Investment Adviser Regulatory Analysis
Represented an investment adviser in establishing a presence in California and related tax analysis.
Represented an investment adviser in establishing a presence in California and related tax analysis.
Represented an investment advisory firm in the restructuring of investment advisor success fees.
Represented Khrom Capital Management in negotiating a seed investment by a large university endowment, restructuring terms of the existing fund vehicle to accommodate the seed investor, and converting the fund into a master-feeder structure.
Represented a real estate investment advisory firm in the restructuring of its employee stock incentive plan.
Represented Bienville Capital Management in the formation of Bienville Capital Partners Offshore, Ltd., a Cayman Islands exempted company, which invests in a portfolio of hedge funds managed by third-party managers. Through a tactical overlay strategy, the Fund may also invest up to 25% of its assets in direct investments.
Represented one of the top fixed-income traders in the U.S. in the formation of a broker-dealer that is located in Puerto Rico to take advantage of special tax incentives, and the development of an industry-first corporate bond pricing model and data service. Our client will provide a specified percentage of its profits to charitable causes under the “B” Corporate structure.
Represented an investment manager in fund liquidation; including the sale of ownership stakes and position in portfolio companies.
Advised German-based investment advisor with respect to U.S. securities regulations.
Represented MEAG Munich in providing regulatory advice regarding traders under the U.S. Securities Exchange Act.
Represented a private bank in a $16 million revolving credit facility secured by thirteen works of art.
Represented a group of affiliated entities in a $150 million syndicated term loan credit facility from three private bank lenders collateralized by an extensive art collection located in museums, galleries and other third-party warehouse facilities throughout the world.
Represented a major U.S. commercial bank, as agent, in a $75 million revolving credit facility to a bank holding company.
Represented a non-U.S. bank, subject to New York State bank regulatory authority, in the development of its real estate lending policies and procedures.
Advised Highbridge Capital Management regarding the rules and regulations applicable to Highbridge's $60 million interim bankruptcy financing to the Los Angeles Dodgers. We also advised Highbridge on its proposed long-term $150 million credit facility to the Los Angeles Dodgers.
Represented the manager of a multi-billion dollar hedge fund in the acquisition of Fairfield Greenwich Funds and in various debt transactions and regulatory matters.
Represented mezzanine lenders in a $25 million secured agented mezzanine facility to a Texas developer. Proceeds of the loans were applied to acquire and develop land in Horseshoe Bay, Lano, and Burnet, Texas.
Represented two agent banks in a $225 million facility for the owner of a leading Major League Baseball franchise. The facility is secured by a pledge of 99% of the equity interest in the franchise holder. We later represented the agent banks in granting the required consent for the financing of a new stadium for the team.
Represented a Connecticut-based hedge fund and a Wall Street investment bank in a joint acquisition financing and restructuring of a secured multi-draw term loan facility. A portion of the proceeds were used by the borrower, a global music publisher, to acquire an interest in the song catalogs of Kurt Cobain, John Lennon, Daryl Hall & John Oates; Holly Knight, an accomplished musician and songwriter who has written hits for Tina Turner, Pat Benatar and Aerosmith; Six Degrees; Blue October; The Matrix; and Daniel Johnston, among others.
Represented an investment advisor in the formation of a master-feeder hedge fund structure with a global investment strategy.
Represented a registered investment advisor in its investment advisor agreement with a state pension fund.
Represented a major U.S. commercial bank, as a lender, in a senior secured credit facility to the parent company of an NHL franchise. The credit facility consisted of a $55 million revolver and $30 million delayed draw term loan, the proceeds of which were used to acquire the remaining ownership interest in the NHL franchise and for working capital purposes.
Represented a top five U.S. bank in its retail branch and office leases throughout New York and New Jersey.
Represented a U.S. commercial bank, as a participant, in an asset-based loan facility to a luxury home furnishings manufacturer and in the resolution of asset eligibility issues arising from extended term receivables.
Represented a U.S. commercial bank, as administrative agent and lender, in a $25 million syndicated, secured term loan credit facility to a soft drink bottling and distributing company. The proceeds of the term loan were used to build out existing production facilities and working capital purposes.
Represented an institutional lender in a $65 million acquisition and pre-development loan for the construction of a residential golf community and luxury hotel development in Mexico and in a development loan in Bermuda.
Representation of a U.S. commercial bank in a $13 million term loan and advised line facility with advances supported by guaranties of foreign affiliates and foreign receivables generated by Asian subsidiaries.
Represented Royal Bank of Scotland in its trading activities involving various tranches of distressed bank debt.
Represented an institutional lender in term, construction and revolving credit facilities to a not-for-profit school for the arts. The facilities are secured by prime and collateral mortgages on properties in California and New York.
Represented a leading commercial bank, as sole lender, in a senior secured term credit facility to an investment manager of three real estate opportunity funds. The transaction required amending a previous facility to coordinate the payments, conditions and covenants of the two facilities.
Represented a U.S. commercial bank, as lender, in a secured credit facility consisting of a term loan and a revolving loan to Hylan, a fiber optic data communications contractor, to finance a recapitalization resulting in the sale of 50% of the company to a private equity firm. The loans are secured by a first lien on all present and future assets of the borrower.
Represented Strategic Check regarding form and substance of non-recourse financings for athletes based on assignments of substantial compensation revenues.
Represented a major U.S. commercial bank in a workout of a multi-million dollar loan facility to a group of companies involved in direct sales fashion for women.
Represented a U.S. bank, as administrative agent and lender, in a $300 million secured syndicated revolving credit facility to a high-net-worth individual and an offshore trust. The credit facility is secured by museum quality, fine artworks and is guaranteed by a trust and a BVI entity. Proceeds of the credit facility are to be used to finance investments.
Represented a U.S. commercial bank, as agent, in an $80 million secured asset-based revolving loan facility to an apparel manufacturer. This involved the transfer of the agency role to the bank and continues to have various amendments to the loan documents, including negotiating new factoring arrangements, intercreditor agreements and third party waivers.
Represented a U.S. commercial bank in a $400 million syndicated revolving loan facility to a trust established by a major sports league to make further loans to participating clubs. The loan is secured by team revenues from league sponsored TV rights and other revenue sources on a non-cross collateralized team basis.
Represented the Geneva division of a major U.S. bank in a $100 million secured revolving credit facility. The loans are secured by a first lien on a portfolio of artworks owned by a Cayman Islands trust.
Represented a private collateralized lender in the development of documentation for secured loans where the collateral includes stock of public companies traded on non-US markets.
Represented a private bank, as letter of credit issuer and administrative agent, in a $100 million letter of credit facility; and as lender in a $325 million revolving credit facility, each to a trust, the proceeds of which are for working capital purposes. The facilities are cross-collateralized and secured by a combination of public company stock, diversified liquid assets and cash.
Represented Three Ocean Partners in its formation and organization, equity capital raise and registration as a broker dealer as well as across a spectrum of portfolio investments.
Representing a New York-based investment bank in litigation with a German oil and gas company alleged to have breached an exclusive agency agreement in connection with a $325 million capital raise.
A prominent investment bank and futures commission merchant in an investigation by the division of enforcement of the Commodity Futures Trading Commission regarding the purported failure to properly report certain swap data to the firm's designated swap data repository.
Ongoing capital markets and regulatory advice to the investment advisory unit of a multinational insurance and reinsurance company.
Represented a financial services firm in the development of an employment agreement template addressing protection of trading algorithms and other proprietary information.
Represented a U.S. commercial bank regarding an analysis of its existing cyber insurance policy and advice with respect to policy modifications.
Successfully negotiated a favorable settlement on behalf of a broker-dealer in a sales practice investigation initiated by FINRA concerning allegations that the firm made false and/or misleading representations to customers in connection with the sale of certain mortgage backed securities.
Represented a registered investment advisor, its managers and the RIA's proprietary funds in a series of four consolidated securities class actions lawsuits, two concurrent state court actions, and a Bermuda and SDNY bankruptcy, involving more than $700 million in claims arising out of a failed merger between the funds and a public shell company.
Represented Doral Bank in the sale of the Doral Property Finance Group, including a portfolio of real estate focused loans, to a multi-billion dollar REIT.
Represented a national bank, as syndicate lender, in the NHL league-wide credit facilities consisting of a $990 million senior secured revolving credit facility and a $410 million delayed draw secured term loan facility.
An international private bank in obtaining a temporary restraining order and preliminary injunction enforcing non-competition and non-solicitation restrictive covenants against a team of private bankers, responsible for $4 billion in assets, who breached obligations when they resigned en masse to join a competing bank. Following an evidentiary hearing, the court fully enforced the restrictive covenants and enjoined the defendants until the expiration of the non-competition and non-solicitation periods.
Won an important victory before the New York Court of Appeals on behalf of a major national bank regarding the shortening of the limitations period contained in New York’s UCC 4-406 which governs a bank customer's duty to discover and report unauthorized signatures or alterations. In a significant decision for the banking industry, the Court of Appeals held that two financially sophisticated parties can modify UCC 4-406’s statutory one-year period for reporting unauthorized activity to 14 days, the time frame provided for in the bank documents between the parties. Herrick represented Capital One through every stage of the dispute, obtaining dismissal of the customer’s complaint at the trial court which awarded summary judgment to Capital One on all of its counterclaims.