Client Alert - Gibson Dunn

Client Alert

Silence Is Golden: Second Lien Creditor Rights Post-Momentive

On October 14, 2014, the Bankruptcy Court for the Southern District of New York issued a bench ruling in the In re MPM Silicones, LLC (Momentive) Chapter 11 cases, which serves as a stark reminder of the function and importance of carefully drafted and negotiated intercreditor agreements in a Chapter 11 context. 

November 12, 2014

Applicable As of November 2014, France Lists Which Charges May No Longer Be Imposed by Lessors to Lessees under French Commercial Leases

The Pinel Law (Law No. 2014-626 of June 18, 2014) makes mandatory to include within commercial lease agreements a specific inventory regarding taxes, fees, royalties and charges, as well as to clearly determine their allocation between the Lessor and the Lessee, thus putting an end to the contractual freedom of former commercial leases (New Article L.

November 12, 2014

Criminal prosecution of Governor Perry is an outrage

Dallas partner James C. Ho and associate Prerak Shah are authors of "Criminal prosecution of Governor Perry is an outrage" [PDF] which appeared in the November 11, 2014 issue of the Austin American-Statesman.

November 11, 2014

Counties jumped the gun on fracking bans

Los Angeles Partner Jeffrey Dintzer and Associate Nathaniel Johnson are the authors of "Counties jumped the gun on fracking bans" [PDF] published in the Los Angeles Daily Journal.

November 10, 2014

Qualified Plan Limitations Updated for 2015

The IRS recently released the inflation-adjusted limitations applicable to tax-qualified retirement plans for 2015.  As in 2014, several of these limits are again increasing, including the elective deferral and catch-up contribution limits for employees who participate in 401(k), 403(b) and 457 tax qualified retirement plans.  In addition to the impact of these limitations on tax-qualified retirement plans, the compensation limit under Section 401(a)(17) of the Internal Revenue Code also affects the amount of severance pay that may be excludable from coverage under Section 409A of the Code in certain circumstances.  The key 2015 limits are as follows: Limitation2015 Limit402(g) Limit on Employee Elective Deferrals (Note:  This is relevant for "401(k)

November 5, 2014

More Board Seats, More Problems

Dallas partner Robert Little and associate Joseph Orien are authors of "More board seats, more problems" [PDF] published in the November 5, 2014 issue of Private Funds Management.

November 5, 2014

Recent Developments Related to Litigation Involving the Education Sector (November 2014)

This is our most recent update of significant developments relating to qui tam and other lawsuits and investigations involving schools, especially private-sector schools.

November 4, 2014

Recent Japanese Government Sanctions on Russia

Following the response of the United States and European Union to the Russian Federation's annexation of Crimea in March 2014, as well as its continued support of separatists in eastern Ukraine, Japan recently imposed economic sanctions on Russia.  In August 2014, the Ministry of Foreign Affairs, the Ministry of Finance, and the Ministry of Economy, Trade and Industry implemented economic sanctions pursuant to the 外国為替及び外国貿易法 [Foreign Exchange and Trade Act], Law No.

November 3, 2014

Reexamining the notion that public companies cannot fight criminal charges

Washington, D.C. partners F. Joseph Warin and John W.F. Chesley and associate Sean Sandoloski are the authors of "Reexamining the notion that public companies cannot fight criminal charges" [PDF] published in the October 2014 issue of Financier Worldwide.

October 31, 2014

Recent Court Decision Upholds Los Angeles County Assessor’s New Interpretation of Documentary Transfer Tax Act

On September 22, 2014, the Second Appellate District of the California Court of Appeal issued an opinion affirming a lower court's decision to impose a California documentary transfer tax (DTT) on the transfer of interests in a legal entity that owned real property indirectly through another legal entity, concluding that a change in ownership of the legal entity that resulted in a change in ownership of the real property for property tax purposes was a taxable event under the Documentary Transfer Tax Act (DTTA).The opinion in 926 North Ardmore Ave., LLC v. County of Los Angeles describes a series of transactions involving, over time, the transfer of an apartment building by a trust (Trust) to a wholly owned limited liability company (Ardmore), a transfer by the Trust of its interest in Ard

October 30, 2014

New York and Federal Regulators Increasingly Focus Attention on Cybersecurity in the Financial Sector

In response to a string of publicly disclosed cyberattacks against financial institutions in recent months, New York and federal regulators are pushing the financial sector to better protect itself and, notably, are seeking additional information about banks' cybersecurity efforts.  Benjamin Lawsky, the Superintendent of the New York State Department of Financial Services ("DFS") has been at the forefront of this increased regulatory focus.  New York StateOn October 21, 2014, Superintendent Lawsky reportedly sent a letter to dozens of banks that not only urges them to address the cybersecurity of their third-party service providers but also requests detailed information about their cybersecurity practices.  Noting that "a firm's level of cybersecurity is only

October 27, 2014

Human Rights Law and Competition Actions in Europe: The Delta Pekárny v Czech Republic Ruling

1. INTRODUCTIONWith the entry into force of the Lisbon Treaty on 1 December 2009, the EU Charter of Fundamental Rights dating back to the year 2000 attained the same legal status as Treaties, and became legally binding.

October 23, 2014

The Scarlet Letter Of Self-Stigmatized Property

Orange County of counsel James Sabovich and associate Joseph Edmonds are authors of "The Scarlet Letter Of Self-Stigmatized Property" [PDF] published in the October 23, 2014 issue of Law360.

October 23, 2014

Exclusive Delaware and Non-Delaware Forum Bylaw Amendments

New York partner Adam H. Offenhartz and associate Peter M. Wade are authors of "Exclusive Delaware and Non-Delaware Forum Bylaw Amendments" [PDF] published in the October 15, 2014 issue of Delaware Business Court Insider.

October 15, 2014

The Greek Lignite case

Brussels partner Peter Alexiadis and associate Ilias Georgiopoulos are the authors of "The Greek Lignite case" [PDF] published in the October 14, 2014 issue of Competition Law Insight.

October 14, 2014

New Guidance on Domestic Effects of Foreign-to-Foreign Mergers in German Merger Control

The German Federal Cartel Office (FCO) published a revised guidance document on "Domestic Effects in Merger Control" which replaces the previous guidance document published in 1999.

October 9, 2014

Protecting Your Investments in Emerging Markets

The wealth of opportunities in emerging markets attracts a significant amount of foreign investment.  Making investments in parts of Africa, Latin America, Asia and the former Soviet Union can pay off handsomely if successful.  However, those same investments are often exposed to significant political risk.There are ways for investors in emerging markets to limit their exposure to such risk, and counsel can help to identify some of the more compelling options in this regard.  Political risk insurance is one well-known option.  Another option is to structure (or restructure) an investment, whether in a greenfield project or through an acquisition, to take advantage of the protections offered by a favorable investment treaty.  It is the latter option that is the subj

October 6, 2014

Insights – SEC Enforcement Actions over Stock Transaction Reporting Obligations Offer Reminders for Public Companies and Their Insiders

San Francisco partner Marc Fagel, Washington, DC partners Elizabeth Ising and Ronald Mueller and Orange County partner James Moloney are the authors of "SEC Enforcement Actions over Stock Transaction Reporting Obligations Offer Reminders for Public Companies and Their Insiders" [PDF] published in the October, 2014 issue of Insights.

October 1, 2014

Lessons of 2013: The Perils of ‘Ready, Fire, Aim’ and the Importance of an Integrated Litigation Strategy in Corporate Governance Matters

San Francisco partner Thad Davis and associate Leslie Wulff are the authors of "Lessons of 2013: The Perils of 'Ready, Fire, Aim' and the Importance of an Integrated Litigation Strategy in Corporate Governance Matters" [PDF] published in the October 2014 issue of Pepperdine University School of Law’s Journal of Business, Entrepreneurship, & the Law.

October 1, 2014

Science refutes fracking opposition

Los Angeles Partner Jeffrey Dintzer and Associate Nathaniel Johnson are the authors of "Science refutes fracking opposition" [PDF] published in the Los Angeles Daily Journal.

September 30, 2014