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Venture Briefing: Avoid Costly Mistakes in UCC Filings – Know Your Termination Statement Venture Briefing: Avoid Costly Mistakes in UCC Filings – Know Your Termination Statement

Venture Briefing: Avoid Costly Mistakes in UCC Filings – Know Your Termination Statement

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SEC Proposal Requires Company Officers to Disclose Hedged Shares
Corporations small and large will have to explicitly disclose whether they allow board directors, officers, or other employees to hedge their holdings of company stock under an approved regulatory proposal. The proposal requires a company to reveal whether these shareholders are permitted "to hedge or offset any decrease in the market value of equity securities granted by the company as compensation" or bought in the open market, according to the Securities and Exchange Commission.
(Source:, 2015-02-09) Read the full article
Report Finds Startups Not Benefiting from Tax Incentives
The benefits of targeted tax incentives for startups and innovative companies may be weakened and sometimes eliminated in part because they may be limited in their ability to use tax deductions and credits, according to a new report. Researchers at the Tax Policy Center said targeted tax incentives can lower the cost of capital for small businesses, startups, and those that invest in intellectual property.
(Source:, 2015-02-13) Read the full article
Whether Start-Up Funding Can Continue Growth Spurt Questionable
Some entrepreneurs looking for start-up funding got a wad of money near the end of last year, but there are concerns the boom may not last. The market has been more erratic since the beginning of the year and the S&P 500 dropped three percent in January.
(Source: USA Today, 2015-02-15) Read the full article
2015 IPO Market Starting Off Quiet, But Set to Expand
It's been quiet in the IPO business in 2015, but it's starting to heat up. Some 13 companies are scheduled to price, including four holdovers.
(Source: CNBC, 2015-02-11) Read the full article
Venture Capitalists Pouring Funds into Life Sciences Companies
The venture boom that funneled billions of dollars into life sciences companies last year included a big surge in first-time deals, according to a fresh analysis of the numbers for 2014. And the boom in venture investing looks set to continue well into 2015, according to the analysts at PricewaterhouseCoopers and the National Venture Capital Association, working with data provided by Thomson Reuters to put out the MoneyTree report.
(Source: Fierce Biotech, 2015-02-13) Read the full article
SBA, Credit Unions Team to Promote Small Business Lending
The Small Business Administration is enlisting credit unions in its fight to provide more small-dollar business loans. The SBA signed a three-year agreement with the National Credit Union Administration to make more credit unions aware of the SBA's lending programs through webinars, examiner training and data resources.
(Source: Washington Business Journal, 2015-02-09) Read the full article
P.E. Firms Trying to Lure Younger Investment Bankers
They are only in their early to mid-20s, but some young bankers on Wall Street are the most sought-after financiers around, with lucrative pay packages dangling before them. Junior investment bankers who graduated from college only last year are being madly courted by private equity firms like Apollo Global Management, the Blackstone Group, Bain Capital and the Carlyle Group.
(Source: The New York Times, 2015-02-10) Read the full article
Startups Trying to Bootstrap Companies Can Lack Connections
More entrepreneurs in recent years have tried to bootstrap their companies, starting with very little capital and deliberately avoiding outside investors; however, as the economy improves, many of those relying solely on their personal finances -- and business earnings -- to finance young companies are coming to grips with the downside of that strategy. If they suddenly need investors' capital to hire, expand and keep up with demand, they typically don't have the connections to open the right doors.
(Source: The Wall Street Journal, 2015-02-04) Read the full article
Avoid Costly Mistakes in UCC Filings – Know Your Termination Statement
David Hight Jessica Brown

Whenever a UCC-3 termination statement is being filed, all parties need to carefully review such termination statement to make sure the termination statement is releasing the secured interests that the parties intend to be released. Failing to diligently review termination statements can lead to the inadvertent release of a security interest that a secured party may not intend to release. Read full article online.


By The Numbers

The VC industry notched a handful of decade-high records last year, among which was fundraising totals. 228 U.S.-focused vehicles closed on $32.1 billion last year, and 2014 easily surpassed 2006 as the most successful
fundraising year since the dot-com era.
Source: PitchBook - 1H 2015 PE & VC Fundraising & Capital Overhang Report


Services Group

Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them.  We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies.  In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

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This publication is intended for general information purposes only and does not and is not intended to constitute legal advice.  The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.

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