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MAGAZINE

December 2020 Issue

Financier Worldwide Magazine


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COVER STORY

Time for change: diversity dynamics in the boardroom

Diversity is one of the key buzzwords of our age. It is a concept deemed increasingly desirable across many spheres, particularly in the corporate world, where it permeates from the shop floor up to, and including, the boardroom. Moreover, given the challenges corporates…

FEATURES

Financial services regulation in the UK

Though the COVID-19 pandemic has dominated the regulatory agenda in the UK through much of 2020, pressing issues for the future of financial services also require urgent attention. Most notably, the end of the year will bring to a close the UK’s transition period following…

Under pressure: CFO departures escalate amid crisis

The first 20 years of the 21st century have been punctuated by crises and uncertainty. From the bursting of the dotcom bubble in the early 2000s to the 2008 crash and subsequent global financial crisis (GFC), companies have faced waves of change and upheaval…

Clamping down: the UK’s GHR sanctions regime starts to bite

“Those with blood on their hands will not be free to waltz into the UK to buy up property or siphon dirty money through British banks or financial institutions,” warned Dominic Raab, UK secretary of state for foreign, commonwealth and development affairs, upon the unveiling…

Internal investigations in the COVID-19 era

Even in ‘normal’ times, conducting internal investigations can be difficult. Companies seek to carry out a fast, careful and structured internal investigation in order to mitigate risk. They must consider a number of issues during the process, including how and when to start an…

Talking trade: US and EU ‘mini-deal’ opens door to future accords

In the context of protectionism and the often fractious relationship between the US and the European Union (EU), the recent news that the two powers had agreed a package of tariff reductions – dubbed a ‘mini-deal by some commentators – is significant, potentially opening…

ROUNDTABLE

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Distressed M&A

THE PANELLISTS: Jack Butler, Birch Lake Holdings, LP; Ben Jones, Bryan Cave Leighton Paisner LLP; Chad J. Husnick, Kirkland & Ellis LLP; Neil Sumner, PricewaterhouseCoopers LLP; Nicholas Baker, Simpson Thacher & Bartlett LLP; and Van C. Durrer II, Skadden, Arps, Slate, Meagher & Flom LLP.

The devastating impact of coronavirus (COVID-19) has dominated distressed M&A in 2020, with many overleveraged companies pushed over the edge and countless others across many industries brought to their knees. With governments across the globe…

SPECIAL REPORT

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International dispute resolution

Q&A: Technology and the future of dispute resolution

FW discusses technology and the future of dispute resolution with Jon Chan, Alex Semertzides and Tom Jackson at FTI Consulting LLP, and Damian Taylor and Robert Worthington at Slaughter and May.

COVID-19 and the types of disputes arising

Norton Rose Fulbright LLP Businesses all over the world have spent most of the year facing unprecedented pressures, uncertainty and volatility. Phrases such as ‘lockdown’, ‘quarantine’ and ‘social distancing’ have become part of societies’ new lexis. With hopes of a quick economic recovery fading…

Remote arbitration hearings: advantages, challenges and participant considerations

McCarthy Tétrault Remote hearings are not a novel concept in the context of arbitration. The technology required to conduct remote hearings has been available for years and has been leveraged to conduct portions of proceedings, such as cross-examining a witness via videoconference. However, prior…

No longer a remote possibility: best practices for remote depositions in 2020 and beyond

Faegre Drinker Biddle & Reath LLP The COVID-19 global pandemic has changed the way we interact with each other. The world over, governmental authorities imposed travel restrictions and issued ‘stay at home’ directives. In New York, ‘patient zero’ was an attorney who practices in the populous…

Arbitrating post-M&A disputes: a look forward

Wilmer Cutler Pickering Hale and Dorr LLP Post-M&A arbitrations are becoming increasingly frequent. American International Group (AIG) recently published its fifth annual ‘Mergers and Acquisitions Claims Report’. The report concluded that there is a “rising tide of large claims” under policies for warranty and…

Sidestepping ‘Morrison’ through foreign law claims and litigation

Cleary Gottlieb Steen & Hamilton LLP The US Supreme Court’s decision in Morrison v. National Australia Bank Ltd (2010) sought to curtail the ability of private litigants to use the US securities laws on behalf of those “allegedly cheated in foreign securities markets”. In so doing, Morrison generated broad speculation…

Getting ahead of the game: advocating for a proactive approach to dispute resolution

Boies Schiller Flexner (UK) LLP Disputes can be a strangely emotional business for something which will be finally decided (absent settlement) by a disinterested third party. Claimants may feel bullish, aggressive, ready for a day in court fighting for justice. Defendants may be angry, surprised, or sometimes…

Q&A: Rethinking commercial contracts post COVID-19

FW discusses rethinking commercial contracts post COVID-19 with Rishi Zutshi at Cleary Gottlieb, Tom Dane at CMS, Adrian Cole at King & Spalding and Julie Bédard at Skadden, Arps, Slate, Meagher & Flom LLP.

TALKINGpoint

Implementation of the EU Restructuring Directive in Germany

FW discusses the implementation of the EU restructuring directive in Germany with Frank Girotto and André Bäcker at PwC Germany.

DEALfront

mergers & acquisitions

The EG Group and TDR Capital acquire Asda from Walmart

At a time of evolution in the UK food retail sector, global convenience and forecourts retailer the EG Group and UK-based private equity firm TDR Capital LLP are to acquire Asda Group Limited from Walmart Inc. in a deal valued at £6.8bn. Under the new ownership structure…

MUJF to acquire Hitachi Capital

Mitsubishi UFJ Lease & Finance has agreed to acquire its smaller rival Hitachi Capital in a deal worth around $2.8bn. Under the terms of the deal, Mitsubishi UFJ will provide 571 million shares to shareholders of Hitachi Capital. The deal will help the new company…

private equity & venture capital

Microsoft to acquire PE-backed ZeniMax for $7.5bn

Microsoft has agreed to acquire ZeniMax Media, the parent company of several industry-leading video game developers, including most notably Bethesda Softworks, for $7.5bn in cash from private equity firm Providence Capital. The deal, which is subject to…

KKR to buy 1-800 Contacts for $3bn

As part of a growing demand for digital sellers, global investment company KKR is to acquire online contact lenses retailer 1-800 Contacts from private equity (PE) firm AEA Investors in a $3bn-plus transaction. The sale of 1-800 Contacts to KKR follows many years of…

bankruptcy & corporate restructuring

Oasis Petroleum files for Chapter 11

Due to historically low global energy demand and commodity prices, as well as the unprecedented impact of the coronavirus (COVID-19) pandemic, independent exploration and production company Oasis Petroleum has filed for Chapter 11 bankruptcy. The filing is in order to…

Garrett Motion files for Chapter 11 protection amid ‘stalking horse’ bid

With a heavy debt burden due to the COVID-19 pandemic and an ongoing dispute with former parent Honeywell International Inc over asbestos liabilities, auto-parts supplier Garrett Motion Inc has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court…

SPOTlight

Duress in banking contracts under the microscope at the UK Supreme Court

Trowers & Hamlins LLP On 2 November 2020, the UK Supreme Court will hear Times Travel v Pakistan International Airlines Corp, the first ever Supreme Court appeal on economic duress. The doctrine of economic duress decides when contracts can be voided because they were induced by…

Crowdfunded securities token offerings: a possible path to funding emerging growth companies

Becker & Poliakoff, P.A. The problems small companies have in obtaining growth capital are well known. The resources of founders and family and friends are typically limited. Venture capital (VC) and private equity (PE) firms are a resource for only a few such companies. Angels can sometimes provide…

Will home working become the new normal?

Lewis Nedas Law In the current coronavirus (COVID-19) pandemic climate, many employers and employees are realising the benefits of working from home. For employees there is the feeling of a better work-life balance and for employers, the welcomed prospect of the ability to lower…

US moves to secure the bulk-power system against ‘foreign adversary’ threats

Gibson Dunn On 1 May 2020, president Donald J. Trump issued ‘Executive Order 13920 on Securing the US Bulk-Power System’, which prohibits certain transactions involving bulk-power system electric equipment with any entity owned or controlled by, or subject to the jurisdiction…



CONTRIBUTORS

Becker & Poliakoff, P.A.

Birch Lake Holdings, LP

Boies Schiller Flexner (UK) LLP

Bryan Cave Leighton Paisner LLP

Cleary Gottlieb Steen & Hamilton LLP

CMS

Faegre Drinker Biddle & Reath LLP

FTI Consulting LLP

Gibson Dunn

King & Spalding

Kirkland & Ellis LLP

Lewis Nedas Law

McCarthy Tétrault

Norton Rose Fulbright LLP

PricewaterhouseCoopers LLP

PwC Germany

Simpson Thacher & Bartlett LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Slaughter and May

Trowers & Hamlins LLP

Wilmer Cutler Pickering Hale and Dorr LLP


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