What does the rule say? What have we learned, and how do we stay safe? Loans as securities: Is it really over? Presented by Lara Samet Buchwald, Partner at Davis Polk & Wardwell LLP, James A. Florack, Partner at Davis Polk & Wardwell LLP, and Elliot Ganz, Head of Advocacy and Co-Head of Policy at LSTA.
The Supreme Court denied Kirschner's petition for certiorari, finally ending the case. As LSTA's Elliot Ganz explains, this cements that syndicated loans are not securities, an immense victory for the loan market.
Elliot Ganz, Head of Advocacy, LSTA and Partners Jason Kyrwood and James Florack from Davis Polk & Wardwell LLP discussed the District Court for the Southern District of New York (SDNY) decision in Kirschner v. JPM....
Elliot Ganz, Head of Advocacy, LSTA and Partners Jason Kyrwood and James Florack from Davis Polk & Wardwell LLP discussed the District Court for the Southern District of New York (SDNY) decision in Kirschner v. JPM....
The syndicated loan market can finally breathe a collective sigh of relief. On August 24th, in a unanimous decision, the United States Circuit Court of Appeals for the Second Circuit (the “Court”) affirmed the ruling by the District Court for the Southern District of New York (SDNY) in Kirschner v. JPM that a syndicated term...
Success! Today the Second Circuit Court of Appeals affirmed the District Court’s decision in the Kirschner Case that the term loan in Millenium Labs is not a security.
The SEC recently punted on submitting an amicus brief in the Kirschner case. The banks and Kirschner briefly responded to the punt and a consumer trade association also unexpectedly weighed in (but in a puzzling way). The LSTA’s Elliot Ganz explains what the letters say and what comes next from the 2nd Circuit.
