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Venture Briefing: Seventh Circuit Punishes Secured Creditor for Scrivener’s Error Venture Briefing: Seventh Circuit Punishes Secured Creditor for Scrivener’s Error

Venture Briefing: Seventh Circuit Punishes Secured Creditor for Scrivener’s Error

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Corporate Interest in Taking on V.C. Roles Greater Than Ever
Corporate enthusiasm for venture capital has waxed and waned -- but has seldom been greater than it is now. Companies as diverse as convenience stores (7-Eleven), chemists (Boots), financial firms (Visa and Citigroup) and car makers (BMW) are all getting into the game.
(Source: Economist, 2014-11-22) Read the full article
V.C. Leaders Create Task Force Aimed at Boosting Diversity
For decades the venture capital industry -- made up almost entirely of white men -- has had the distinction of being the most exclusive club in Silicon Valley. Now the financiers who have funded some of the world's most powerful companies and minted hundreds of billionaires are trying to face up to their diversity problem.
(Source: USA Today, 2014-12-08) Read the full article
House Approves Dozens of Business, Individual Tax Breaks
The House overwhelmingly approved dozens of business and individual tax breaks, including credits for research and development, energy, college students and commuters. The bill, which will allow taxpayers to claim the deductions on their 2014 tax returns, now needs approval from the Senate.
(Source: The Washington Post (free reg. req'd), 2014-12-03) Read the full article
Small Business Owners Reconsidering ESOP Practices
Some business owners are rethinking how -- and on what terms -- they will sell their firms to employee-stock-ownership plans in the wake of a Labor Department crackdown on inflated valuations that could jeopardize worker savings. The plans, known as ESOPs, often serve as a source of retirement savings for the nearly 13.8 million workers who participate in them.
(Source: The Wall Street Journal, 2014-11-19) Read the full article
SEC to Consider Broader View of 'Anything of Value' Under FCPA
The Securities and Exchange Commission will pursue a broad interpretation of the concept of "anything of value" under the Foreign Corrupt Practices Act, Enforcement Director Andrew Ceresney said. The foreign-bribery statute forbids the payment or provision of "anything of value" to foreign officials to win or retain business.
(Source: BNA, 2014-12-01) Read the full article
Future Bright for Corporate Venturing, But Nowhere Near Dot-Com
Corporate venture groups seem to be popping up everywhere -- even Chobani, a maker of Greek yogurt, recently launched a startup incubator in New York -- but it would be wrong to assume that corporate venturing is on the kind of tear that helped fuel the dot-com bubble.
(Source: The Wall Street Journal, 2014-12-01) Read the full article
Business Plans Evolve as Startups’ Needs Change
Business plans have historically been a necessity for most entrepreneurs, especially those seeking financing, but the definition of a business plan has changed in recent years. And an increasing number of entrepreneurs have concluded that business plans take too long to write and become outdated too quickly.
(Source: The New York Times, 2014-12-03) Read the full article
Franchisers Turn to Insurance Policies as Lawsuits Pick Up
Peter Taffae looked at the litigious state of the franchising industry, where new regulations have arguably made it easier to sue franchisers and tort lawyers are building class actions, and did what any self-respecting insurance man would do: He wrote a policy. Earlier this month, Taffae's Los Angeles-based insurance brokerage, Executive Perils, starting selling policies that cover franchise chains facing different types of legal actions.
(Source: Bloomberg Businessweek, 2014-11-24) Read the full article
Small Businesses Showing Interest in Cyber Liability Insurance
Cyber liability insurance isn't just for large corporations anymore. Demand for cyber liability insurance is now coming from middle-sized and small businesses, according to an insurance CEO who believes the market potential is tremendous.
(Source: Insurance Journal, 2014-11-25) Read the full article
Tech Companies Take Up Residence in Ireland Due to Low Taxes
Here's a fact that might surprise you: All of the top 10 U.S. companies that were born on the Internet -- including Google, Amazon and eBay -- have overseas corporate headquarters in Ireland. The American tech sector is huge in Ireland, but the tax system that's fueling the growth is also infuriating some people in the U.S. and Europe -- and has Ireland reconsidering its tax code.
(Source: NPR, 2014-12-08) Read the full article
Seventh Circuit Punishes Secured Creditor for Scrivener’s Error
John Lawlor

Drafting mistakes in loan documentation are an all-too-common occurrence. Although it may be possible to correct such errors in court (to the extent they cannot be corrected with borrower consent), the best course is to take care to avoid them. Read full article online.


The President's Executive Action on Immigration
Jenifer M. Brown

Not surprisingly, most of the President's November 20th executive action announcement on immigration covered the controversial area of illegal immigration. Read full article online.


Waive it Goodbye? Illinois Court Finds Implied Waiver of Security Interest
John Lawlor

Under the Uniform Commercial Code (“UCC”), it is possible for a secured party to waive its security interest by virtue of its conduct rather than by written agreement. Read full article online.


By The Numbers

A report from benchmarking company Compass shows that 75 percent of startup founders in the global innovation capital of Silicon Valley get a salary below $75,000 and 66 percent are below $50,000. Source: - Startup riches? Most founders in Silicon Valley earn less than $50,000


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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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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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