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Venture Briefing: December 12, 2018 Venture Briefing: December 12, 2018

Venture Briefing: December 12, 2018

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Poll Finds Executives, P.E. Firms Bullish on M&A in 2019
Deloitte polled 750 executives at U.S.-based companies and 250 at domestic private equity firms. Among the corporate participants, 76 percent said they expect their organizations to close more deals next year than they did in 2018, and that sentiment was even stronger among the P.E. crowd, 87 percent of whom anticipated making more deals.
(Source: CFO.com, 2018-12-07) Read the full article
Uncertain Economy Has Tech 'Unicorns' Accelerating IPO Timing
Moves by Lyft and Uber indicate how tricky it can be to decide when to go public at a time when stock markets have been turbulent and the broader economic picture is muddied. The calculus for when a company publicly lists its shares is often a moving target, but Uber's and Lyft's actions will carry particular weight with a swath of other highly valued Silicon Valley start-ups that are also preparing to approach the public markets.
(Source: The New York Times, 2018-12-06) Read the full article
More Smaller Companies Choosing to Skip Public Offerings
Small and midsize companies are fading from stock markets, leaving fewer publicly traded companies. Many of the smaller companies are bought by larger organizations or are enticed to stay private by the sharp rise in venture capital money, both of which allow them to avoid the volatility and scrutiny that come with going public.
(Source: San Francisco Chronicle, 2018-12-07) Read the full article
Commercial Chapter 11 Filings Increased 50 Percent Over Year
Commercial Chapter 11 filings increased 50 percent in November 2018 over November of last year, according to data provided by Epiq Systems, Inc. Commercial bankruptcy filings totaled 3,185 in November 2018, a five percent increase from the 3,039 commercial filings in November 2017.
(Source: ABL Advisor, 2018-12-06) Read the full article
Net Operating Loss Reform Gets Seal of Approval by NVCA
The National Venture Capital Association commended Congress for including net operating loss (NOL) reform in its end-of-year tax package. The proposed legislation -- the American Innovation Act of 2018 -- includes a proposal sponsored by Rep. Erik Paulsen (R-MN) to protect the NOLs of startup companies.
(Source: Financial Regulation News, 2018-12-03) Read the full article
Lawmakers Introduce Small Business Reorganization Act
Congressman Tom Marino along with Representatives Doug Collins (R-GA), and David Cicilline (D-RI) introduced, H.R. 7190, the Small Business Reorganization Act (SBRA). The bill will streamline existing bankruptcy procedures and provide new tools to increase a small business' ability to achieve a successful restructuring.
(Source: ABL Advisor, 2018-12-05) Read the full article
DOJ to Hold Executives Accountable for Corporate Wrongdoing
The U.S. Justice Department will make executive accountability a part of every investigation of corporate wrongdoing, Deputy Attorney General Rod Rosenstein said. Rosenstein described a series of policy changes that he characterized as expanding an Obama-era mandate to hold individuals and not just companies responsible for crimes.
(Source: Insurance Journal, 2018-11-30) Read the full article
Study Links Acquisitions to Positive Short-Term Stock Returns
While debate rumbles on as to whether organic expansion or an acquisition is the better path to achieving growth goals, one thing is clear: Acquisitions are associated with positive short-term stock returns. Acquirers outperformed the market (defined as the MSCI World Index) following 55 percent of deals, which generated $227 billion in incremental equity value.
(Source: CFO.com, 2018-11-30) Read the full article
Merchant Cash-Advance Firms Said to Victimize Small Businesses
Tens of thousands of contractors, florists and other small-business owners nationwide are being chewed up by a process enabled by an obscure legal document, the confession of judgment. Behind it all was a group of financiers who lend money at interest rates higher than those once demanded by Mafia loan sharks. Rather than breaking legs, these lenders have co-opted New York’s court system and turned it into a high-speed debt-collection machine.
(Source: Bloomberg, 2018-11-20) Read the full article
 
 
 
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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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Adam Calisoff
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Timothy Capen
Joshua Christie
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Chase Stuart
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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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