The Delaware Court of Chancery’s recent decision in Kotler v. Shipman Associates, LLC,[1]serves two important reminders for practitioners and clients: First, parties to a contract should keep thorough records of contract negotiations. Second, parties should keep the proposed agreement and Continue Reading
Stillwater Mining Appraisal Opinion Lands on Merger Price as the Best Indicator of Fair Value in a Single-Bidder Process
The Delaware Court of Chancery has ruled in In re Appraisal of Stillwater Mining Company that the per share price paid for Stillwater Mining Co. (“Stillwater” or the “Company”) was the best measure of the fair value of the Company’s shares. This is consistent with the Delaware courts’ Continue Reading
Venture Capital & Emerging Growth Companies Activities—September 2019
We are pleased to share outstanding highlights this month about our firm, the venture capital landscape, and our clients and contacts who continuously enrich the entrepreneurial ecosystem. McCarter Highlights We welcome new partner Peter Campitiello and associate Adam Sternbach to the firm’s Continue Reading
Know Your Supplier: Effective August 13, 2019, Certain Chinese Telecoms Banned From Federal Procurement
As we stated last month, further restrictions are afoot on the use of Chinese technology in federal acquisitions. An Interim Rule issued by the Department of Defense (DoD), General Services Administration (GSA), and National Aeronautics and Space Administration (NASA) (collectively, the “FAR Continue Reading
Venture Capital & Emerging Growth Companies Activities—August 2019
We are pleased to share outstanding highlights this month about our firm, the venture capital landscape, and our clients and contacts who continuously enrich the entrepreneurial ecosystem. McCarter Highlight McCarter partner Mike Horn has received the 2019 NJBIZ Icon Award for his Continue Reading
New Amendments to the Delaware LLC Act Relating to Series LLCs
On August 1, 2019, amendments to certain sections of the Delaware LLC Act took effect, including those related to Series LLCs. While the Delaware LLC Act has long recognized the Series LLC, its use has been very limited, but that is changing. This summary will provide a general overview of Series Continue Reading
Thousands of Virtual Currency Owners May Be Subject to Back Taxes, Penalties, and Interest
The IRS has begun sending “educational” letters to more than 10,000 taxpayers who have engaged in virtual currency transactions, but possibly failed to report and pay tax on those transactions. According to the IRS, these letters are intended to “help taxpayers fully understand and meet their Continue Reading
SEC No-Action Letter Clears Ambiguity Surrounding the Existence of Utility Tokens
The SEC has issued its second-ever no-action letter to a token issuer. Pocketful of Quarters, Inc. (PoQ) sought the no-action letter in connection with the issuance of a cryptographically protected token (Quarters), which will be immediately usable across multiple gaming and e-sports platforms. Continue Reading
NJ Enhances the Angel Tax Credit Incentive
The NJEDA has recommended a major enhancement to its Angel Investor Tax Credit Incentive program to stimulate and incent technology company entrepreneurs to establish and grow their companies in New Jersey as well as investors to support them. Governor Phil Murphy recently signed Assembly Bill Continue Reading
Venture Capital & Emerging Growth Companies Activities—July 2019
McCarter is proud to kick off summer 2019 with exciting firm news: NJBIZ has named Joe Boccassini, Susan Feeney, Scott Kobler, and Dave Sorin to its Law Power 50 list for delivering outstanding results for clients in New Jersey. You can also tune in to the Growth Igniters Radio podcast to hear Dave Continue Reading