This document discusses issues related to financial analyses underlying fairness opinions. It provides an overview of common analyses such as discounted cash flow, selected companies, and selected transactions. It notes that the purpose of a "football field" summary is to concisely outline key financial analyses for a fairness opinion in an easy to understand format. The document also discusses considerations in selecting methodologies, assumptions, and inputs for analyses and how different analyses have unique strengths and limitations given a company's specific facts and circumstances.
Sponsors of smaller defined contribution retirement plans feel their plans should better meet participants' needs by becoming simpler, more user-friendly, and people-oriented. Many sponsors find managing their plans challenging and burdensome. They want more from service providers, particularly increased human interaction. Sponsors and participants prefer streamlined investment menus and more available investment advice. Overall, there is a need for DC plans to refocus on meeting participants' needs through simpler plan designs, improved education, and enhanced services.
This document discusses hard money loans, which are loans provided by private investors for real estate projects that do not qualify for traditional bank financing. It provides details on who hard money lenders are, what types of properties and borrowers they typically fund, and their application and underwriting process. Hard money lenders have more flexible standards than banks and make funding decisions based more on the borrower's experience and ability to sell the property for a profit within a few months than on credit scores. They typically require 50-65% loan-to-value and fund residential and commercial investment properties.
There are a variety of capital sources available for private companies beyond traditional bank loans. Companies seeking funding should research options like asset-based lenders, mezzanine funds, and private equity firms. To access capital, companies need to understand what factors lenders consider, like the five Cs of credit. They should also cultivate relationships with multiple potential lenders and create a compelling funding package with clear business plans and financial projections. With the right preparation, companies can successfully tap alternative sources of funding to finance growth.
This document provides an overview of key parties and concepts involved in municipal bond issuance. It discusses potential conflicts of interest, differences between bonds and loans, bond structures and types, peculiarities of the municipal bond market, and effective borrowing strategies for issuers. Key recommendations include hiring independent advisors, maintaining transparency with investors, and taking a long-term strategic approach to debt management.
Valuing Real Estate Assets (Series: Fairness Issues in Real Estate-Based Bank...Financial Poise
As the expression goes, the value of real estate is in the eye of the beholder. Ultimately, the value is whatever the market is willing to pay. While income producing properties, particularly with creditworthy tenants, may be fairly routine to value based on the current rate of return demands in the market, non-income producing properties may be more speculative.
For example, even the most seasoned appraiser may struggle with finding comparative sales for a property. A landowner might see their property value go up exponentially “if only” the city council will allow for a zoning variance. Many an owner believes that their property is in the “path of progress,” but when? Is it reasonable to value a property “as stabilized” if it is only forty percent leased? These are the types of questions we will consider.
To view the accompanying webinar, go to: financialpoise.com/financial-poise-webinars/valuing-real-estate-assets-2021/
Despite the industry’s sometimes negative reputation, Asset Based Lending can be a preferred solution for borrowers who put in the effort to find the “right” lender, with appropriate collateral and loan structure.
One topic that a borrower should discuss with the lender before entering into an Asset Based Lending agreement is the structure of the ABL facility – and the borrower’s management team needs to read all the paperwork.
While traditional ABL is rather commoditized, some elements of the loan’s structure may be critical to the success of the partnership.
Mercer Capital's Tennessee Family Law | Volume 2, No. 3, 2019 | Valuation & F...Mercer Capital
Mercer Capital is the largest valuation and financial advisory firm in Tennessee with offices in Nashville and Memphis. Complex financial issues are a critical part of many of your client engagements. The focus of this newsletter is to provide useful content about these financial issues from the perspective of financial experts. We seek to help you assist your clients in financial and accounting matters.
Sponsors of smaller defined contribution retirement plans feel their plans should better meet participants' needs by becoming simpler, more user-friendly, and people-oriented. Many sponsors find managing their plans challenging and burdensome. They want more from service providers, particularly increased human interaction. Sponsors and participants prefer streamlined investment menus and more available investment advice. Overall, there is a need for DC plans to refocus on meeting participants' needs through simpler plan designs, improved education, and enhanced services.
This document discusses hard money loans, which are loans provided by private investors for real estate projects that do not qualify for traditional bank financing. It provides details on who hard money lenders are, what types of properties and borrowers they typically fund, and their application and underwriting process. Hard money lenders have more flexible standards than banks and make funding decisions based more on the borrower's experience and ability to sell the property for a profit within a few months than on credit scores. They typically require 50-65% loan-to-value and fund residential and commercial investment properties.
There are a variety of capital sources available for private companies beyond traditional bank loans. Companies seeking funding should research options like asset-based lenders, mezzanine funds, and private equity firms. To access capital, companies need to understand what factors lenders consider, like the five Cs of credit. They should also cultivate relationships with multiple potential lenders and create a compelling funding package with clear business plans and financial projections. With the right preparation, companies can successfully tap alternative sources of funding to finance growth.
This document provides an overview of key parties and concepts involved in municipal bond issuance. It discusses potential conflicts of interest, differences between bonds and loans, bond structures and types, peculiarities of the municipal bond market, and effective borrowing strategies for issuers. Key recommendations include hiring independent advisors, maintaining transparency with investors, and taking a long-term strategic approach to debt management.
Valuing Real Estate Assets (Series: Fairness Issues in Real Estate-Based Bank...Financial Poise
As the expression goes, the value of real estate is in the eye of the beholder. Ultimately, the value is whatever the market is willing to pay. While income producing properties, particularly with creditworthy tenants, may be fairly routine to value based on the current rate of return demands in the market, non-income producing properties may be more speculative.
For example, even the most seasoned appraiser may struggle with finding comparative sales for a property. A landowner might see their property value go up exponentially “if only” the city council will allow for a zoning variance. Many an owner believes that their property is in the “path of progress,” but when? Is it reasonable to value a property “as stabilized” if it is only forty percent leased? These are the types of questions we will consider.
To view the accompanying webinar, go to: financialpoise.com/financial-poise-webinars/valuing-real-estate-assets-2021/
Despite the industry’s sometimes negative reputation, Asset Based Lending can be a preferred solution for borrowers who put in the effort to find the “right” lender, with appropriate collateral and loan structure.
One topic that a borrower should discuss with the lender before entering into an Asset Based Lending agreement is the structure of the ABL facility – and the borrower’s management team needs to read all the paperwork.
While traditional ABL is rather commoditized, some elements of the loan’s structure may be critical to the success of the partnership.
Mercer Capital's Tennessee Family Law | Volume 2, No. 3, 2019 | Valuation & F...Mercer Capital
Mercer Capital is the largest valuation and financial advisory firm in Tennessee with offices in Nashville and Memphis. Complex financial issues are a critical part of many of your client engagements. The focus of this newsletter is to provide useful content about these financial issues from the perspective of financial experts. We seek to help you assist your clients in financial and accounting matters.
Madison Street Capital Investment Bank alternative lending white paper kdcunha
Alternative lending sources provide capital options for lower to middle market companies that are often deemed "unbankable" by commercial banks. These alternative lenders include specialty finance companies, credit hedge funds, business development companies, mezzanine lenders, private equity funds, and special situation funds. While alternative lending can fill capital gaps, the costs are typically higher, including high interest rates in the teens to low 20s, restrictive covenants, equity components, high fees, and personal guarantees. However, for some businesses, the rewards of accessing capital to pursue opportunities outweigh the costs of doing nothing or the inability to access traditional bank loans.
The document summarizes investment opportunities for self-directed IRAs in preserving and growing assets through private real estate lending. It discusses the current economic landscape and outlines different approaches for investors, including investing in fractional trust deeds, mortgage funds, and private lending more broadly. Mortgage funds are positioned as providing consistent returns, low volatility, instant diversification, and other advantages for both investors and borrowers.
This document summarizes the agenda for a seminar on small business credit risk. It discusses recent events affecting credit markets and lenders. It also outlines factors small businesses should consider, such as ensuring sound financial foundations. The document provides an overview of credit assessment tools and partnerships that can help small businesses manage risk. It analyzes current economic conditions and their potential impacts on small business lending.
The document discusses the benefits of working with a Registered Investment Advisor (RIA) over a registered representative, noting that RIAs are fiduciaries legally bound to put clients' interests first, they provide personalized financial advice through long-term relationships focused on clients' goals, and they are typically paid through flat or asset-based fees to avoid conflicts of interest unlike commission-based registered representatives.
This document summarizes a presentation on turnaround and restructuring strategies in China and India. It discusses evaluating troubled companies and their capital structures to determine an effective restructuring plan. It also covers cultural considerations and challenges in cross-border restructurings, as well as finding new sources of capital to execute turnaround plans. Managing uncertainty, communications, and stakeholders are keys to a successful restructuring.
Lamar Van Dusen | Business Suppliers and Asset-Based LendersLamar Van Dusen
Lamar Van Dusen is explaining the Business Suppliers and Asset-Based Lenders. Lamar Van Dusen is a professional and he is great in business development.
Mike Jones • ProEquities, Inc.
- Bucket investing with risk-managed portfolios by David Varadi, Jerry Wagner, J.D., George Yang, Ph.D. & CFA
- Employment increases set new record
- Referrals fueled by process management (James Franke • Harbour Investments, Inc.)
The document discusses key trends shaping the future of wealth management based on observations from a conference presentation. It notes that the high net worth market will increasingly skew older due to demographic trends. It also discusses the growing diversity of wealth holders, increased business assets transitioning, rising client demand for advice and open architecture, and the fragmentation of the industry and rise of independent advisors. Finally, it outlines how the investment landscape will be reshaped by institutional approaches migrating to personal portfolios.
Bob Pearson • Transamerica Financial Advisors Inc.
- Experts need experts: 10 questions to ask third-party money managers by Kellye Whitney
- Do record margins pose market threat?
- “Rule of 240” compounding by Ron Rowland
- Hot-button topics drive seminar attendance (Matthew Gaude, FSC Securities)
The Role of Financial Advisors (PLI Doing Deals 2016) 2-10-16Kevin Miller
This document discusses the role of financial advisors and fairness opinions. It covers topics such as how financial advisors can serve as transaction brokers, financial advisors, and transaction facilitators for both sellers and buyers. It also discusses fairness opinions, including what they say, don't say, and the analyses that can underlie them. The document notes potential conflicts of interest for financial advisors and increased regulatory and judicial scrutiny of relationships and conflicts. It emphasizes the importance of disclosing material relationships and conflicts to boards.
This document outlines a study that examines the factors that influence the arrangement timetable of bank loan syndications. It begins with an introduction to the syndicated loan market and the motivations of borrowers and lenders for engaging in syndicated loans. It then discusses potential agency problems in loan syndications and reviews previous literature on syndicate design and pricing. The document focuses on investigating how deal terms, borrower risk profile, agency issues, and banking environment impact the speed with which loan syndications are arranged. It aims to be the first study to empirically examine the drivers of syndication arrangement timetables worldwide.
Mortgage Arrears, Strategic Default and RepossessionsAlan McSweeney
These notes are a macro-level analysis of the issues of mortgage default and repossessions.
Arrears in mortgages appear to be closely correlated with the amount of negative equity.
In the last 10 years, there have been many legal and regulatory interventions that have affected the way in which properties whose mortgages are in arrears can be repossessed. The repossession route is still long, slow and expensive. Two thirds of mortgages in arrears have not been subject to any form of restructuring.
The rate of and thus the risk of repossessions is extremely low. The correlation between the number of arrears and the number of repossessions is very low.
IFRS 9 will cause banks to sell non-performing loans in bulk rather than attempting the time-consuming and expensive process of trying to engage with a core of non-engagers that have been in arrears for some time.
A very high proportion of Local Authority mortgages are in arrears. Many of these arrears are more than 20 years old.
Leveraged Alternative Capital Assets Master04232011clydeleverett
Leveraged Alternative Capital Assets helps connect businesses and banks with alternative sources of financing from private equity investors. Stricter bank regulations have reduced the availability of commercial loans from local banks. This company evaluates borrowers and locates appropriate private or non-traditional lenders to fulfill financing needs for various types of projects, especially those involving real estate collateral. Their systematic process aims to save clients time and money by quickly identifying qualified funding options.
4 active vs passive advisor insert funds flows dfa (advisor present) p. 1-3, ...Weydert Wealth Management
This excellent article contains three key graphics illustrating how average investors flow into and out of investments at the wrong times and contrasts this with the average DFA investor who remains much more consistent and disciplined.
This document provides an overview of small business loans from the Small Business Administration (SBA). It defines what an SBA loan is, explains that SBA loans can be used to finance various business needs like purchasing equipment or real estate. The document also outlines the benefits of SBA loans like longer repayment terms and lower down payment requirements compared to conventional loans. Additionally, it dispels common myths about SBA loans taking a long time or requiring excessive paperwork.
Kelly Weath Management_White Paper_Independent Advice_MooreMatt Moore
This document discusses the differences between fiduciary advisors, brokers, and asset managers when providing investment advice. It states that while all three play important roles, clients should be aware of potential conflicts of interest. Asset managers focus solely on tactics within their mandate and have incentives to keep assets within their firm. Brokers/banks prioritize their own profits and manufacturers over a client's best interests due to conflicts. Registered Investment Advisors are fiduciaries legally obligated to put clients first without conflicts from proprietary products or compensation structures. Clients are encouraged to understand how their advisor is classified and operates.
- Deficiency judgments, where the foreclosure sale amount is less than what is owed on the mortgage, are rising as lenders try to recover unpaid debt. This is happening more as many foreclosed homes were worth less than the outstanding loan amount.
- Pursuing deficiency judgments involves complex considerations around regulations, optics, and maintaining good public relations. Lenders must balance recovering losses with perceptions of punishing struggling borrowers.
- Smaller lenders have been more aggressive than large lenders in pursuing deficiency judgments due to factors like needing to focus on profits and knowing customers personally. Successful efforts usually involve resolution and payment plans rather than aggressively pursuing bankruptcy.
In Depth: Asset Backed Lending And Hedge FundsLisa Krow
Stillwater Capital Partners manages three hedge funds and a private equity real estate fund that have all achieved double-digit returns with low volatility. Their asset-backed lending fund makes short-term bridge loans secured by real estate, personal injury law firms, and life insurance policies. The loans allow borrowers to access cash quickly when traditional lenders take longer. Stillwater mitigates risk by ensuring adequate insurance on properties and getting two independent appraisals. They also secure law firm loans with expected future case settlements. The asset-backed fund of funds invests in managers pursuing similar lending strategies and verifies assets with an independent auditor.
Αναφορά Ν. Μηταράκη σχετικά με την έκδοση εγγυητικών επιστολών από το ΤΜΕΔΕNotis Mitarachi
Αναφορά Ν. Μηταράκη προς την Υπουργό Εργασίας σχετικά με την έκδοση εγγυητικών επιστολών από το ΤΜΕΔΕ.
ΑΝΑΦΟΡΑ
Προς την Υπουργό Εργασίας, Κοινωνικής Ασφάλισης και Κοινωνικής Αλληλεγγύης
Θέμα: «Εκδόσεις εγγυητικών επιστολών από το ΤΜΕΔΕ»
Αξιότιμη κυρία Υπουργέ,
Σας επισυνάπτω επιστολή του Συνδέσμου Εργοληπτών Δημοσίων Έργων Νομού Χίου, σχετικά με το ζήτημα έκδοσης εγγυητικών επιστολών από το ΤΜΕΔΕ, το οποίο είναι ζωτικής σημασίας για τις εργοληπτικές επιχειρήσεις και την οικονομική δραστηριότητα του νομού.
Συγκεκριμένα στην επιστολή επισημαίνεται η μέχρι σήμερα αδυναμία έκδοσης εγγυητικών επιστολών από τις Εποπτεύουσες Επιτροπές των περιφερειακών τμημάτων, καθώς οι τελευταίες επικαλούνται νομοθετικό κενό. Το θέμα αυτό εξάλλου συνδέεται άμεσα με την απόδοση στο ΤΜΕΔΕ της αναλογούσας περιουσίας, για το οποίο έχω καταθέσει σχετική ερώτηση.
Παρακαλούμε για την απάντησή σας στην επιστολή του συνδέσμου, με ταυτόχρονη κοινοποίησή της στο γραφείο μας.
Μετά τιμής
Νότης Μηταράκης
Ακολουθεί η επιστολή του Συνδέσμου Εργοληπτών Δημοσίων Έργων Νομού Χίου εδώ >>
Bending the Rules: Community over Code over Policy.pescetti
My presentation at ApacheCon Europe 2014 showing how policy at the Apache Software Foundation can be adapted to the needs of the open-source projects it hosts, based on the Apache OpenOffice experience.
Madison Street Capital Investment Bank alternative lending white paper kdcunha
Alternative lending sources provide capital options for lower to middle market companies that are often deemed "unbankable" by commercial banks. These alternative lenders include specialty finance companies, credit hedge funds, business development companies, mezzanine lenders, private equity funds, and special situation funds. While alternative lending can fill capital gaps, the costs are typically higher, including high interest rates in the teens to low 20s, restrictive covenants, equity components, high fees, and personal guarantees. However, for some businesses, the rewards of accessing capital to pursue opportunities outweigh the costs of doing nothing or the inability to access traditional bank loans.
The document summarizes investment opportunities for self-directed IRAs in preserving and growing assets through private real estate lending. It discusses the current economic landscape and outlines different approaches for investors, including investing in fractional trust deeds, mortgage funds, and private lending more broadly. Mortgage funds are positioned as providing consistent returns, low volatility, instant diversification, and other advantages for both investors and borrowers.
This document summarizes the agenda for a seminar on small business credit risk. It discusses recent events affecting credit markets and lenders. It also outlines factors small businesses should consider, such as ensuring sound financial foundations. The document provides an overview of credit assessment tools and partnerships that can help small businesses manage risk. It analyzes current economic conditions and their potential impacts on small business lending.
The document discusses the benefits of working with a Registered Investment Advisor (RIA) over a registered representative, noting that RIAs are fiduciaries legally bound to put clients' interests first, they provide personalized financial advice through long-term relationships focused on clients' goals, and they are typically paid through flat or asset-based fees to avoid conflicts of interest unlike commission-based registered representatives.
This document summarizes a presentation on turnaround and restructuring strategies in China and India. It discusses evaluating troubled companies and their capital structures to determine an effective restructuring plan. It also covers cultural considerations and challenges in cross-border restructurings, as well as finding new sources of capital to execute turnaround plans. Managing uncertainty, communications, and stakeholders are keys to a successful restructuring.
Lamar Van Dusen | Business Suppliers and Asset-Based LendersLamar Van Dusen
Lamar Van Dusen is explaining the Business Suppliers and Asset-Based Lenders. Lamar Van Dusen is a professional and he is great in business development.
Mike Jones • ProEquities, Inc.
- Bucket investing with risk-managed portfolios by David Varadi, Jerry Wagner, J.D., George Yang, Ph.D. & CFA
- Employment increases set new record
- Referrals fueled by process management (James Franke • Harbour Investments, Inc.)
The document discusses key trends shaping the future of wealth management based on observations from a conference presentation. It notes that the high net worth market will increasingly skew older due to demographic trends. It also discusses the growing diversity of wealth holders, increased business assets transitioning, rising client demand for advice and open architecture, and the fragmentation of the industry and rise of independent advisors. Finally, it outlines how the investment landscape will be reshaped by institutional approaches migrating to personal portfolios.
Bob Pearson • Transamerica Financial Advisors Inc.
- Experts need experts: 10 questions to ask third-party money managers by Kellye Whitney
- Do record margins pose market threat?
- “Rule of 240” compounding by Ron Rowland
- Hot-button topics drive seminar attendance (Matthew Gaude, FSC Securities)
The Role of Financial Advisors (PLI Doing Deals 2016) 2-10-16Kevin Miller
This document discusses the role of financial advisors and fairness opinions. It covers topics such as how financial advisors can serve as transaction brokers, financial advisors, and transaction facilitators for both sellers and buyers. It also discusses fairness opinions, including what they say, don't say, and the analyses that can underlie them. The document notes potential conflicts of interest for financial advisors and increased regulatory and judicial scrutiny of relationships and conflicts. It emphasizes the importance of disclosing material relationships and conflicts to boards.
This document outlines a study that examines the factors that influence the arrangement timetable of bank loan syndications. It begins with an introduction to the syndicated loan market and the motivations of borrowers and lenders for engaging in syndicated loans. It then discusses potential agency problems in loan syndications and reviews previous literature on syndicate design and pricing. The document focuses on investigating how deal terms, borrower risk profile, agency issues, and banking environment impact the speed with which loan syndications are arranged. It aims to be the first study to empirically examine the drivers of syndication arrangement timetables worldwide.
Mortgage Arrears, Strategic Default and RepossessionsAlan McSweeney
These notes are a macro-level analysis of the issues of mortgage default and repossessions.
Arrears in mortgages appear to be closely correlated with the amount of negative equity.
In the last 10 years, there have been many legal and regulatory interventions that have affected the way in which properties whose mortgages are in arrears can be repossessed. The repossession route is still long, slow and expensive. Two thirds of mortgages in arrears have not been subject to any form of restructuring.
The rate of and thus the risk of repossessions is extremely low. The correlation between the number of arrears and the number of repossessions is very low.
IFRS 9 will cause banks to sell non-performing loans in bulk rather than attempting the time-consuming and expensive process of trying to engage with a core of non-engagers that have been in arrears for some time.
A very high proportion of Local Authority mortgages are in arrears. Many of these arrears are more than 20 years old.
Leveraged Alternative Capital Assets Master04232011clydeleverett
Leveraged Alternative Capital Assets helps connect businesses and banks with alternative sources of financing from private equity investors. Stricter bank regulations have reduced the availability of commercial loans from local banks. This company evaluates borrowers and locates appropriate private or non-traditional lenders to fulfill financing needs for various types of projects, especially those involving real estate collateral. Their systematic process aims to save clients time and money by quickly identifying qualified funding options.
4 active vs passive advisor insert funds flows dfa (advisor present) p. 1-3, ...Weydert Wealth Management
This excellent article contains three key graphics illustrating how average investors flow into and out of investments at the wrong times and contrasts this with the average DFA investor who remains much more consistent and disciplined.
This document provides an overview of small business loans from the Small Business Administration (SBA). It defines what an SBA loan is, explains that SBA loans can be used to finance various business needs like purchasing equipment or real estate. The document also outlines the benefits of SBA loans like longer repayment terms and lower down payment requirements compared to conventional loans. Additionally, it dispels common myths about SBA loans taking a long time or requiring excessive paperwork.
Kelly Weath Management_White Paper_Independent Advice_MooreMatt Moore
This document discusses the differences between fiduciary advisors, brokers, and asset managers when providing investment advice. It states that while all three play important roles, clients should be aware of potential conflicts of interest. Asset managers focus solely on tactics within their mandate and have incentives to keep assets within their firm. Brokers/banks prioritize their own profits and manufacturers over a client's best interests due to conflicts. Registered Investment Advisors are fiduciaries legally obligated to put clients first without conflicts from proprietary products or compensation structures. Clients are encouraged to understand how their advisor is classified and operates.
- Deficiency judgments, where the foreclosure sale amount is less than what is owed on the mortgage, are rising as lenders try to recover unpaid debt. This is happening more as many foreclosed homes were worth less than the outstanding loan amount.
- Pursuing deficiency judgments involves complex considerations around regulations, optics, and maintaining good public relations. Lenders must balance recovering losses with perceptions of punishing struggling borrowers.
- Smaller lenders have been more aggressive than large lenders in pursuing deficiency judgments due to factors like needing to focus on profits and knowing customers personally. Successful efforts usually involve resolution and payment plans rather than aggressively pursuing bankruptcy.
In Depth: Asset Backed Lending And Hedge FundsLisa Krow
Stillwater Capital Partners manages three hedge funds and a private equity real estate fund that have all achieved double-digit returns with low volatility. Their asset-backed lending fund makes short-term bridge loans secured by real estate, personal injury law firms, and life insurance policies. The loans allow borrowers to access cash quickly when traditional lenders take longer. Stillwater mitigates risk by ensuring adequate insurance on properties and getting two independent appraisals. They also secure law firm loans with expected future case settlements. The asset-backed fund of funds invests in managers pursuing similar lending strategies and verifies assets with an independent auditor.
Αναφορά Ν. Μηταράκη σχετικά με την έκδοση εγγυητικών επιστολών από το ΤΜΕΔΕNotis Mitarachi
Αναφορά Ν. Μηταράκη προς την Υπουργό Εργασίας σχετικά με την έκδοση εγγυητικών επιστολών από το ΤΜΕΔΕ.
ΑΝΑΦΟΡΑ
Προς την Υπουργό Εργασίας, Κοινωνικής Ασφάλισης και Κοινωνικής Αλληλεγγύης
Θέμα: «Εκδόσεις εγγυητικών επιστολών από το ΤΜΕΔΕ»
Αξιότιμη κυρία Υπουργέ,
Σας επισυνάπτω επιστολή του Συνδέσμου Εργοληπτών Δημοσίων Έργων Νομού Χίου, σχετικά με το ζήτημα έκδοσης εγγυητικών επιστολών από το ΤΜΕΔΕ, το οποίο είναι ζωτικής σημασίας για τις εργοληπτικές επιχειρήσεις και την οικονομική δραστηριότητα του νομού.
Συγκεκριμένα στην επιστολή επισημαίνεται η μέχρι σήμερα αδυναμία έκδοσης εγγυητικών επιστολών από τις Εποπτεύουσες Επιτροπές των περιφερειακών τμημάτων, καθώς οι τελευταίες επικαλούνται νομοθετικό κενό. Το θέμα αυτό εξάλλου συνδέεται άμεσα με την απόδοση στο ΤΜΕΔΕ της αναλογούσας περιουσίας, για το οποίο έχω καταθέσει σχετική ερώτηση.
Παρακαλούμε για την απάντησή σας στην επιστολή του συνδέσμου, με ταυτόχρονη κοινοποίησή της στο γραφείο μας.
Μετά τιμής
Νότης Μηταράκης
Ακολουθεί η επιστολή του Συνδέσμου Εργοληπτών Δημοσίων Έργων Νομού Χίου εδώ >>
Bending the Rules: Community over Code over Policy.pescetti
My presentation at ApacheCon Europe 2014 showing how policy at the Apache Software Foundation can be adapted to the needs of the open-source projects it hosts, based on the Apache OpenOffice experience.
This document is a resume for Emad Fathy, a Construction Manager at KAMCO Contracting Division. It outlines his 17 years of experience managing construction projects in Saudi Arabia, including roles as Construction Manager for various petrochemical, mining, and industrial plants between 2009 and the present. It also lists his qualifications and responsibilities in project management, construction site supervision, quality control, and health and safety implementation.
Este documento describe los pasos para crear un escenario de trabajo básico con OpenGL ES utilizando GLSurfaceView en Android. Explica cómo crear una actividad con un layout que contenga un GLSurfaceView, implementar un renderizador para este view y enlazarlos. También detalla cómo mejorar los métodos de renderizado para configurar parámetros como el color de fondo, profundidad y proyección de la cámara.
A thought mood ladder to shift from stinking thinking to positive thinking for yourself and for all your relationships. Identify how you are feeling first, then express how you feel and then shift how you feel to a more positive space.
Robinson presents "State of the Proppants Market" presentationPLG Consulting
This document provides an overview and analysis of the proppants market from a presentation by Taylor Robinson of PLG Consulting. It summarizes that demand for natural sand is rising significantly due to new fracking techniques, while ceramic and resin coated volumes are flat to down. Supply of natural sand is keeping pace through new mines and adequate transloading infrastructure. It also notes that consolidation and improving logistics efficiency will be key for companies to succeed in the proppants industry in coming years as customers focus on reducing total costs.
Oilsixwww.oilsix.com is a one sentence document containing a website URL. The URL is for the website oilsix.com but no other information is provided about the website or its purpose.
Wilcox Swartzwelder & Co. announced the sale of AggieTech Operating, LLC's salt water disposal well assets to Oilfield Water Logistics. AggieTech developed and operated seven high-quality salt water disposal wells in the Permian Basin. The AggieTech team will now work for Oilfield Water Logistics in the Permian Basin. Toben Scott, President of AggieTech, praised Wilcox Swartzwelder for their work in identifying qualified buyers and navigating the transaction. Jason Wilcox said the acquisition provides an opportunity for continued growth for both companies.
Crowdfunding and the Oil Industry with Travis M PohlTravis M. Pohl
A company based in Texas is doing really exciting stuff by merging crowdfunding and oil production. Travis M Pohl shares some information about Crudefunding. Enjoy!
Report: The Crude Downturn for E&Ps: One Situation, Diverse ResponsesMarcellus Drilling News
The document discusses how exploration and production companies have responded to low oil prices over the past 15-18 months. It analyzes five options companies have taken: filing for bankruptcy, borrowing more money, making acquisitions, adjusting financials, and optimizing operations. 35 US E&P companies filed for bankruptcy protection, with total debt of under $18 billion. Many companies also took on more debt, with 175 worldwide E&Ps considered "high risk" due to high leverage and low debt coverage. Some companies made acquisitions to gain assets and scale, though about half of these companies did not have the financial capacity for risk.
Mercer Capital's Tennessee Family Law | Volume 3, No. 1, 2020 | Valuation & ...Mercer Capital
This Tennessee case involves issues around the division of marital property and alimony in a divorce case. Specifically, there was disagreement over the husband's income from his role as Vice President of the family-owned railroad construction business, and payments he received from rent on land jointly owned with his grandfather that the business operated from. The appellate court reviewed the trial court's classification of some of the husband's business-related payments as income for the purpose of determining alimony and the marital estate.
Third Parties Involved in the Litigation Finance IndustryFinancial Poise
This document provides an overview of a webinar on third parties involved in the litigation finance industry. It introduces the concept of litigation funding and notes that it allows parties to share litigation risks and rewards with investors. The webinar will discuss the different players in the litigation finance ecosystem, including litigation finance firms, brokers, experts, law firms and insurance brokers. It will explain how these third parties can assist clients and facilitate financing arrangements.
Financial Advisors in MA Transactions (PLI Trends) - 1-11-16Kevin Miller
This document summarizes key issues relating to the role of financial advisors in mergers and acquisitions (M&A) transactions. It discusses the narrow holding of the Delaware Supreme Court in RBC Capital Mkts. v. Jervis that an advisor can be liable for aiding and abetting a breach of fiduciary duty if it intentionally misleads or dupes the board. It also discusses the potential implications of Corwin v. KKR Financial Holdings, including whether stockholder approval of a transaction not subject to entire fairness review invokes the business judgment rule. Finally, it addresses the need to identify and disclose any actual or potential conflicts of interest between financial advisors and transaction participants.
Insider Lease Agreements (Series: Fairness Issues in Real Estate-Based Bankru...Financial Poise
It is a common play in real estate to create a separate operating entity to serve as a tenant and execute a lease between the owner of the property and himself. Typically, this happens in assets which serve as a real estate-based business, such as a retail property. The structured enables the operator to reduce the taxable income of the business and also provide a liability shield for the property owner.
This arrangement can lead to some ethical issues, should the property owner become distressed. For example, is the lease amount above market and therefore being used to inflate the property valuation? Is rent actually being paid? Is there a proper lease in place or just an internal handshake? Attorneys need to understand the set-up in order to know what is in bounds and what is outside the lines.
To view the accompanying webinar, go to:https://www.financialpoise.com/financial-poise-webinars/insider-lease-agreements-2021/
The Dodd-Frank Act aims to overhaul rules governing brokers and their relationship with investors. It authorizes the SEC to impose fiduciary duties on brokers, requiring them to put clients' interests ahead of their own. It also allows the SEC to reform securities arbitration rules to give investors a more level playing field. This is expected to increase protections for investors and hold brokers to higher standards of care. The SEC will likely require brokers to meet the same fiduciary standard as investment advisors. It may also address issues like mandatory arbitration agreements and the inclusion of "industry arbitrators" to make the dispute resolution process fairer for investors.
Mercer Capital's Value Matters™ | Issue No. 1, 2023 Mercer Capital
Mercer Capital's Value Matters™, addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.
The Pre Foreclosure Niche Presentation For Real Estate AgentSam Saad
The document discusses the pre-foreclosure niche and opportunities for real estate professionals. It defines pre-foreclosure as when a home sells for less than what is owed due to the seller's financial distress. Defaults and foreclosures are increasing nationwide. This creates opportunities for agents with pre-foreclosure expertise to work with distressed homeowners and lenders. The approval process involves the homeowner submitting documentation to prove hardship and the real estate professional providing documents like a sales contract to get lender approval for a short sale.
How to Become a Good Real Estate Investment Sponsor
Even the most attractive construction real estate investment can experience volatile performance. Preparing and dealing with systemic and non systemic investment risk presents enough concerns for investors.
A Menu of Products for Investors and Lawyers (Series: Commercial Litigation F...Financial Poise
Litigation funding is an increasingly-popular tool for attorneys and clients to share the risk and reward of litigation with third-party investors, and for investors to capitalize on the uncorrelated returns generated by legal-driven revenue. However, the term "litigation-" or "legal-" funding actually encompasses a handful of products, which vary based on borrower profile, stage and sector of litigation, use of proceeds, and ultimately, cost of capital and risk-reward profile. This webinar examines three funding products -- case fundings, law firm loans, and portfolio fundings -- and aims to inform attorneys on best solutions for their firms and clients, and provide an overview for institutional investors looking to allocate capital to litigations.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/a-menu-of-products-for-investors-and-lawyers-2020/
This document discusses the value of financial advisors. It notes that in the current economic environment, investors are skeptical about fees and value the importance of transparency. While some argue that individuals can manage their own finances to save on advisor fees, the recent market turmoil has caused many to reconsider. The document emphasizes that advisors need to clearly demonstrate their value through specific actions and services rather than just discussing it generally. Things like client service agreements, regular client communications, and expertise on complex products and regulations help advisors provide real value.
1) CPAs and other financial professionals are now considered fiduciaries under new regulations, requiring them to put their clients' interests first.
2) Record keeping is crucial to demonstrate that all work was conducted within compliance guidelines, including documenting all client meetings and the process for insurance transactions.
3) A lawsuit awarded $14.2 million to a plaintiff after two reputable firms provided dramatically different calculations for life insurance premiums to maintain the same benefits, illustrating the risks of relying on common industry practices. Proper application of prudent investor principles could have avoided litigation.
Investment banks can provide a tremendous amount of value to your business. This might be most clear when it comes to assisting with a sale process or preparing for an IPO, but advice and guidance often begins well before a transaction.
You don’t need to be actively pursuing an exit to begin speaking with banks. Building relationships early on can provide perspective on who would be the best partner down the road, and are often great resources before engaging as well.
Read more at https://openviewpartners.com/blog/
A Menu of Products for Investors and Lawyers (Series: Commercial Litigation F...Financial Poise
Litigation funding is an increasingly-popular tool for attorneys and clients to share the risk and reward of litigation with third-party investors, and for investors to capitalize on the uncorrelated returns generated by legal-driven revenue. However, the term "litigation-" or "legal-" funding actually encompasses a handful of products, which vary based on borrower profile, stage and sector of litigation, use of proceeds, and ultimately, cost of capital and risk-reward profile. This webinar examines three funding products -- case fundings, law firm loans, and portfolio fundings -- and aims to inform attorneys on best solutions for their firms and clients, and provide an overview for institutional investors looking to allocate capital to litigations.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/a-menu-of-products-for-investors-and-lawyers-2021/
An Introduction to a New Yet Old Funding Alternative (Series: Commercial Liti...Financial Poise
Litigation funding is an increasingly-popular tool for attorneys and clients to share the risk and reward of litigation with third-party investors, and for investors to capitalize on the uncorrelated returns generated by legal-driven revenue. This webinar is intended to provide an overview of the topic generally, touching on the “who,” “what,” “where,” “when,” “why” and “how’s” behind litigation funding.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/an-introduction-to-a-new-yet-old-funding-alternative-2020/
The document discusses credit rating agencies and their role in evaluating the creditworthiness of corporations and governments that issue debt securities. It notes that credit rating agencies have been in existence since 1900 but it was in 1975 when the SEC formally recognized nationally recognized statistical rating organizations (NRSROs) and instructed broker-dealers to only use NRSRO ratings. The document goes on to discuss how financial institutions could satisfy capital requirements by investing in securities that received favorable ratings from NRSROs. It indicates that NRSROs are regulated by the SEC and that their ratings provide investors with objective analyses and independent assessments of risk associated with securities issued by corporations and governments.
The Case This case was developed by the MIT Sloan School o.docxmehek4
The Case
This case was developed by the MIT Sloan School of Management. It is part of their
“Learning Edge,” a free learning resource. This case was prepared by John Minahan
and Cate Reavis. This case is based on actual events. Actual names are changed; some
of the narrative is fictional.
In early 2012, as he prepared to enter a meeting with the board of trustees of a
state pension fund, Harry Markham, CFA, couldn't help but feel professionally
conflicted.
Since earning his Master of Finance in 2004 at one of the top business schools in
the United States, Markham had worked for Investment Consulting Associates
(ICA), a firm that gave investment advice to pension funds.
Since joining the firm, Markham had grown increasingly concerned over how
public sector pension fund liabilities were being valued. If he valued the liabilities
using the valuation and financial analysis principles he learned in his Master of
Finance and CFA programs, he would get numbers almost twice as high as those
reported by the funds.
This would not be such a problem if he were allowed to make adjustments to the
official numbers, but neither his clients nor his firm was interested in questioning
them. The board did not want to hear that the fund's liabilities were much larger
than the number being captured by the Government Accounting Standards Board
(GASB) rules and his firm wanted to keep the board of trustees happy.
How, Markham wondered, was he supposed to give sound investment advice to
state treasurers and boards of trustees working from financials that he knew were
grossly misleading?
Markham's dilemma came down to conflicting loyalties: loyalty to his firm,
loyalty to the boards of trustees and others who made investment decisions for
public pensions and who, in turn, hired his firm to provide investment expertise,
and loyalty to the pensioners themselves, as Markham believed was called for by
the CFA Code of Ethics and Standards of Professional Conduct.
In his role as investment advisor, the differing views on how to value pension
liabilities challenged Markham on both a practical and an ethical level. "My role
is not to decide the value of liabilities," he explained.
That is the actuary's job. My role is to give investment advice. However, as an
investment advisor, the first thing you want to understand is the client's
circumstances. That is a basic ethical precept. The CFA professional standards
say you should never give advice without knowing what your client's
circumstances are. And so what happens is that we have these funds that are
grossly short of money, but the accounting does not show them as being grossly
short of money. I make the case within my firm that we need to know where we
are starting before we give advice. And perhaps our advice would be different if
the client knew they were starting from a multi-billion-dollar hole that they're
seemingly not aware of.
In addition to the fact ...
Advisers are increasingly identifying themselves as ERISA fiduciaries in response to employer demands and new disclosure requirements. Some advisers have been hesitant to take on fiduciary status due to lack of education on ERISA rules and responsibilities. Failure to understand and properly manage fiduciary duties can result in severe penalties such as fines and lawsuits. Advisers can protect themselves by obtaining education on ERISA regulations, purchasing errors and omissions insurance, and establishing infrastructure to audit their compliance with fiduciary obligations.
A firm that wants to buy/merge with another to create a new firm or acquire a few or all of its assets will consider the process of Mergers and Acquisitions.
The document provides an overview of securitization and the mortgage-backed securities market. It discusses how companies fund projects through equity and debt, and introduces securitization as a way to pool similar mortgage loans and issue securities backed by the pooled loans. It then covers the basics of fixed income markets, how mortgage payments are calculated, the process of issuing agency-conforming and non-conforming mortgage-backed securities, and the major investors in the MBS market like pension funds, insurance companies, and GSEs.
An Introduction to a New Yet Old Funding Alternative (Series: Commercial Liti...Financial Poise
Litigation funding is an increasingly-popular tool for attorneys and clients to share the risk and reward of litigation with third-party investors, and for investors to capitalize on the uncorrelated returns generated by legal-driven revenue. This webinar is intended to provide an overview of the topic generally, touching on the “who,” “what,” “where,” “when,” “why” and “how’s” behind litigation funding.
To view the accompanying webinar, go to:https://www.financialpoise.com/financial-poise-webinars/an-introduction-to-a-new-yet-old-funding-alternative-2021/
Similar to Investment Banker - Issues and Considerations January PLI - 1-10-17 (20)
InDefenseStapledFinance - January 2006Kevin Miller
The document summarizes M&A activity in 2005. It states that worldwide M&A deals totaled $2.7 trillion in 2005, a 38% increase over 2004 and the highest level since 2000. In the US, M&A deals reached $1.1 trillion, a 33% increase over 2004 and the first time since 2000 that US deals surpassed $1 trillion. The largest deals included Procter & Gamble's $57 billion acquisition of Gillette and Burlington Resources' $37 billion acquisition of ConocoPhillips. Energy and power sector deals dominated both the US and worldwide markets as companies in those industries continued consolidating. Private equity firms also had an active year in both the US and
The Delaware Chancery Court decision on the merger between Tele-Communications, Inc. (TCI) and AT&T provided important guidance for special committees, but some of its views may not be entirely fair. Specifically, the court found issues with the independence of TCI's special committee and certain disclosures to shareholders, so the burden of proving fairness remained with the defendants. The case highlighted lessons for boards, including that special committees should have a clear mandate, fees should not be contingent on the transaction outcome, members' interests should align with shareholders, they need independent advisors, and should consider all information. However, some of the court's views on issues like contingent fees and fairness opinions are controversial.
1. Kevin Miller discusses the aftermath of the Toys-R-Us decision by Vice Chancellor Strine regarding potential conflicts of interest when an advisor provides both sell-side and buy-side services.
2. Miller believes Strine's criticism was focused on auctions where Revlon duties apply, not other M&A situations. Second opinions may be more useful outside of auctions to address duty of care concerns over conflicts.
3. While Strine was critical of "less distinguished" opinions, Miller believes smaller firms can provide valuable industry expertise. Strine also appeared to allow for stapled financing more than late approvals of buy-side work.
4. Ultimately, the key is for boards to clearly
The Delaware Court of Chancery provided additional guidance for special committees and their advisors in related-party transactions based on its decision in Gesoff v. IIC Industries, Inc. The key lessons from the case are that special committees must have a clear mandate to negotiate vigorously on behalf of minority shareholders, engage competent and independent advisors, and ideally be comprised of more than one member. The court emphasized that the negotiation between a special committee and controlling shareholder should resemble an arm's-length negotiation between unrelated parties. The case also provided guidance for investment banks on valuation methodologies and directors on exculpatory provisions of Delaware law.
This document summarizes a law review article discussing the implications of the 2004 Consolidated Edison v. Northeast Utilities case. The case held that target company shareholders were not intended third-party beneficiaries of the merger agreement prior to the deal closing. As a result, target companies cannot recover shareholders' lost merger premium damages if a deal fails and may not be able to obtain specific performance. The article argues target companies should request provisions explicitly granting shareholders third-party beneficiary rights before closing and acknowledging the target's right to specific performance on shareholders' behalf. However, most public company merger agreements have not addressed the issues raised by the ConEd decision.
DemiseofBroadlyWrittenMAC - November 2007Kevin Miller
This document discusses the SLM Corporation lawsuit against buyers who sought to back out of an acquisition agreement after legislation negatively impacted SLM's business. It analyzes the definition of a "material adverse effect" in the agreement and debates whether the court will focus on the plain language used, which favors the buyers, or take the perspective of a reasonable acquirer as in previous cases. The outcome could provide guidance on interpreting detailed MAE provisions with numerous exceptions.
Deal Lawyers - Knowing Participation Article 3-5-15Kevin Miller
1. The document discusses conflicting views on the "knowing participation" element of aiding and abetting claims in the context of "dead hand" change of control provisions in credit agreements.
2. It summarizes a Delaware Court of Chancery case, Healthways, where the court refused to dismiss aiding and abetting claims against an administrative agent for including a dead hand provision.
3. However, two subsequent Delaware Court of Chancery cases, Lee v Pincus and In re Comverge, applied a narrower definition of "knowing participation" that arguably would have led to dismissal in Healthways.
Investment Bank Engagement Letters - Selected Discussion Topics 9-12-14Kevin Miller
This document discusses key topics related to investment bank engagement letters, including: the scope of engagement (e.g. opinion only vs financial advisory), exclusivity, disclosure of opinions, information sharing responsibilities, fee structures, and indemnification provisions. It identifies issues for parties to consider when drafting engagement letters such as triggers for fees, tail periods, and standards for releasing the investment bank from liability other than for willful misconduct or gross negligence.
Dead Hand Change of Control Default Provisions PPT 3-25-15Kevin Miller
This document summarizes recent developments regarding dead hand change of control default provisions. It discusses the Healthways case in Delaware Chancery Court where the court found that lenders could potentially aid and abet fiduciary duty breaches by negotiating terms that create conflicts of interest for company directors. It also mentions several similar shareholder lawsuits filed against other companies and banks. The document reviews plaintiffs' attorneys fees awards in recent cases and potential alternatives for banks going forward regarding these contractual provisions. An appendix discusses precedent set in the Amylin and SandRidge cases regarding change of control provisions.
The document discusses several recent Delaware court cases that have implications for financial advisors, including In re Dole Food Co. shareholder litigation. It summarizes the key claims, findings, and conclusions of the Dole Food case, including that the court found the company's controller and president breached their fiduciary duties but did not find the financial advisor liable. It also summarizes allegations and issues discussed in In re PLX Technology and In re Zale Corp. shareholder litigation regarding potential conflicts of interest of financial advisors.
Selected Cases and Issues Regarding Projections 11-6-15 (One Hour Briefing)Kevin Miller
This document discusses issues related to financial projections in mergers and acquisitions transactions. It provides guidance on when and how projections should be prepared, the role of the board and counsel, dealing with unrealistic projections, disclosure obligations to buyers, and other issues that may arise regarding projections. Case law examples are also summarized to illustrate issues the courts have addressed related to management projections.
Rural-Metro - Aiding and Abetting (DealLawers) 3-9-16Kevin Miller
The document summarizes a Delaware Supreme Court case regarding aiding and abetting breach of fiduciary duty claims against a financial advisor, RBC Capital Markets. The key holdings were:
1) The board breached its fiduciary duties by approving a merger based on an unreasonable process influenced by RBC's actions to favor its own interests.
2) RBC knowingly participated in the breach by creating an informational vacuum and intentionally misleading the board, establishing scienter.
3) RBC was liable for aiding and abetting the breach of fiduciary duty, but financial advisors generally are not gatekeepers and liability requires egregious behavior like fraud on the board.
Fairness Opinions, Financial Analyses, Projections and the Role of Financial ...Kevin Miller
This document discusses fairness opinions, financial analyses, projections, and the role of financial advisors. It provides information on:
- What fairness opinions are, when boards want them, and when they are required. Fairness opinions evaluate whether consideration in a transaction is fair from a financial point of view.
- Key considerations for fairness opinions, including that they are limited in scope and do not substitute business judgment. Financial presentations to boards may be more valuable.
- What fairness opinions do and do not address, such as the relative merits of transactions or stock price after a deal.
- Common financial analyses used in fairness opinions like discounted cash flow, selected companies and transactions comparisons.
- Issues around projections
PLI M&A 2017 - Advanced Trends Opening Remarks 1-12-17 (Display)Kevin Miller
This document provides an opening remarks summary for a conference on mergers and acquisitions trends from 2017. It discusses four significant trends from prior years that have affected Delaware litigation: 1) adoption of exclusive venue bylaws, 2) the M&F Worldwide decision permitting dismissal of claims with controller transactions under certain conditions, 3) the Cornerstone Therapeutics decision permitting dismissal of duty of care claims with an exculpatory clause, and 4) the Corwin v. KKR Financial decision establishing the business judgment rule for fully informed stockholder approved mergers. It then summarizes major mergers and acquisitions developments and cases from 2016 related to interpreting and applying the Corwin decision.