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  • John C. Coffee, Jr. – Boeing and the Future of Deferred Prosecution Agreements By John C. Coffee, Jr.
  • Leveraging Information Forcing in Good Faith By Hillary Sale
  • The Dark Side of Safe Harbors Comment bubble 2 By Susan C. Morse
  • John C. Coffee, Jr. – Mass Torts and Corporate Strategies: What Will the Courts Allow? By John C. Coffee, Jr.
  • Compliance’s Next Challenge: Polarization By Miriam H. Baer
  • Will the Common Good Guys Come to the Shootout in SEC v. Jarkesy? And Why It Matters By Eric W. Orts
  • Climate Disclosure Line-Drawing and Securities Regulation By Virginia Harper Ho
  • Board Committee Charters and ESG Accountability By Lisa M. Fairfax
Editor-At-Large Reynolds Holding

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Columbia Law School's Blog on Corporations and the Capital Markets

Editorial Board John C. Coffee, Jr. Edward F. Greene Kathryn Judge

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How CEO Taxes Drive Share Pledging

By Jon Underwood and Benjamin Yost February 20, 2025 by renholding

Share pledging—a financial strategy where corporate executives use their stock holdings as collateral for personal loans—has long been controversial. While it allows executives to obtain liquidity without selling shares, it also introduces risks, such as margin calls that can trigger …

How the Balance of Power Is Changing in the Resolution of Corporate Financial Distress

By Vince Buccola August 3, 2022 by renholding

Among those who study corporate financial distress and reorganization, the notion that senior lenders are in control is deeply ingrained. Celebrated papers in the law and corporate finance literatures attribute lender influence during periods of distress to blue-sky contracting practices.…

Controlling Tunneling Through Lending Arrangements

By Alperen Afşin Gözlügöl April 8, 2022 by renholding

In a recent article, I examine how common provisions in lending arrangements (drawing from the LMA and LSTA modal agreements) handle the problem of value diversion in debtor companies. “Tunneling,” which is the expropriation of company value by corporate …

Debt and Taxes: Why Loans Are Really Leases

By David Hasen November 22, 2021 by renholding

Debt has been a ubiquitous form of finance for millennia, and one might reasonably assume that we have a good handle on exactly what it is by now. It turns out that may not be the case.

A loan is …

Funding Crises: An Empirical Study of the Paycheck Protection Program

By William A. Birdthistle and Joshua Silver December 15, 2020 by renholding

Soon after the coronavirus pandemic erupted in the spring, Congress enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, pumping $2.2 trillion into the economy. Now, nine months later, many of that law’s critical elements have ended or will …

1 Comment  

Bank Lending During the Pandemic

By Iftekhar Hasan, Panagiotis N. Politsidis and Zenu Sharma November 12, 2020 by renholding

Since the beginning of 2020, COVID-19 has prompted a surge in economic uncertainty, causing interruptions in business supply chains and revenues that now threaten the survival of companies. Companies struggling to meet their fixed expenses and existing obligations respond by …

Cadwalader Discusses Covid-19, PPP Loans, and the Safe Harbor Date for Returning Loans

By Jodi Avergun, Scott Cammarn, Anne Tompkins, Christian Larson and Kendra Wharton May 11, 2020 by renholding

The Small Business Administration (“SBA”), in consultation with the Treasury Department, issued FAQ #43 on May 5, 2020 extending by a week the time within which a borrower has to repay a previously issued SBA loan under the …

Do Anti-Pledging Policies Have Unintended Consequences for Corporate Governance?

By Jihun Bae and Ruishen Zhang September 18, 2019 by renholding

Many managers receive company stock as compensation and then pledge that stock as collateral for personal loans. The practice is increasingly common, and its potential economic impact is anything but negligible. For example, Larcker and Tayan (2010) document that pledged …

Enforcing Preliminary Agreements

By Albert H. Choi and George G. Triantis February 19, 2019 by renholding

Contract formation in commercial transactions can be an expensive and intricate process involving multiple stages and players, as well as significant investments in expertise and information.  In complex asset purchases, leases, corporate acquisitions, or venture financing transactions, to name just …

The Impact of IPOs on Peer-to-Peer Lending Platforms

By Maxime Cohen and Kevin Jiao January 10, 2019 by renholding

In a new paper, we investigate how initial public offerings affect peer-to-peer lending platforms and, more specifically, whether the platforms tend to alter their operational decisions in anticipation of going public.

Peer-to-peer lenders are essentially online services that match anonymous …

How Vulnerable Are U.S. Banks to Commercial Real Estate?

By Jonathon Adams-Kane August 24, 2018 by renholding

Commercial real estate (CRE) lending is a risky activity that still dominates the business model of many modestly capitalized small and medium-sized banks. Bank supervisory and regulatory reforms recently enacted have reflected some of the lessons from the Great Financial …

Cleary Gottlieb on Latest Developments in European Leveraged Finance

By David Billington, Andrew Shutter, Carlo de Vito Piscicelli, Ian Chin and Matthew Podger April 19, 2018 by Carly Goeman

EVOLUTION OF THE TRANSFERABILITY CLAUSE

Early 2000s

  • Lenders’ freedom to transfer their participations in large leveraged loans has been gradually eroded by developments introduced through the last few credit cycles.
  • By the time of the pre-crisis peak in 2007/2008, the
…

Simpson Thacher Discusses U.S. Treasury Report on Reforming the Community Reinvestment Act

By Lee Meyerson, Keith Noreika, Mark Chorazak and Spencer Sloan April 18, 2018 by Carly Goeman

On April 3, 2018, the U.S. Treasury Department issued a report detailing a number of recommendations for reforming and modernizing the Community Reinvestment Act of 1977 (“CRA”) framework.  The report, which follows through on the commitment made by Treasury in …

Wachtell Lipton Looks at Acquisition Financing in 2017 and the Year Ahead

By Eric M. Rosof, Gregory E. Pessin, Michael S. Benn, Tijana J. Dvornic and John R. Sobolewski January 17, 2018 by renholding

The credit bull market charged through 2017, with many terrific outcomes for opportunistic borrowers. But even in the best of times, borrowers and their advisors should remain nimble and thoughtful, and 2018 brings much to consider, including the impact on …

Ropes & Gray Explains Why It’s Lights Out for LIBOR by 2021

By Jane Rogers September 20, 2017 by renholding

On July 27 of this year, Andrew Bailey, chief executive of the UK Financial Conduct Authority (FCA), delivered a speech in which he questioned the sustainability of the London Interbank Offered Rate (LIBOR) in its current form. The FCA has …

The Human Factor in Corporate Loan Quality

By Janet Gao, Xiumin Martin and Joseph Pacelli December 9, 2016 by renholding

The syndicated loan market is one of the largest sources of financing for U.S. firms. This market has experienced tremendous growth over the past 20 years. In fact, some recent estimates suggest that U.S. firms obtain over $1 trillion in …

Challenging the Financial Intermediation Myth

By Robert C. Hockett and Saule Omarova October 17, 2016 by renholding

Many contemporary discussions of finance or of subjects that implicate finance – for example, federal budgetary or finance-regulatory policy – seem to be systematically colored by a seldom-examined presumption. We call this presumption the “intermediated scarce private capital myth.”

Like …

Latham & Watkins explains US Loan Market Adaptations to European Bail-In Directive

By Jane Summers, Alan W. Avery and Alfred Y. Xue February 8, 2016 by AJ

European Economic Area (EEA) financial institutions are now subject to a new set of regulatory requirements designed to avoid taxpayers bailing out banks in the event of another banking crisis — a central component of which is that EU member …

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Reuters
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D&O Diary
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SEC Settles With SolarWinds
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How Texas Treats Share Controllers
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What Cost Stock-Price Expectations?
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Trump Strikes Vietnam Trade Deal
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Democratic FCC Commissioner Blasts Paramount Settlement with Trump
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Human Factor Matters in M&A
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California Ditches Environmental Law
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DOGE Eyes SPACs, SEC Policies
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Texas Tweaking Its Business Court
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CFPB Cuts Cost Consumers $18 Bln?
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Delaware Business Litigation Report
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Vanguard to Split Into Two Advisers
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New York Times
Boeing Quiet at Paris Air Show
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Freshfields' A Fresh Take
Industry Bureau Rescinds AI Rule
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The Governance Beat
Texas Seeks to Limit Proxy Advisers
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Bloomberg
U.S. Audit Board Survives GOP Axe
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Delaware Corporate & Commercial Litigation Blog
Delaware Chancery Addresses Notice Provisions for Redemption Requests
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D&O Diary
Suit Says Reddit Downplayed Impact of Google AI-Related Changes
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Financial Times
SEC Scraps Proposed Market Rules
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National Law Review
No Scotus Cert in Disgorgement Suit
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Delaware Supreme Court Nixes $400 Million Aiding, Abetting Judgment
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What Is “Fraud” Anyway?
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Bloomberg
Tariffs May Hike Prices $2000 Per Car
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Reuters
Google Faces EU Antitrust Setback
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Wall Street Journal
Trump Delays TikTok Ban a Third Time
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New York Times
WhatsApp Introduces Ads to App
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Reuters
Nippon Steel-U.S. Steel Deal Closes
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D&O Diary
AI-Washing Suit Hits Healthcare Firm
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Delaware Supreme Court Says When Concealment Resets Limitation Period
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Bloomberg
Goldman Sachs Ditches Ban on SPACs
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Wall Street Journal
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New DOJ White Collar Enforcement Policy Pressures Caremark Obligations
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Top Crypto Betting Tool Nears Debut
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Why Cybercriminals Targeting Law Firms with Voice Phishing
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Financial Times
Crypto Group Tron to Go Public
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Obscure Chinese Stock Scams Dupe Thousands of U.S. Investors
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Reuters
Purdue Opioid Deal Wins State Approval
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Wall Street Journal
OpenAI Tension With Microsoft Rises
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Freshfields' A Fresh Take
Scotus Weighs In on Aiding, Abetting
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The Governance Beat
SEC Nixes Shareholder Proposal Plan
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Bloomberg
S&P 500 CEOs Turning to Bodyguards
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Delaware Chancery Addresses Damages in Alexion Earnout Litigation
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D&O Diary
Company Risks Rise in Global Trade War
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Bloomberg
Stablecoins Put Crypto Near Mainstream
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CoinDesk
Ripple Gets Back $75 Mln in Penalties
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Securities Regulation and Corporate Governance Monitor
SEC Announces Leadership Changes
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Update on Nevada Reincorporations
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Reuters
IPO Market Bounces Back
June 12, 2025
Wall Street Journal
Lawmakers Traded as Tariffs Imposed
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Bloomberg
Crypto Enforcement Now Up to States
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Justice Department
DOJ Criminal Chief Speaks on FCPA
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Deal Lawyers.com
Delaware Chancery Addresses Exculpation Defense in Fiduciary Duty Case
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Wall Street Journal
U.S. Nuclear Energy Reboots
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Dealbook
Lawyer Richard Beattie Dies at 86
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What Can Directors Keep Private?
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Reuters
Scotus Rejects Challenge to FINRA
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Bloomberg
Senate GOP Plan Erases Audit Board
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D&O Diary
Alphabet Settles Antitrust-Related Derivative Lawsuit for $500 Million
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Bloomberg
Trump Vows Change Little at Law Firms
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Reuters
SEC Says Existing Cuts Met DOGE Goal
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Wall Street Journal
DOJ Focus Narrows in FCPA Cases
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Disney Buys Comcast’s Hulu Stake
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New York Times
Meta in Talks to Invest in Scale AI
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Freshfields' A Fresh Take
SEC Rethinks Foreign Private Issuers
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Deal Lawyers.com
Delaware Chancery Grants Motion to Certify Constitution Issues on SB 21
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Reuters
Japan Sees Progress in U.S. Tariff Talks
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Wall Street Journal
DOGE Staffers Fear Getting DOGE’d
June 8, 2025
Bloomberg
BlackRock, Vanguard in Collusion Case
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Delaware Corporate & Commercial Litigation Blog
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Deal Lawyers.com
Structural Antitrust Remedies Are Back
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