In the private equity world, partnership agreements have received praise from many corners for reducing the agency costs arising between the interests of fund managers and investors. This article sets out to assess contract design in private equity partnerships. The argument here is that the importance of many of these heralded contract design features has been overstated. Part II describes the legal rights of investors in private equity funds. By default, investors in private limited partnerships have limited rights to participate in day-to-day operations or challenge decisions of fund managers. As a result of this set of default legal rules, investors in these funds face a familiar agency problem. That is, fund managers may be emboldened to pursue their own self-interest at the expens...
The Federal Housing Finance Agency (FHFA) is issuing a final rule to restrict the regulated entities--the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises), and the Federal Home Loan Banks (Banks)--from dealing in mortgages on properties encumbered by certain types of private transfer fee covenants and in certain related securities. This final rule is intended to protect the regulated entities from exposure to mortgages with certain features that may impair their value and increase risk to the financial safety and soundness of the entities. FHFA intends that the regulated entities develop reasonable means and appropriate methods to implement the rule in consultation with FHFA.
By Jami Frankenberry | The Virginian-Pilot The gap has seemingly tightened in the Tidewater Conference, with no shortage of likely challengers for the regular-season title after Norfolk Christian went unbeaten in 2011. "I think it's a lot tougher, it's gotten much better," said Bishop Sullivan Catholic coach Carl Turner, in his first season as head coach after three years as an assistant. "The TCIS is definitely improved. Every game is competitive, and you don't see a lot of blowouts." The early edge this season goes to Bishop Sullivan, which welcomed nearly 50 players to start preseason. Nansemond-Suffolk - in year two under former Western Branch coach Lew Johnston - and Norfolk Christian are expected to challenge. Elsewhere in the TCIS, Greenbrier Christian hopes to build on last ye...
The OCC, Board, FDIC, and SEC (individually, an ``Agency,'' and collectively, ``the Agencies'') are requesting comment on a proposed rule that would implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') which contains certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund.
Many investors, including vulnerable senior citizens, are victimized each year in dubious securities offerings yet governmental regulators can do little to intervene. Utilizing the Rule 506 private placement exemption, promoters today can escape regulatory review by both federal and state securities officials. While states at one time served as "local cops on the beat" to protect their citizens, Congress in 1996 preempted state authority, thus creating a situation in which suspect investment schemes can proliferate below any governmental radar screen. This article questions the continued wisdom of this regulatory vacuum, especially in light of recent financial events. This article reviews the legislative history of this preemptive statute, the National Securities Markets Improvements Ac...
Led by a mayor determined to bring more activity to downtown Chicago and promote tourism, the City, in conjunction with a consortium of wealthy private donors, constructed a $370 million project known as Millennium Park in the northwest corner of Grant Park, directly opposite the site of Montgomery Ward's original catalog warehouse.7 Millennium Park features, among other things, a 130-foot-tall stainless-steel music pavilion designed by Frank Gehry, a multipurpose theater, a restaurant, and a pair of fifty-foot towers emitting water from faces on giant LED screens.8 The City obtained consents to the construction of Millennium Park from owners of property abutting the northwest corner of Grant Park, and these consents were held by a state court judge, in an unpublished order, to be an ef...
AUGUSTA -- Debate may be subsiding over the state's public employee pension system, following the Legislature's approval of a two-year budget that contains measures to address the system's $4.3 billion unfunded liability. But with those reforms on the verge of implementation, the Legislature is poised to approve a bill that would make the pension system's financial investments more .
The Beans, O'[Sullivan] and Mike Stevens, another member of the ranch's leadership team, wanted to find a way to get more local landowners involved in conservation. "We knew that our neighbors loved this place, and so do we. But we didn't have an iconic way to identify it," says Brian Bean. They zeroed in on the groups of pronghorn that pass through the ranch every spring and fall. "Here are these pronghorn, and nobody knows where they go," says Bean, who helped fund a migration study in 2008 with the Wildlife Conservation Society, the National Park Service, a local landowners group called the Pioneers Alliance and Idaho Fish and Game. "I just kept my fingers crossed that something interesting would come of it. It gave us something special," says Brian Bean. "I was really excited abou...
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