Analysis: AMR bankruptcy clouds Boeing jet order
November 29, 2011 -- Reuters
Stephen Selbst says American Airlines' $40 billion order for new jets might be imperiled by the airlines' filing for Chapter 11 protection. The bulk of the order went to Boeing, with Airbus getting a smaller slice. Stephen says that American may want to shrink its overall operation -- including the size of its fleet -- which could shrink the size of its order or at least cause the airline to re-trade the contract with Boeing. In the meantime, he says, American's fleet is among the least fuel-efficient in the industry. And he questions whether a bankruptcy judge will authorize a major purchase before the airline files a formal reorganization plan.
Regulators Eye Chinese Wall for Reverse Mergers
September 13, 2011 -- Compliance Week
Irwin Kishner notes that the major stock exchanges' regulations regarding companies that want to go public in the U.S. via a reverse merger are attributable to some highly publicized frauds and collapses of share prices among Chinese companies that employed reverse mergers. The major exchanges now require companies that want to go public via reverse mergers to to file annual reports with the SEC, list for at least a year on a regulated exchange and maintain a minimum share price.
Entergy Louisiana chalks up another securitization deal
July 11, 2011 -- SNL Energy Finance Daily
In the wake of a Louisiana company's plan to issue $200 million in securitized bonds to recover costs it incurred when a power plant project was canceled, Mahendra Churaman decries investors' fears regarding ratepayer-backed securities. He says they have been unfairly blemished by subprime mortgage-backed securitized bonds. He points out that ratepayer-backed securities are bonds backed by millions of customers who consume an essential necessity, making them a nearly sure bet for investors and a good deal for issuers as well.
SEC order against Hackensack company is rare
March 2, 2011 -- The Record
Louis Goldberg says the SEC's denial of a New Jersey company's request to withdraw its plans to conduct an initial public offering can be due to a variety of reasons: an inquiry by its enforcement division, adverse financial issues, or a company's attempts to sell shares privately. Whatever the reason, he says, the denial will complicate any effort by Wave2Wave to raise capital in private or public markets.
Facebook's Private Days Numbered
January 7, 2011 -- Investor's Business Daily
Stephen Fox points out the irony that Facebook's business model encourages sharing of information over personal privacy, while its corporate model puts a premium on keeping its financials close to the vest. Stephen made his remarks in an article about the Goldman Sachs investment in Facebook and the question of whether Facebook will be able to remain a private company for long.
Company that owns Charlie Brown's steakhouse files for bankruptcy
November 19, 2010
Gary Young tells New Jersey's largest newspaper that unsecured creditors -- including vendors and holders of gift cards -- will probably come away with nothing, even if the restaurant chain's parent company emerges from protection. Gary, whose clientele includes restaurants and who is longtime counsel to the New Jersey Restaurant Association, also notes that the Chapter 11 filing will stay a wage-and-hour class action in which the company is a defendant.
A market test for renewable energy
September 23, 2010 -- European Energy Review
Mahendra Churaman examines the prospects for an IPO planned by the Italian utility company Enel and expresses skepticism regarding the share price. The overall spottiness in the IPO market and Enel's insistence on offering the shares now leads him to predict that investors will want to perceive a discounted price for the shares.
June 2010 -- Connections (Newark Regional Business Partnership's newsletter)
Ed Stevenson describes how law firms must tailor their services for not-for-profits, keeping in mind cost-containment and the fact that foundations and charities tend to mesh cause-driven passion with business sense. Because philanthopic giving tends to lag behind overall economic rebounds, he predicts that for-profit businesses will probably see an upturn more quickly than their not-for-profit counterparts.
Where is the money? In the new world of financing, it's all about who you know
February 8, 2010 -- Crain's New York Business
Ed Stevenson says companies considering hiring consultant to help raise capital should check a prospect's last five or 10 clients -- not just the handpicked few success stories that prospects inevitably offer -- and emphasize success billing rather than high monthly retainers.
Amazon could pay for Kindle sales coyness
December 31, 2009 -- Reuters
Stephen Fox says that public companies need not report product-specific revenues unless those revenues comprise such a significant portion of overall earnings that they are "material." He notes that there is no bright line rule on when companies must report product-specific revenues, but that the size of those earnings -- relative to overall earnings -- is one significant factor in determining materiality.
CIT Expects Loss of $1.5 Billion, May Seek Bankruptcy
July 21, 2009 -- Bloomberg News
CIT's acknowledgement in regulatory filings that it might have to seek bankruptcy protection despite an agreement with bondholders is to be expected because of securities regulations and concerns on the part of analysts, Rick Morris tells Bloomberg.
Dropping home values crunch credit lines
July 8, 2009 -- CNNMoney.com
Owners of small businesses should not tap into their 401(k) or other retirement accounts to fund their operations, Paul Gregory says in a story about how diminished home values have cut back on the ability of entrepreneurs to use their home equity to fuel their businesses.
So You Want to Start a Tech Business
June 24, 2009 -- E-Commerce Times
Owners of tech start-ups should use their attorneys, accountants, bankers and financial advisors as conduits to equity and debt investment by angel and venture capital funds, Ed Stevenson says. Ed, chair of our venture capital and emerging growth company practice group, also suggests that owners join groups and associations that bring together investors and tech start-ups that need investment dollars.
Think Global, Stay Local: Working From Home
October 2008 -- American Lawyer
This feature includes Herrick as one of the most prominent American law firms doing significant international legal work without having offices overseas. It mentions our insurance and reinsurance work in the U.K., France and Germany; Japanese corporate practice; and international art practice.
A Look Inside the IPO Boom
July 31, 2007 -- Business Finance
Irwin Kishner is quoted on the on the flood of initial public offerings that began in 2006.
A Look at the Latest Mergers
July 3, 2007 -- CNBC
Dan Etna, in a live network appearance, discusses the landscape for mergers and acquisitions -- what factors are driving them, and what factors are stifling them.
IMG: Company Not Up For Sale
April 23, 2007 -- Sports Business Journal
Irwin Kishner is quoted on private equity's role in the professional sports industry.