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An arbitration by any other name…

When entering into a contract, parties need to know that they could be agreeing to arbitration without knowing it. A New York federal court recently held that the parties’ agreement to utilize a third-party appraisal procedure in the event of a dispute entitles the successful party to exercise important enforcement rights relating to arbitration, even…

Client Alerts | April 30, 2014

Changes to NY Trust & Estate Tax Treatment

In February we alerted you that Governor Cuomo’s budget bill proposed important changes to the New York estate tax and the New York income taxation of certain trusts. The changes just enacted, described below, were scaled back from the original proposals, though still represent significant and important changes. Estate Tax Exclusion. The New York estate…

Client Alerts | April 8, 2014 | Estate Planning and Administration

Analyst Indicted for Stealing Hedge Fund Trading Data

The New York County District Attorney’s Office recently announced the indictment of a former analyst with a New York City hedge fund alleging that the analyst illegally accessed and duplicated proprietary and highly confidential information relating to the firm’s trading methods. The analyst is charged with multiple counts of Unlawful Use of Secret Scientific Material,…

Client Alerts | April 1, 2014 | Hedge Funds

FATCA Extension Announced

The IRS has just announced that the April 25th deadline for fund managers to register their offshore funds and offshore master funds with the IRS and obtain Global Intermediary Identification Numbers (“GIINs”) has been extended to May 5th. Obtaining a GIIN by May 5, 2014, will allow a fund to avoid withholding under FATCA. IRS…

Client Alerts | March 31, 2014 | Hedge Funds

–FATCA– What Hedge Fund Managers Need To Do Now

Most hedge fund managers, understandably, have held off doing heavy lifting regarding FATCA in anticipation of guidance to be issued and forms to be finalized (and possibly holding out hope that FATCA would be delayed for another 6 months or even repealed). At this point, hedge fund managers that manage offshore funds need to take…

Client Alerts | February 28, 2014 | Hedge Funds

Hedge Funds – Tax Issues and Planning to Consider Before Year-End

This annual newsletter briefly highlights certain tax issues and planning that hedge fund managers should consider (or reconsider) before year-end. Tax rates are scheduled to remain the same in 2014. FATCA compliance deadlines are beginning to approach (unless they are further delayed) and net investment income tax final regulations were just issued. Federal Income Tax…

Client Alerts | December 4, 2013 | Hedge Funds

Taint Necessarily So: Third Circuit Holds that Taint Travels with Claim

A new decision by the Third Circuit Court of Appeals, In re KB Toys, Inc., may strongly influence the debate regarding whether a bankruptcy claim transferred on the secondary market is subject to disallowance based on acts of the original holder of the claim. As discussed in our prior alert, KB Toys concerned from objections…

Client Alerts | November 21, 2013

Managers and Managing Members of Delaware LLCs May Face Default Fiduciary Duty Risks

Delaware amended Section 18-1104 of its Limited Liability Company Act (the “LLCA”) such that the managers and managing members of a limited liability company automatically owe fiduciary duties to the limited liability company and its members, unless the operating agreement expressly states otherwise. This change creates an impetus for managers and controlling members to check…

Client Alerts | September 2, 2013 | Securities and Corporate Finance