MAGAZINE

December 2015 Issue

Financier Worldwide Magazine


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COVER STORY

SPAC for good?

Having previously disappeared into the folder marked ‘Inactive’ in the years following the 2007/08 financial crisis, the special purpose acquisition company (SPAC) collective investment structure has now returned to add...

 

FEATURES

Zombie private equity firms

Though a true zombie apocalypse is unlikely, zombies of a different sort have disturbed the sleep of private equity (PE) professionals in recent years. Indeed, ‘zombie’ private equity funds are becoming a genuine concern for...

Initial impact of the Volcker Rule

The Dodd-Frank financial reforms have been on the radar of firms in the financial services industry for years. However, one of the most important and divisive components – the Volcker Rule – has only just come into...

Washing away – ‘carwash’ scandal in Brazil

Latin America has long had a problem with bribery and corruption. For companies operating in the region, corporate malfeasance has been a major issue for years. Though efforts are being redoubled to eradicate bribery...

Running the rule over the Internet of Data

Whilst the Internet of Things (IoT) is a now a familiar concept for many, less well-known is one of its progeny – the Internet of Data (IoD) – and the myriad issues it presents. First among these issues is the sheer volume of data...

Turmoil in the US shale industry

Few sectors have experienced as tumultuous a time in recent years as the energy fraternity – a period of turmoil which has seen oil & gas prices plummet and traumatised shale producers in the US. Once upon a...

 

ROUNDTABLE

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Energy & utilities sector

THE PANELLISTS: Catherine McCarthy, Bracewell & Giuliani LLP; Dan Howard, Clayton Utz; Clinton A. Vince, Dentons US LLP; Anthony Speier, Kirkland & Ellis LLP; Todd Giardinelli, Morgan Stanley.

Change and volatility readily describe the circumstances in which the energy & utilities sector has been operating. Technological advances are having a major impact on resource extraction and energy distribution and use...

 

SPECIAL REPORT

Investment funds

Fund managers continue to face new challenges and adapt their strategies to survive in the current climate. They are focused on addressing new regulations and compliance requirements as well as enhancing their relationship with investors...

FORUM: Managing risk and creating value in emerging market investments

FW moderates a discussion on managing risk and creating value in emerging market investments between Sam Robinson at Aberdeen Private Equity, Daniel Schmidt at CEPRES GmbH, and Luz María Pineda Lucy at Fondo de Fondos...

Private equity unrealised assets – a secondary market solution?

Preqin The issue of unrealised assets in mature private equity funds is one that transcends the secondaries market, and is of increasing concern for LPs and GPs alike as boom year vintages approach the end of their lifetime. This...

The influence of trends in the global pensions industry on alternative investment product design

Cleary Gottlieb Steen & Hamilton LLP Institutional investors, particularly large pension funds, are major investors in alternative assets such as private equity, infrastructure, debt and real estate funds. Their influence on these funds’ product offerings is significant...

The rise of the non-fund manager

Carey Group Increased regulation has made regulated fund structures less attractive to those who may once have become fund managers. Instead, some erstwhile fund managers are forming either private or public investment vehicles as an...

Senior Managers Regime – government u-turn on the proposed ‘presumption of responsibility’

Morgan, Lewis & Bockius LLP The Senior Managers and Certification Regime (SMCR), which has headlined regulatory news over the past 14 months, is currently undergoing major developments at government level prior to its official implementation on...

Q&A: Portfolio valuation

FW moderates a discussion on portfolio valuation between Tony Loughran at Cushman & Wakefield, Dr James Dimech-DeBono at FTI Consulting, and Dr Cindy Ma at Houlihan Lokey...

 

DEALfront

mergers & acquisitions

Energy Transfer and Williams agree $33bn deal

After a yearlong chase, Energy Transfer Equity LP has finally agreed to acquire rival firm Williams Cos Inc in a deal worth around $33bn. The deal, once completed, will create a natural gas superpower. The two companies will have a combined...

Altice agrees $17.7bn deal to acquire Cablevision

In a deal that makes the organisation the fourth biggest cable operator in the US market, Altice NV has acquired Cablevision Systems Corporation for around $17.7bn. The transaction is to be financed by $14.5bn of new and...

private equity & venture capital

PE deals in Q3 slump

Q3 2015 saw private equity (PE) deal activity slump considerably according to new data from Pitchbook. The decline in PE dealmaking in Q3 sees the continuation of the general fall in deal activity. Deal exit channels...

Carlyle to exit BBA Aviation in $2.1bn deal

Global aviation support and aftermarket services provider, BBA Aviation plc, is to expand its fixed-base operation (FBO) network with the acquisition of Landmark Aviation from The Carlyle Group in a $2.1bn...

bankruptcy & corporate restructuring

PE-backed Samson Resources files for bankruptcy

Following a lengthy battle with financial difficulty, private equity owned oil & gas producer Samson Resources has filed for a pre-arranged Chapter 11 bankruptcy. According to a statement announcing the filing, Samson, which is owned by KKR & Co...

American Apparel files for Chapter 11 bankruptcy

American Apparel, the manufacturer, distributor and retailer of branded fashion-basic clothing, has voluntarily filed for reorganisation under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the...

 

PROFESSIONALinsight

Banking & Finance

Halting the CCO merry-go-round

Marlin Hawk Post 2008, financial institutions continue to be faced with more regulation than ever before. The compliance function has had to raise its game, with growing departments and, for many firms, direct reporting to the...

NPL solutions in Hungary – regulatory overview

Schoenherr Non-performing loans (NPL) are on the rise in both the retail and commercial sectors in Hungary. Hungarian banks have struggled for the past few years, and the effect of the crisis on the NPL rates was exaggerated by...

Indonesian law on Sovereign Sukuk

Karim Syah In 2008, Indonesia promulgated its law on Sovereign Sukuk, Law No. 19 of 2008 (the Sukuk Law), followed shortly thereafter by the issuance of the country’s first Sovereign Sukuk. The law was welcomed warmly with...

Risk Management

Mr Schrems goes to Washington

Łaszczuk & Partners On 6 October 2015, the Court of Justice of the European Union held that the EC’s Safe Harbor decision (Commission Decision 2000/520/EC of 26 July 2000 on the adequacy of the protection provided by the safe...

Data security – protect and survive

Walker Morris LLP The related issues of data privacy and data security have dominated the news agenda in recent months. First, on 6 October, the Court of Justice of the European Union (CJEU) ruled the current Safe Harbor regime ineffective...

Litigation & Dispute Resolution

Avoiding spoliation and sanctions: recent USITC decision highlights risks of inaction

Adduci, Mastriani & Schaumberg, LLP Advances in technology have allowed companies to store information and data in myriad ways, including the mass storage of files and records via hard drives, memory chips and the cloud. Preservation of such...

The CIArb dispute board rules

Fenwick Elliott LLP The Chartered Institute of Arbitrators (CIArb) held a public consultation on dispute boards in 2013 and 2014, seeking to identify the key issues of a dispute board process which is not geared to any particular economic...

Effective use of mediation: overcoming assumptions to make good decisions

Resolution Systems Institute Good information is required to make good decisions. That’s as true in law as it is in banking. And it’s true when determining whether and how to mediate one’s case. Unfortunately, many attorneys continue to have...

SPOTlight

The unaccounted cost of accounting-sounding terms in purchase agreements

The Brattle Group Mergers and acquisitions can benefit companies by increasing the breadth and depth of companies’ goods and services, and enabling companies to capture economies of scale. Of course, not all mergers and...

Crowdfunding in Canada

BoyneClarke LLP It’s a fact. All businesses need money to survive. Some, however, find it easier to access than others. Money is usually raised in the form of debt or equity. In Canada, equity investments are governed by securities laws, which differ from province to...

Why shareholder activists are set to leapfrog North American companies

Kingsdale Shareholder Services It appears too many North American companies are still not getting the message when it comes to preparing for shareholder activism. Boards should be under no illusion that what got them through this year...

Pricing of acquisitions and reorganisations in the spotlight

CMS Cameron McKenna The Organisation for Economic Co-operation and Development (OECD) finalised its highly anticipated Action Plan on Base Erosion and Profit Shifting (BEPS) in October 2015. Contained within the report was a...

Global biopharma between stagnation and outperformance

Catenion Looking at the market appreciation of biopharmaceutical companies during the last 2-3 years (biopharma share index, IPOs, funding flows) it is clear that this industry is back in the spotlight of investors...



CONTRIBUTORS

Aberdeen Private Equity

Adduci, Mastriani & Schaumberg, LLP

BoyneClarke LLP

Bracewell & Giuliani LLP

Carey Group

Catenion

CEPRES GmbH

Clayton Utz

Cleary Gottlieb Steen & Hamilton LLP

CMS Cameron McKenna

Cushman & Wakefield

Dentons US LLP

Fenwick Elliott LLP

Fondo de Fondos

FTI Consulting

Houlihan Lokey...

Karim Syah

Kingsdale Shareholder Services

Kirkland & Ellis LLP

Łaszczuk & Partners

Marlin Hawk

Morgan Stanley

Morgan, Lewis & Bockius LLP

Preqin

Resolution Systems Institute

Schoenherr

The Brattle Group

Walker Morris LLP


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