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The Quality of Earnings Information in Dual-Class Firms

Harvard Corporate Governance

When Google went public with a dual-class capital structure in which shares owned by the founders confer greater voting rights than shares issued to public investors, its cofounders, Larry Page and Sergey Brin, sent shareholders a letter promising to provide them with high-quality information about the company.

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How to Avoid Chapter 22 in Restructuring Work for Energy Companies

Value Scope

The challenges and complexities of energy markets make reorganization plans hard to properly formulate. The challenge for counsel and financial advisors has to with the often-severe price volatility common to oil and gas markets. It came out of Chapter 11 in 2017 with nearly $3 billion in new debt. Simulation Models.

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Del. Supreme Ct. Arguments Go Over Operative Reality, Expert Credibility, and Standard of Review

Appraisal Rights

Some key questions asked and argued were: Of relevance to private company investors: what is the standard of review appropriate when there is no market evidence for an appraisal fight, and the Court is forced to decide between a ‘battle of the experts’?

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Leveraged Buyouts

Andrew Stolz

As per Macabacus (2018), the typical credit statistics can be (those can change with market conditions): Total Debt / EBITDA 4.5x -5.5. and 3% of the committed capital. The usual market practice is 2% of the committed capital. Exit Strategies.

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Do Hostile Restructurings Mean a New Identity for the “Official Committee” in Bankruptcies?

Reynolds Holding

7] Neiman Marcus was no different – in 2017, it transferred its crown jewel asset into a subsidiary that would be out of reach of creditors if the company eventually filed for bankruptcy. [8] 18] Certain features of modern-day distressed capital structures exacerbate this problem. 295 (2012); see also Thomas C. 165 (2008). [16]

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Beyond the Twilight Zone: The Restructuring and Resurrection of Zombie Firms

Reynolds Holding

These companies would probably have gone bankrupt without the forbearance of banks or regulators or other types of government or lender support, but their rise reduces economic productivity, limits healthy firms’ growth, and deters the creation of new firms (Caballero et al, 2008; McGowan, Andrews, and Millot, 2017). REFERENCES. Andrews, D.,

Banking 45
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SEC Commissioner Speaks on IPOs and the Rise of SPACs

Reynolds Holding

I cannot emphasize enough how important discussions such as today’s are – thinking through some of the most pressing questions in our markets. But nothing takes place in a vacuum, and the meteoric rise in SPACs and the Commission’s proposed rulemaking must be considered in the context of changes in both the public and private markets.