Venture Briefing: Revised Hart-Scott-Rodino Thresholds Take Effect Venture Briefing: Revised Hart-Scott-Rodino Thresholds Take Effect

Venture Briefing: Revised Hart-Scott-Rodino Thresholds Take Effect

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After Years of Surging Venture Capital, Future Unknown
Venture funding of startup companies has surged during the last seven years and is now back to pre-recession levels. Yet with the public markets in turmoil and $1 billion "unicorn" companies holding off on IPOs, it's hard to know what will happen to venture capital in the year ahead.
(Source: Business Insider, 2016-02-04) Read the full article
SEC Scrutinizing Brokers As Tech Startup IPOs Soar
Slumping valuations for once-hot technology companies after they go public are drawing increased scrutiny from U.S. regulators. Securities and Exchange Commission Chair Mary Jo White expressed concerns that some stock brokers may be painting too-rosy of a picture of private tech companies.
(Source: Bloomberg, 2016-01-27) Read the full article
Democrats Introduce Bill to Limit Use of Forced Arbitration
Two leading Senate Democrats introduced a bill that would strictly limit the use of arbitration, a process used to resolve legal disputes that is often stacked against consumers. The bill, introduced by Senator Patrick J. Leahy, Democrat of Vermont, and co-sponsored by Senator Al Franken, Democrat of Minnesota, would prevent civil rights cases, employment disputes and other crucial lawsuits from being forced into arbitration, where judges and juries have been replaced by arbitrators who commonly consider the companies their clients.
(Source: The New York Times, 2016-02-04) Read the full article
EU Closing Loopholes to Crack Down on Corporate Tax Avoidance
The European Union is cracking down on corporate tax avoidance, closing legal loopholes that allow companies to minimize taxes. Countries will now be able to charge corporate taxes even if companies transfer their profits elsewhere.
(Source:, 2016-01-28) Read the full article
Bills Requiring More Transparency of Shell Companies Introduced
Bills requiring greater transparency of shell companies were introduced in Congress, continuing a yearlong legislative effort to shine light into one of the darkest recesses of business dealings in the United States. Shell companies, often limited liability companies, are registered at the state level and, in numerous states, the government is not given the name of the person who actually owns the company.
(Source: The New York Times, 2016-02-03) Read the full article
As Corporations Grow Venture Arms, Investors Discuss Future
More than 1,000 companies now have corporate venture arms, according to GCV Analytics, a nearly 80 percent increase over 2011, and that number continues to grow. More than 250 of these companies sent people to a conference in Sonoma, Calif., to learn to get better at finding and investing in new technologies, which are evolving faster than ever.
(Source: The Wall Street Journal, 2016-01-29) Read the full article
Business Coach Offers Advice for Securing Angel Investors
You’ve got a great product, a global market, a strong team and watertight IP protection. You also nailed your investment pitch and you have the interest of an angel investor – how do you clear that final hurdle and get them to invest?
(Source:, 2016-02-07) Read the full article
Private PE Ownership Draws Mixed Feelings from Company Executives
Private equity firms contend private ownership presents benefits to companies, such as freedom from public reporting of financial performance, swiftness in decision making, and a focus on long-term value creation versus short-term results. But not all portfolio companies are reaping those benefits, according to a recent survey of executives at private equity-backed companies from the National Center for the Middle Market.
(Source: The Wall Street Journal, 2016-01-27) Read the full article
Small Business Owner Offers Tips for Getting Business Up and Running
Running a business is something not taught in school. Here are five lessons an entrepreneur learned through the process.
(Source: USA Today, 2016-02-07) Read the full article
Average Age of Corporate Board Members Continues to Increase
Institutional investors increasingly see the nearly nine-year average tenure of S&P 500 directors as a sign of a problem. As well, the average age of independent directors is now just over 63, up from 61 a decade ago.
(Source: Bloomberg, 2016-02-05) Read the full article
Revised Hart-Scott-Rodino Thresholds Take Effect
Anthony P. Aaron George A. Gasper

Effective February 25, 2016, revised thresholds are being used to determine whether companies must notify federal agencies about a proposed transaction prior to closing. Specifically, the Hart-Scott-Rodino (HSR) Antitrust Improvements Act requires parties to notify the Federal Trade Commission and the Department of Justice before completing transactions that exceed applicable “size of transaction” and “size of person” thresholds. Read full article online.


By The Numbers

A new study co-authored by an MIT professor shows…the introduction of a new airline route directly connecting venture capitalists to fledgling companies in which they have already invested leads to a 3.1 percent increase in the patents those firms are granted, as well as a 5.8 percent increase in the citations those patents receive — compared to equivalent cases where similar investments are made but direct flights never become available.
Source: - Do venture capitalists matter?


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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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