Richards Kibbe & Orbe LLP

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Planning a hedge fund launch? SEC registration thresholds for start-up managers

September 20 2012 A critical gating question for the founder of a new hedge fund manager is whether the firm will be required to register with the SEC as an investment adviser under the Investment Advisers Act of 1940.

Don’t get caught short by Rule 105: a refresher for hedge fund managers

August 27 2013 As the U.S. equity markets reach post-crisis heights, hedge fund managers with contrarian views have ample opportunity to express their conviction by…

The latest innovation in middle market lending: the unitranche facility

March 1 2012 “Unitranche loans” are the latest innovation in middle market lending.

The "second risk" that keeps loan participants up at night

March 19 2008 Owners of bank loan participations take on two kinds of credit risk: (i) the borrower’s failure to pay the underlying bank loan, and (ii) the loan participation grantor’s bankruptcy.

Single-Name Credit Default Swaps: A Primer

May 2 2016 The last few months have seen a revival in interest in single-name credit default swaps ("CDs") by hedge funds and other buy-side firms looking to…

The CFTC Debuts Its First Publicly Available Enforcement Manual - A Snapshot of Key Provisions and Issues

May 13 2019 The Commodity Futures Trading Commission's ("CFTC") new Enforcement Manual ("Manual"), while codifying past practice and pronouncements, hints that…

S.D.N.Y. Decision Addresses Attorney-Client Privilege in the Context of Constituency Directors

April 11 2019 On March 28, 2019, a federal court in the Southern District of New York issued a decision addressing the standard for determining whether…

Curbing Manufactured Failure to Pay - an Independent View

March 6 2019 A Failure to Pay Credit Event allows a CDs buyer to be paid the protection payments when the Reference Entity fails to make a required payment on its…

Visa/Mastercard Class Action Inches Toward Settlement

January 30 2019 Yield-seeking investors, spooked by the current volatility of the equity and credit markets, continue to seek non-market correlated investments. One…

Independent Directors - Lessons & Reminders from a Tumultuous Year

January 11 2019 2018 was a challenging year for many independent corporate directors, in large part due to the array of corporate crises stemming from the behavior…