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Articles 1 - 11 of 11
Full-Text Articles in Law
The Constitutionality Of Using Eminent Domain To Condemn Underwater Mortgage Loans, Katharine Roller
The Constitutionality Of Using Eminent Domain To Condemn Underwater Mortgage Loans, Katharine Roller
Michigan Law Review
One of the most visible and devastating components of the financial crisis that began in 2007 and 2008 has been a nationwide foreclosure crisis. In the wake of ultimately ineffective attempts at federal policy intervention to address the foreclosure crisis, a private firm has proposed that counties and municipalities use their power of eminent domain to seize “underwater” mortgage loans—-mortgage loans in which the debt exceeds the value of the underlying property—-from the private securitization trusts that currently hold them. Having condemned the mortgage loans, the counties and municipalities would reduce the debt to a level below the value of …
Are Cryptocurrencies Super Tax Havens?, Omri Marian
Are Cryptocurrencies Super Tax Havens?, Omri Marian
Michigan Law Review First Impressions
Virtual currencies are online payment systems that may function as real currencies but are not issued or backed by central governments. As demonstrated by recent events, virtual currencies present regulators with significant challenges. On May 23, 2013, the U.S. federal government brought an indictment against the operators of Liberty Reserve, a popular virtual currency, charging the operators with money laundering and operating an unlicensed money-transmitting business. The same month, the Government Accountability Office ("GAO") made public a report exploring the potential tax-compliance risks associated with virtual currencies and economies. Legislators have also taken particular interest in one type of virtual …
Never Again,' Again: A Functional Examination Of The Financial Crisis Inquiry Commission, Andrew W. Hartlage
Never Again,' Again: A Functional Examination Of The Financial Crisis Inquiry Commission, Andrew W. Hartlage
Michigan Law Review
Despite the benefit of five years to heal its wounds, the United States remains hobbled from the devastating economic injuries of the 2007-08 global financial crisis. Families across the country still struggle with overwhelming debt and debilitating joblessness. The financial innovations that were once seen as a path to broader homeownership and greater financial equality nearly led to a once-unthinkable catastrophe, and ironically, have worked to widen the gap between rich and poor. These events took many top business leaders and regulators by surprise. After the crisis abated, legislators and other policymakers sought to understand how a financial crisis of …
Regulation Of Private Equity In Brazil: Policy Questions Presented And Critique, Shannon Guy
Regulation Of Private Equity In Brazil: Policy Questions Presented And Critique, Shannon Guy
Michigan Business & Entrepreneurial Law Review
In this note, I explore some of the policy questions affecting Brazil’s private equity industry that the country must tackle. In Part II, Section A, I begin by asking the threshold question of whether the Brazilian government should play an active role in encouraging the growth of the private equity industry. I resolve that Brazil should play an active role in encouraging the industry’s growth to encourage several possible benefits to the real economy. Private equity may benefit the economy by providing job growth and job preservation, improved access to credit for firms that would not otherwise have funds, and …
Private Equity & Private Suits: Using 10b-5 Antifraud Suits To Discipline A Transforming Industry, Kenneth J. Black
Private Equity & Private Suits: Using 10b-5 Antifraud Suits To Discipline A Transforming Industry, Kenneth J. Black
Michigan Business & Entrepreneurial Law Review
This note demonstrates why private equity will no longer be able to avoid private investor suits as it has (mostly) done in the past and explores the industry’s response to a growing number of investor suits. Notably, the industry has already begun to shift its strategy from regulatory avoidance to regulatory capture, at least in part to avoid investor suits. Given these changes, this note proposes that the best way to maintain discipline in the transforming private equity market is to protect the ability of investors to bring private suits.
Should Angel-Backed Start-Ups Reject Venture Capital?, Darian M. Ibrahim
Should Angel-Backed Start-Ups Reject Venture Capital?, Darian M. Ibrahim
Michigan Business & Entrepreneurial Law Review
The conventional wisdom is that entrepreneurs seek financing for their high-growth, high-risk start-up companies in a particular order. They begin with friends, family, and “bootstrapping” (e.g., credit card debt). Next they turn to angel investors, or accredited investors (and usually ex-entrepreneurs) who invest their own money in multiple, early-stage start-ups. Finally, after angel funds run dry, entrepreneurs seek funding from venture capitalists (VCs), whose deep pockets and connections lead the startup to an initial public offering (IPO) or sale to a larger company in the same industry (trade sale). That conventional wisdom may have been the model for start-up success …
Incubator Cities: Tomorrow's Economy, Yesterday's Start-Ups, Abraham J.B. Cable
Incubator Cities: Tomorrow's Economy, Yesterday's Start-Ups, Abraham J.B. Cable
Michigan Business & Entrepreneurial Law Review
Venture development funds (“VDFs”) are products of state and local government law that use public funds to invest in local start-ups, in the hope that these companies will then attract venture capital investment. Existing analysis by legal scholars largely assumes that establishing a private venture capital market is essential to encouraging entrepreneurship. This article challenges that assumption. It argues that VDFs and other policies focused on encouraging venture capital are outmoded and inconsistent with the ultimate economic development goals of state and local governments. In many industries, entrepreneurs can now get by with less capital because the cost of developing …
A Complete View Of The Cathedral: Claims Of Tortious Interference And The Specific Performance Remedy In Mergers And Acquisitions Litigation, Luke Nikas, Paul B. Maslo
A Complete View Of The Cathedral: Claims Of Tortious Interference And The Specific Performance Remedy In Mergers And Acquisitions Litigation, Luke Nikas, Paul B. Maslo
Michigan Business & Entrepreneurial Law Review
A bank promises to lend several billion dollars to fund a buyer’s purchase of a target company. The buyer enters into a merger agreement with the target. Thereafter, the economy plummets, and the bank decides that breaching its contract with the buyer will cost less than performing. The buyer seeks specific performance. The target also sues the bank, alleging tortious interference with the merger agreement. Billions of dollars are on the line. This is the reality lived by many investment banks that committed to fund leveraged buyouts during the recent economic downturn. Most of these matters were resolved in private …
Africa-China Bilateral Investment Treaties: A Critique, Uche Ewelukwa Ofodile
Africa-China Bilateral Investment Treaties: A Critique, Uche Ewelukwa Ofodile
Michigan Journal of International Law
The purpose of this Article is to draw attention to, raise questions about, and generate discussions regarding the emerging norms, legal context, and long-term development-implications of South-South foreign direct investment (“FDI”) and South-South bilateral investment treaties (“BIT”). This Article seeks to refocus the discourse about FDI and BITs on developing countries in their role as exporters of capital and in the context of the much-touted new geography of investment. Can South-South BITs play a positive role in promoting development in sub-Saharan Africa any more than the Africa-North BITs? Is China concluding development-focused BITs with countries in Africa? The Article identifies …