Showing posts from July, 2014

Legal Fault Lines Over Puerto Rico Restructuring Law Come Into Focus

Puerto Rico's also argues that its public entities "are not currently governed by any federal bankruptcy law," similar to banks and insurance companies who are expressly excluded from the Bankruptcy Code's eligibility provisions set forth in section 109(b). In this case, Puerto Rico argues that while Congress enacted federal bankruptcy law in the form of the Bankruptcy Code, Puerto Rico is excluded as a debtor from the Bankruptcy Code and its publicly owned business entities are "governmental units" ineligible to seek relief under chapter 11. Based on these exclusions, Puerto Rico argues that the Recovery Act is an appropriate exercise of its police power because it is effectively filling the gap created by the Bankruptcy Code.

The battle against Puerto Rico's independent restructuring efforts is becoming more clear as a third opponent, BlueMountain, joined Franklin Templeton and Oppenheimer in litigation challenging the recently enacted Public Corpora…

DUI Firm v. Roswell

Recently a DUI firm (a well known DUI firm...) tried to buy a municipal court seat in Roswell - a North Atlanta suburb. They went as far as to enlist a former judge to solicit people and even used civic groups in Roswell to get to voters.

They failed and the good guy - Brian Hansford - won.

I would say much, much more but I do not wish to give them any press...


100 Years of Gold & Silver Prices (NEW)

100 Years of Gold & Silver Prices (NEW)

Cayman Islands Exempted Limited Partnership

The Cayman Islands Exempted Limited Partnership Law, 2014 came into force last week following its gazettal on Wednesday, 2 July 2014. The new law (the 'Law') is the result of years of consultation with the financial services industry and is designed to make the already popular Exempted Limited Partnership ('ELP') investment vehicle more flexible, easier to establish and to run.

The Law brings Cayman Islands ('Cayman') ELP law in line with changes the Cayman Islands Government made to the Companies Law in 2013 and addresses some practical issues which had become apparent with the old law (for example, there are now simple statutory procedures for existing funds to be re-domiciled to the Cayman Islands) . The changes should help Cayman ELPs dovetail better with Delaware fund structures, and particularly benefit those managers and investors who use Cayman vehicles in parallel fund structures with Delaware investment vehicles. Other changes give partners greater con…