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Full-Text Articles in Law
Too Complex To Perceive? Drafting Cash Distribution Waterfalls Directly As Code To Reduce Complexity And Legal Risk In Structured Finance, Master Limited Partnership, And Private Equity Transactions, Ralph C. Mayrell
Pace Law Review
This Article proposes that complex structured finance transactions involving sophisticated investors should adopt an analogous solution to the home construction agreements’ strategy of contracting by reference to blueprints. First, dealmakers should, preferably by choice, place as much of their waterfall distribution specification and related inputs as possible into automated, programmatic representations that will be used to make the actual distribution. In many cases, these agreements already have programmatic representations, so this change should pose relatively few practical challenges logistically. Second, they should, like their counterparts in construction contracts, define the terms of those waterfalls by reference to their functional representations. …
Money Spending Or Money Laundering: The Fine Line Between Legal And Illegal Financial Transactions, Matthew R. Auten
Money Spending Or Money Laundering: The Fine Line Between Legal And Illegal Financial Transactions, Matthew R. Auten
Pace Law Review
In this Article, I will examine the history of legislative efforts to combat money laundering in the United States, including the intent and purpose of the Money Laundering Control Act 1986.13 I will then analyze how courts have addressed the challenge of characterizing dual-purpose transactions by developing factors whose presence may show that a transaction was entered into with an intent to conceal. In addition to providing an analysis of several cases where courts grappled with the challenges of characterizing dual-purpose transactions, I will also examine the development of a “heightened” evidentiary standard that is often applied to scrutinize whether …
What Went Wrong: Prudent Management Of Endowment Funds And Imprudent Endowment Investing Policies, James J. Fishman
What Went Wrong: Prudent Management Of Endowment Funds And Imprudent Endowment Investing Policies, James J. Fishman
Elisabeth Haub School of Law Faculty Publications
Most colleges and universities of all sizes have an endowment, a fund that provides a stream of income and maintains the corpus of the fund in perpetuity. Organizations with large endowments, such as colleges, universities, and private foundations, all finance a significant part of their operations through the return received from the investment of this capital. This article examines the legal framework for endowment investing, endowment investing policies, their evolution to more sophisticated and riskier strategies, and the consequences evinced during the financial crisis of 2008 and beyond. It traces the approaches to endowment investing and chronicles the rise and, …