Legal News

Massachusetts Supreme Judicial Court: No Further Deadline or Statute of Limitations Extensions - On June 24, 2020, the Massachusetts Supreme Judicial Court (SJC) issued an order further staying certain hearings and trials and limiting access to courthouses until at least July 13, 2020....By: Pierce Atwood LLP

On June 24, 2020, Governor Roy Cooper signed Executive Order No. 147 (“Order 147”), extending North Carolina’s Phase 2 easing of coronavirus restrictions until 5:00 pm on July 17, 2020.  Significantly, Executive Order No. 147 not only delays Phase 3 easing of restrictions, it also includes certain amendments to Governor Cooper’s original Phase 2 Order requiring additional protective measures to mitigate the spread of COVID-19. These additional measures, which went into effect at 5:00 pm on.....

Two key provisions included in the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)—the Paycheck Protection Program (PPP) and the Employee Retention Tax Credit (ERTC)—are raising surprising new issues in M&A transactions. The CARES Act prohibits a company that receives a PPP loan from claiming the ERTC and treats affiliated entities as a single employer for purposes of the ERTC. It is unclear whether a company will lose previously claimed and future ERTCs when the company ...

Like many states, Minnesota requires subcontractors and suppliers to send pre-lien notices to owners to perfect mechanic’s lien rights. Failure to comply with the pre-lien notice statute can prove fatal to a lien enforcement action as one masonry supplier recently learned. In Timberwall Land & Masonry Products, Inc., the Minnesota Court of Appeals affirmed the lower court’s summary judgment dismissing a masonry supplier’s lien enforcement action against a homeowner......By: Bradley Arant Boul...

In 2020, the defense side ended a 15-year drought in litigating the fix. When the U.S. antitrust authorities seek to block a proposed merger, they must obtain an injunction in federal court. One strategy the defense can employ to defeat a merger challenge is to proactively agree to divest assets to a third-party buyer and…...By: Dechert LLP

On June 23, 2020, the Delaware General Assembly adopted amendments to the Delaware General Corporation Law (DGCL) proposed by the Delaware State Bar Association, including provisions confirming certain powers that a board of directors may exercise during emergency conditions, and eliminating supermajority voting requirements and appraisal rights in connection with converting to, or merging with,…...By: Skadden, Arps, Slate, Meagher & Flom LLP

In recent months, European states have raced to implement protections against opportunistic acquisitions of key local businesses by foreign buyers amid the economic disruption caused by the spread of COVID-19....By: Skadden, Arps, Slate, Meagher & Flom LLP

Summary - The European Commission (EC) has proposed far-reaching new powers to investigate and sanction foreign subsidies that have allegedly distortive effects on the European Union’s (EU) internal market. The proposals include......By: Skadden, Arps, Slate, Meagher & Flom LLP

Recent law changes can provide portfolio company liquidity and/or require reconsideration of 2018–2020 deals. During this webinar, Steven D. Bortnick and Todd B. Reinstein, partners in the Tax and Estates Practice Group of Pepper Hamilton, will discuss: - What PE sponsors need to know about changes to NOL rules - How SPAs and separation agreements may preclude portfolio companies from benefiting from the new NOL carryback rules - Planning opportunities with loss carrybacks - Modeling analysis....

Pepper Hamilton partner Gregory J. Nowak hosted another virtual Investment Management and Private Funds Roundtable. Mr. Nowak was joined by Mark Dabertin, special counsel at Pepper Hamilton, to discuss the crossroads of alt finance and the U.S. securities laws. Topics to be discussed include: - What is a merchant cash advance transaction and how should it be structured? - What are the key features for enforceability? Could a merchant cash advance transaction be a security? - What is a...By: Pep...