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The Trustee Strikes Back: Greektown Decision May Limit Safe Harbor Defenses

A recent decision from a Michigan bankruptcy court shows potential limits to Safe Harbor defenses to clawback actions and may provide new hope to trustees and other clawback plaintiffs that seek to push back against defendant-friendly decisions in the Second Circuit. The decision, In re Greektown Holdings, LLC, highlights the importance of appropriately and carefully…

Client Alerts | December 8, 2020 | Creditors’ Rights and Bankruptcy Litigation

IBOR Transition – IBA Announces Plan For Key USD LIBOR Tenors Beyond 2021

The ICE Benchmark Administration (“IBA”) announced earlier this week that it will consult on its intention to extend publication of the overnight and one-, three-, six-, and 12-month USD LIBOR rates until June 30, 2023. The June 2023 extension, however, applies only to legacy contracts—no new USD LIBOR contracts will be permitted after 2021.1 The…

Client Alerts | December 3, 2020 | Commercial and Corporate Litigation | Derivatives | Hedge Funds | Risk Management

Kleinberg Kaplan Partners Philip S. Gross and Maurice Collada III Featured in S&P Global Intelligence

Philip S. Gross, partner and chair of Kleinberg Kaplan’s Tax Department, and Maurice Collada III, Private Equity and Hedge Funds partner, are featured in an S&P Global Intelligence article. In “Biden’s proposed tax plans could hit private equity in the pocket,” Phil and Maurice shared their thoughts on the concerns surrounding the possible tax increases…

Firm News | December 3, 2020 | High Net Worth Individual Planning | Private Equity Funds | Hedge Funds

Kleinberg Kaplan Partner Christopher P. Davis Discusses Nasdaq’s Proposed Diversity Rule with The Wall Street Journal, Law360, CFO.com, Corporate Counsel

Christopher P. Davis, chair of Kleinberg Kaplan’s Investor Activism practice, spoke with The Wall Street Journal on a brand new proposed rule by Nasdaq on board diversity, calling for listed companies to include women and people of diverse racial identities or sexual orientation on their boards – or explain why not. In the article, “The…

Firm News | December 2, 2020 | Investor Activism

15 Kleinberg Kaplan Attorneys Named as 2020 Super Lawyers or Rising Stars

We are pleased to announce that 15 of the firm’s attorneys were selected for inclusion in the 2020 edition of Super Lawyers®, a national legal ranking. Attorneys were nominated by their peers and recognized for their outstanding professional achievement in several legal practice areas including business/corporate, business litigation, estate & probate, mergers & acquisitions, real estate,…

Firm News | November 17, 2020 | Litigation | Securities and Corporate Finance | Mergers & Acquisitions | Transactional | Estate Planning and Administration | Leasing | Acquisitions and Sales | Development | Securities Litigation | Structured Finance & Derivatives Litigation

Kleinberg Kaplan Partners Matthew Gold, Dov Kleiner and Michael Levine Published in Pratt’s Journal of Bankruptcy Law

A recent client alert written by Kleinberg Kaplan partners Matthew Gold, Dov Kleiner and Michael Levine has been re-published in the November/December edition of Pratt’s Journal of Bankruptcy Law. The article, “New York Court Adopts Majority ‘Taint Travels’ Rule” highlights the Firestar Diamond, Inc. decision by the New York Bankruptcy Court which is the latest…

Attorney Articles | November 11, 2020 | Creditors’ Rights and Bankruptcy Litigation

Tax Issues and Planning to Consider Before Year-End 2020

November 2020 This annual newsletter briefly highlights certain tax issues and planning that hedge fund managers (and other high-net-worth individuals) should consider (or reconsider) before year-end. Although year-end tax planning is always important, the potential increase in tax rates in 2021 makes it even more important this year-end. The election may be over, but uncertainty…

Client Alerts | November 10, 2020 | Business Advice and Planning | High Net Worth Individual Planning | Hedge Funds | Private Equity Funds | Planning for Fund Managers

SEC Expands the Definition of Accredited Investors: Action Required

On August 26, 2020, the Securities and Exchange Commission (the “SEC”) adopted previously proposed amendments (the “Amendments”) that expand the definition of “accredited investor” (or “AI”) applicable to private placements under Regulation D, and the definition of “qualified institutional buyer” (or “QIB”) under Rule 144A, each under the Securities Act of 1933, as amended (the…

Client Alerts | November 9, 2020 | Investment Management | Securities and Corporate Finance