists when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.

Marketability 45

Marketability Compliance Technology Finance 45

Reynolds Holding

MARCH 6, 2024

Investors get to decide which risks they want to take so long as companies raising money from the public make what President Franklin Roosevelt called “complete and truthful disclosure.” 2] We did so in 1980 when the agency adopted Management’s Discussion and Analysis (MD&A) sections in Form 10-K. [3] 11] See, e.g., E.

Compliance 45

Compliance Corporate Finance Finance Marketability 45

Appraisal Rights

SEPTEMBER 9, 2021

SPAC sponsors generally raise money in IPOs for future acquisitions of other private companies. Because finding acquisition targets can take time (typically two years), the cash raised (typically $10 per share) is held in a trust while the sponsors search for a target.

Fair Market Value 40

Fair Market Value Start-ups Equity Marketability 40

Reynolds Holding

SEPTEMBER 12, 2023

At this remarkable agency, we serve investors building for a better future and issuers raising money to fund innovation, while overseeing the $100 trillion capital markets where they meet. There were also items exercising new authorities granted under Dodd-Frank. The core principles of U.S.

Banking 40

Banking Treasury Marketability Equity 40

Brian DeChesare

JANUARY 31, 2024

They might have separate teams for specific strategies or markets, but everything is run under a single Profit & Loss statement (P&L). 10 – 15 positions rather than 100+). Think: “Hundreds of millions in AUM up to a few billion” – a lot of money, but tiny by the standards of the largest hedge funds and asset managers.

Start-ups 59

Start-ups Equity Marketability Banking 59

Reynolds Holding

APRIL 26, 2022

The nightly news is more likely to focus on stocks. Fixed income markets, particularly government securities, money markets, and repurchase agreements (“repos”), are integral to how central banks around the globe administer monetary policy. government and as taxpayers, raise money: We are the issuer. and around the world.

Marketability 45

Marketability Treasury Banking Compliance 45

Farrel Fritz

SEPTEMBER 5, 2023

Defendant Jossef Kahlon operated TJM, which purchased and sold penny stocks. The caller advised him that Kahlon sold the Texas property from TJM to Project Verte for $10 million. Kahlon acknowledged that TJM received $10 million, but he alleged that the payment was for “brokering the land and not for selling the land.”

Start-ups 52

Start-ups 52

ThomsonReuters

AUGUST 2, 2021

under the Private Securities Litigation Reform Act of 1995 (PSLRA). . SPAC shells, which have no operations of their own, are generally formed by a group of investors called sponsors, who raise money from other investors. Units of a SPAC’s IPO are registered under the Securities Act on?a Warrants are covered under?FASB

Corporate Finance 52

Corporate Finance Equity Finance Compliance 52