June 11, 2021

Subchapter V Bankruptcy Cases: Recent Developments

By: Mark Haut, Practical Guidance This article provides an update on several developments that have occurred since the Small Business Reorganization Act of 2019 (SBRA) became effective on February 19, 2020. The SBRA created a new bankruptcy option under Chapter 11, known as Subchapter V, which allows small business debtors to address their outstanding liabilities in a fast and efficient, modified Chapter 11 proceeding...

June 10, 2021

The Courts Have Spoken: Lessons of the Covid-19 Force Majeure Cases

By: Timothy Murray, Murray, Hogue and Lannis The majestic New York State Supreme Court Building in Lower Manhattan has stood in regal watch over the tumult of the past century, a silent witness to every shade of humanity—from the disgraced movie mogul Harvey Weinstein, who was convicted there in 2020, to the revered jurist Benjamin Cardozo, who attended its dedication in 1927. IT HAS BEEN A CRITICAL PLAYER IN...

June 10, 2021

Cannabis Legalization and the Insurance Industry

By: Christy Thiems , American Property Casualty Insurance Association This article discusses the impact of cannabis legalization on the insurance industry. Disparate state laws on both medical and recreational use, federal issues such as classification/scheduling of cannabis and the evolving nature of federal enforcement of drug laws, and the conflicting interplay between state and federal cannabis laws are discussed...

June 10, 2021

Receivership in Real Estate Transactions

By: Richard P. Ormond, Buchalter PC This article provides an overview of receivership in real estate transactions. It discusses the legal basis for receivership, the role and powers of a receiver, the process of appointing a receiver, and the benefits of receivership over potential alternatives. It also includes guidance for lenders and secured creditors when seeking the appointment of a receiver and reviewing an appointment...

June 10, 2021

Cannabidiol (CBD) Regulatory Landscape and Enforcement Risks

By: Cori Annapolen Goldberg , Adam Brownrout , and Sung Park , Reed Smith LLP This article provides an overview of the federal and state agencies regulating hemp and cannabidiol (CBD) products, as well as an overview of current federal and state regulations and requirements for the marketing and sale of CBD products. Federal Legalization of Industrial Hemp and CBD Prior to 2018, industrial hemp and industrial hemp...

June 09, 2021

Third Circuit Scuttles Triangular Setoff in Bankruptcy

By: Charles M. Oellermann and Mark G. Douglas , Jones Day This article discusses a recent decision in the U.S. Court of Appeals for the Third Circuit addressing whether triangular setoff is permissible in bankruptcy. THE ABILITY OF A CREDITOR TO EXERCISE ITS CONTRACTUAL , common-law, or statutory rights under non-bankruptcy law to set off amounts owed to a debtor in bankruptcy against the debtor’s obligations...

June 09, 2021

FCA Announcement May Trigger LIBOR Cessation Benchmark

By: The Practical Guidance Finance Team The UK Financial Conduct Authority (FCA) has formally set the dates by which panel banks will no longer report on tenors of the London Interbank Offered Rate (LIBOR). These are the final dates the FCA will regulate LIBOR and the ICE Benchmark Administration (IBA) will publish LIBOR. If these dates remain unchanged, then all 35 tenors of LIBOR will cease after June 30, 2023. This...

June 08, 2021

Energy Policies Lead to Texas Power Crisis

By: Cameron Kinvig , Practical Guidance Extreme winter weather and poor statewide energy policies recently caused an enormous public health and safety crisis in Texas. This article analyzes what went wrong with Texas' energy infrastructure during Winter Storm Uri, including failures in natural gas generation, production, transportation, and storage; the failure of power producers to properly winterize natural gas...

February 26, 2021

Takeaway From One of the “Biggest Blunders in Banking History”: Get Payment Notices in Order

By: H. Gregory Baker and Rachel Maimin , Lowenstein Sandler LLP Often–at least in the legal field–a good-faith mistake can be reversed. A privileged document is inadvertently produced in discovery; it can be clawed back. An email to the team is accidentally sent to opposing counsel; professional courtesy generally means that the recipient will destroy the email without reading it. Evidently, not so under...

February 25, 2021

The "New and Improved" Paycheck Protection Program

By: Steven J. Dickinson, Robert K. Magovern, and James F. Van Orden , Cozen O’Connor The omnibus budget act signed by President Trump on December 27 reinstituted the Paycheck Protection Program (PPP), with significant changes. The act allows new borrowers to receive PPP loans and some existing borrowers to receive additional PPP funding. It also restores the tax deduction for expenses paid with PPP loan proceeds...

February 24, 2021

The Consolidated Appropriations Act, 2020 H.R. 133: An Analysis

By: The Practical Guidance Tax Team This article discusses the Consolidated Appropriations Act (the Act), passed by the House and Senate on December 21, 2020, and signed by President Trump on December 27, 2020. The Act pairs a roughly $900 billion novel coronavirus relief bill with a $1.4 trillion omnibus appropriations package to fund the government through September 30, 2021, the end of the fiscal year. The Act provides...

February 24, 2021

Impact of Biden-Harris Administration on Financial Regulation

By: Amy J. Greer and A. Valerie Mirko , Baker & Mckenzie LLP This article discusses the change in the U.S. presidential administration, including its impact on financial regulation generally and the U.S. Securities and Exchange Commission (SEC) specifically. This article addresses transition matters and timelines for new leadership as well as the potential impact of the Biden-Harris Administration's priorities...

February 24, 2021

Survey of Commercial Lease Terms Reveals Ongoing COVID-19 Implications

By: Kim Seib , Sara Kolb , and Rebecca Calzontzi , Practical Guidance Real Estate Team This article uses survey results and graphics collected from the Practical Guidance Survey of Commercial Lease Terms to explore commercial leasing trends and the impact of COVID-19 on the commercial leasing market. Click here to take the survey and gain access to the latest market standards for more than 40 leasing deal points. ...

February 23, 2021

COVID-19 Vaccination: Key Employment Law Issues

By: Colin Barnacle , Nelson Mullins This article provides practical guidance to employers in connection with the coronavirus (COVID-19) vaccine, including whether an employer may require its workforce to be vaccinated for COVID-19 and whether employees can properly avoid being vaccinated. In August 2020, Gallup Inc. released a survey 1 reporting that 35% of Americans intended to refuse any COVID-19 vaccine approved...

February 23, 2021

Coronavirus (COVID-19) Vaccine Policy

By: Lexis Practice Advisor Labor & Employment Team Introduction The purpose of this policy is to minimize transmission of the coronavirus (COVID-19) virus in the workplace by providing protection to employees and thus preventing transmission to members of the community. Drafting Note to Introduction Coronavirus (COVID-19) vaccination has been found to be both safe and effective in reducing the risk of transmission...

February 23, 2021

Declination of Coronavirus (COVID-19) Vaccination for Medical Contraindication

Introduction Coronavirus (COVID-19) vaccination is a condition of employment for all workers. Depending on the type of vaccination offered, specific medical contraindications may exist for certain individuals. The Company will only accept evidence-based medical contraindication against coronavirus (COVID-19) vaccination confirmed by a licensed healthcare provider as a medical exception to the mandatory coronavirus ...

February 23, 2021

LexisNexis Joins in Efforts to Support Rule of Law During Pandemic, Racial Activism

The COVID-19 pandemic and allegations of systemic racism have enhanced the need for efforts to uphold the rule of law, both in the United States and abroad. LexisNexis has paired with several organizations to address emerging issues related to the pandemic and calls for racial equality. A nationwide lockdown imposed in response to the COVID-19 crisis in Malaysia created difficulty for members of the legal community...

February 23, 2021

Case Alert: Chapter 11 Exit Financing Ruling—Section 364 Does Not Apply

By: Daniel J. Merrett and Mark G. Douglas , Jones Day This article discusses a recent U.S. Court of Appeals for the Tenth Circuit bankruptcy appellate panel (BAP) decision on whether Section 364(d)(1) of the Bankruptcy Code 1 could be used to approve Chapter 11 plan exit financing that primed the liens of an existing secured lender. The ability of a bankruptcy trustee or Chapter 11 debtor in possession (DIP) to obtain...

February 23, 2021

Avoiding False Claims Act Risks Relating to Federal Funding for Coronavirus (COVID-19) Relief

By: Matthew D. Jenkins , Hunton Andrews Kurth LLP This article provides an overview of compliance obligations and federal False Claims Act (FCA) risks to healthcare and life sciences companies arising out of three funding streams made available in response to the COVID-19 pandemic: (1) Medicare’s Advance Payment Program, (2) the Provider Relief Fund, and (3) the Paycheck Protection Program. False Claims Act...

February 22, 2021

DOL’S Final ERISA Proxy Voting Rule Largely Changed to Principles-Based Approach

By: Michael B. Richman , Julie K. Stapel , Craig A. Bitman , Lindsay B. Jackson , Daniel R. Kleinman , and Natalie R. Wengroff , Morgan, Lewis & Bockius LLP The U.S. Department of Labor (DOL) has released its final rule on the application of the Employee Retirement Income Security Act (ERISA) fiduciary duties—specifically the duties of prudence and loyalty—to proxy voting and the exercise of shareholder...

October 22, 2020

Data Visualization and Integration Accelerate Attorney Efficiency

Q&A with Daniel Lewis, V.P. Practical Guidance & Analytical Content, LexisNexis Q&A with Daniel Lewis Interview with Daniel Lewis , V.P. Practical Guidance & Analytical Content, LexisNexis It’s Friday afternoon and a client calls about a potential merger, or a partner asks for extensive due diligence research. Kiss your weekend goodbye and settle in for endless hours of research. On top of...

October 21, 2020

A Surge of SPACs in a Turbulent Economic Climate

By: Mollie Duckworth , Jonathan Gordon , John Kaercher , Carina Antweil , and Michael Portillo , Baker Botts LLP Special purpose acquisition companies (SPACs), so called blank-check companies, are experiencing a resurgence in the current turbulent economic climate. SPACs are entities formed to raise capital through an initial public offering (IPO) for the purpose of taking an existing (but yet to be identified) private...

October 20, 2020

Summary Judgment: Making the Motion (NY)

By: Randi-Lynn Smallheer , Practical Guidance This article is for attorneys making a motion for summary judgment in New York state court under Rule 3212 of the Civil Practice Law and Rules . It provides an overview of summary judgment and addresses the summary judgment standard, motion deadlines, types of cases for which summary judgment is and is not favored, what evidence to submit with the motion, the trial court's...

October 20, 2020

Market Trends: Representations and Warranties Insurance

By: the Practical Guidance Attorney Team This article discusses trends in provisions relating to representations and warranties (R&W) insurance in acquisition agreements for transactions announced in the first half of 2020 as compared to transactions announced in the first half of 2019. THE ITEMS DISCUSSED INCLUDE THE PREVALENCE OF representations and warranties insurance generally, which party pays the policy...

October 20, 2020

What Happens When LIBOR Ends?

By: Jason Amster , Practical Guidance This article describes how you should proceed when your client calls and asks what happens to their loan documents after the pending cessation of London Interbank Offered Rate (LIBOR) at the end of 2021. LENDER AND BORROWER CLIENTS WITH CREDIT AGREEMENTS that extend past that date and borrowers entering into new financings are asking their lawyers how their financings address...