Venture Briefing: September 20, 2017 Venture Briefing: September 20, 2017

Venture Briefing: September 20, 2017

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Venture Capital Firms Invested $38B During First Two Quarters
Venture capital spending continues to lag behind the record activity of recent years, but startups needn't worry; industry analysts say there are billions in dealmaking still to be done. VC firms invested roughly $38 billion in startups and other early-stage companies during the first two quarters this year, down 10 percent from the $42 billion recorded during the same span in 2016 and off about $2 billion from 2015, according to data collected by Pitchbook and the National Venture Capital Association.
(Source: Houston Business Journal, 2017-08-21) Read the full article
PCAOB Audit Firm Inspections Increase Ability to Raise Capital
Audit firm inspections by the Public Company Accounting Oversight Board increase companies' ability to raise capital, according to a new study. Companies audited by PCAOB-inspected auditors "raise significantly more external capital following the disclosure of their auditors' PCAOB inspection report," writes Nemit Shroff, the author of the study and an associate professor of accounting at the MIT Sloan School of Management.
(Source: CFO.com, 2017-09-07) Read the full article
DOJ Reviews Prosecution of Corporate White Collar Crimes
The U.S. Justice Department is reviewing its policies over how it prosecutes corporate white collar crimes and may be making some changes "in the near future," Deputy Attorney General Rod Rosenstein said. Speaking at the Heritage Foundation, Rosenstein said that the department is reviewing the so-called Yates Memo, a document released in 2015 by his predecessor Sally Yates, which urged prosecutors to focus on holding individuals accountable in corporate crime cases.
(Source: Reuters, 2017-09-14) Read the full article
IRS Rules Will Have Big Impact on Partnerships, 'Pass-Throughs'
New rules poised to take effect next year will significantly alter the way the IRS audits partnerships and other "pass-through" entities. The rules could have widespread effects, since many large companies are formed as partnerships and other types of pass-throughs, and even more invest in them via third parties.
(Source: CFO.com, 2017-09-06) Read the full article
Amid Pressure, Boards Scrutinizing Members' Performance
How well corporate board members do their jobs is being measured more rigorously amid increased scrutiny from investors and each other. Most of the Russell 3000 company boards that say they review their performance each year now look at members individually, rather than as a whole, according to data provided by Institutional Shareholder Services Inc. Companies are also increasingly looking to outsiders for a more objective board evaluation, instead of doing it themselves.
(Source: Bloomberg BNA, 2017-09-14) Read the full article
SBA, NAFCU Team to Boost Small Business Lending Efforts
The Small Business Administration and NAFCU signed a memorandum of understanding intended to increase the number of credit unions offering SBA loans. The memorandum will increase the number of credit unions offering 7(a), 504, and Community Advantage SBA loans, agency Administrator Linda McMahon told those attending the NAFCU Congressional Caucus.
(Source: Credit Union Times, 2017-09-13) Read the full article
Delaware Losing Favored Legal Status Among Corporations
Delaware appears to be losing its favored legal climate status among corporate attorneys and executives. The U.S. Chamber of Commerce Institute for Legal Reform says that after ranking first in all 10 previous surveys, Delaware's overall legal climate ranks 11th in this year's survey.
(Source: WBOC, 2017-09-12) Read the full article
Survey Finds 72% of Entrepreneurs Don't Have Succession Plans
According to the 2017 Make-A-Will-Month survey, almost three-fourths of U.S. small businesses don't have a succession plan. In the survey, 72 percent of entrepreneurs did not have a succession plan for their businesses.
(Source: CPA Practice Advisor, 2017-09-05) Read the full article
Coin Offerings May Benefit Social Good Companies
Initial coin offerings (ICOs), which skirt normal financial regulation and allow companies to go directly to investors, have proved hugely popular and yet hugely controversial. To Paul Allard, CEO of newly formed Impak Coin, ICOs offer an opportunity to get more capital to socially beneficial companies and to break the stranglehold of traditional players in the startup financing market.
(Source: Fast Company, 2017-09-15) Read the full article
 
 
 
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The World's Most Important Number to Retire by 2021
David Hight

The London Interbank Offered Rate, known as LIBOR, will be phased out by 2021.

What began in 1986 as a benchmark interest rate for large international corporate loans is now widely utilized in middle market and smaller business loans, interest rate swaps and other derivatives, and even adjustable rate residential mortgage loans, credit cards and auto loans.
Read full article online.

 

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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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