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Despite a decline in the number of corporate bankruptcies, bankruptcy law has continued to evolve over the past year. We've assembled a transatlantic panel to analyze major bankruptcy decisions and trends in the industry, including why the Purdue Pharma decision on third party releases is so important, whether Hertz-like equity bidding wars will continue, if recent changes to court rules are likely to calm the venue debate, and why independent directors are under scrutiny.
Further, the panel will provide a brief overview of the state of the EU restructuring market, including an update on the newer UK restructuring plan process and the other new European regimes.
In August 2021, the SEC filed a first of its kind insider trading complaint in California federal court, alleging a former pharmaceutical company executive violated federal securities laws by using inside knowledge that his own company was being acquired, to trade profitably in the securities of a competing company. The complaint suggested that the SEC will attempt to expand the scope of insider trading liability to include a theory a recent academic paper dubbed "shadow trading": where corporate insiders exploit material nonpublic information about their firm, to trade in the securities of an "economically-linked" firm, such as a similarly situated competitor. This panel will discuss the new shadow trading theory and examine what steps a potential "shadow trader" might take to address related risk. Expect to uncover how UK and EU lawyers might view "shadow trading" risks and related concepts.
Countries around the world may adopt a novel set of tax rules designed to prevent multinational businesses from avoiding tax on their profits. Referred to as the Global Anti-Base Erosion (GloBE) rules, these would subject income earned by companies anywhere in the world to a minimum tax of 15%. And the rules appear to have support in the EU (where they may be adopted in 2022) and the United States.
Join our team for a macro overview of this ambitious new system, an analysis of how US tax laws (including inversion rules) may change due to GLoBE, and possible impacts on the structure and financing of M&A deals and other transactions.
