Elizabeth McColm, Brian Bolin and Grace Hotz, Paul Weiss Rifkind Wharton & Garrison
This is an extract from the 2022 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
We anticipate a more assertive regulatory enforcement program under the Biden administration, particularly focused on fund managers’ conflicts of interest, advisers’ codes of ethics, and related policies and procedures relating to material nonpublic information. These concerns may be heightened for fund managers participating in bankruptcy proceedings, where competing fiduciary obligations arise, particularly in the context of serving on creditors committees.
After a sluggish year in 2020 for mergers and acquisitions among hospitals and health systems, 2021 has shown renewed vigor and is poised for considerable transactional activity.
Michael Traison Chicago/NYC – 312.860.4230
Michael Kwiatkowski Garden City – 516.296.9144
Soon after Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in March 2020, the Criminal Division of the U.S. Department of Justice (DOJ) moved quickly to address potential COVID-19 related fraud. One area of early focus was the Paycheck Protection Program (PPP), a program under the CARES Act that provides loans to small businesses to help pay employees. The Fraud Section set up a team devoted to PPP fraud and, within two months of the passage of the CARES Act, had charged several individuals.
”The Supreme Court has today handed down its judgment in R (on the application of KBR, Inc) (Appellant) v Director of the Serious Fraud Office (Respondent) [2021] UKSC 2, an important decision relating to the Serious Fraud Office’s powers to issue notices on foreign companies under section 2(3) of the Criminal Justice Act 1987. In this article, David Savage, Head of Financial Crime looks at the case, and what the ruling means for the SFO’s investigative powers.
Summary
The long-anticipated wave of civil enforcement actions involving participants in the Paycheck Protection Program (PPP) has begun.
After bringing dozens of criminal charges against Paycheck Protection Program loan recipients in recent months, on January 12, the US Department of Justice announced its first civil settlement resolving allegations of PPP loan fraud.
Doing business in the United States
2021
2
Hogan Lovells
Doing business in the United States 2021
3
Contents
Introduction1
I.Openness of U.S. markets to foreign investment
2
II.Direct or indirect market entry and choice of entity
8
III. Commercial contracting
20
IV.Labor and employment law considerations
26
V.Immigration laws
34
VI.Intellectual property laws
40
VII. Export control and economic sanction laws
46
VIII. U.S. antitrust laws
56
A successful purchase depends not just on negotiating a two-party transaction, but rather navigating the applicable process and dealing with all the competing interests successfully to allow a bid to succeed and closing to occur.
Q: Do opportunities exist for asset buyers in times of distress?