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Climate Action 100+ reports that, last year, there were 22
climate-related weather disasters in the U.S. that each
caused more than $1 billion in damages-far and away a record. To
investors, climate change poses not only physical risks of damage
to assets, supply chains and infrastructure but also transitional
risk if portfolio companies do not adjust rapidly enough as the
economy decarbonizes and systemic risk posed to the entire
economy. According to environmental nonprofit Ceres, as of April 21, 408 businesses and
investors with a footprint in the U.S. have signed an open letter to the President
On April 16, 2021, the US Securities and Exchange Commission issued a release reopening the comment period on its 2016 proposal for a mandatory universal proxy to be used for all contested director.
A former registered research analyst and representative
settled FINRA charges for engaging in insider trading.
In a
Letter of Acceptance, Waiver and Consent, FINRA found that the
analyst bought the securities of two companies using family
members accounts on the basis of material nonpublic
information. The information involved a pending research rating
upgrade for the companies. As a result, FINRA found that the
analyst violated Section 10(b) of
the Exchange Act, SEA Rule 10b-5 ( Employment
of Manipulative and Deceptive Devices ), and FINRA Rules 2020 ( Use of
Manipulative, Deceptive or Other Fraudulent Devices ) and 2010 ( Standards
of Commercial Honor and Principles of Trade ).
Webinar
This trifecta of topics, drawn from Steve Gorin s 1st
quarter 2021 newsletter, discusses gifts of services and business
opportunities in light of developments in capital markets,
describes a 2021 case of a taxpayer who recast a transaction to
enhance its tax benefits and selected tax issues when a business is
formed, and evaluates the use of LLCs and limited partnership as S
corporations, including when that use overlooks potential estate
planning traps.
Gift tax applies to transfers of property not services. Yet
services can generate valuable property rights. When do performing
services and providing business opportunities avoid gift tax, and
when do they generate property rights that are deemed transferred
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Bloomberg and CNN reported on the potential impact the pause
in the use of Johnson & Johnson s Covid-19 shot could
have. In the wake of the announcement, stay-at-home company
stocks bounced, while travel company stocks fell as investors
worried about the potential long-term impact. [Bloomberg;
April 13, 2021 & CNN; April 14, 2021]
The Wall Street Journal reported on an
intensifying bidding war for Hertz as previously-outbid investors
returned to the table with a counteroffer for the car rental
company in chapter 11 with a valuation of $6.2 billion. The revised
bid by Knighthead Capital Management LLC and Certares Management