Global Financial and Credit Crisis Resources

Teleconferences & Webinars

May 14, 2009
Interactive Webinar: Influence of Intellectual Property on the Development of Renewable Energy Technologies

April 2, 2009
The Public-Private Investment Program:  Questions and Opportunities (MP3 Audio, 8129KB)

Program Materials:
Treasury Public-Private Investment Program Presents Opportunities and Unanswered Questions

March 23, 2009
The American Recovery and Reinvestment Act of 2009:  Its Impact on Transportation Infrastructure Projects (MP3 Audio, 7212.45KB)

Program Materials:
Infrastructure Provisions in the American Recovery and Reinvestment Act of 2009
California Public Private Partnership Developments

February 25, 2009
U.S. Department of Energy Loan Guarantee Program (MP3 Audio, 10762.14KB)

Program Materials:
Concise Summary of U.S. Department of Energy Loan Guarantee Program
As Amended by The American Recovery and Reinvestment Act of 2009

February 17, 2009
The American Recovery and Reinvestment Act of 2009:  Renewable Energy Tax Incentive (MP3 Audio, 10036.43KB)

Program Materials:
The American Recovery and Reinvestment Act of 2009 – Renewable Energy Tax Incentives

Milbank Client Alerts

July 9, 2009
Treasury Guidance on Section 1603 Grants

June 19, 2009
The Obama White Paper on Financial Regulatory Reform

June 1, 2009
Update on ARRA Renewable Energy Grants

April 6, 2009
Renewable Energy Provisions in the American Recovery and Reinvstment Act

March 27, 2009
Treasury Public-Private Investment Program Presents Opportunities and Unanswered Questions

March 23, 2009
Infrastructure Provisions in the American Recovery and Reinvestment Act of 2009

March 12, 2009
Forward Start Facilities
Borrowers faced with uncertainty on whether they will be able to refinance existing debt at maturity if the credit crisis continues now have a new product to consider: the "forward start" facility or "FSF".

February 17, 2009
New Executive Compensation Rules under The American Recovery and Reinvestment Act of 2009

February 17, 2009
Relief from Income on Debt Repurchases and Exchanges at a Discount Under the American Recovery and Reinvestment Act of 2009

February 12, 2009
The American Recovery and Reinvestment Act of 2009 – Renewable Energy Tax Incentives

February 10, 2009
Proposed Legislation Regulating Hedge Funds

February 3, 2009
New TARP Watchdog Demands Transparency: Recipients of TARP Funds Should Expect Heightened Focus

November 3, 2008
U.S. Treasury Publishes Standard-Form CPP Documentation
Publicly traded financial institutions participating in the Treasury's capital purchase program may utilize form documentation for the issuance of senior preferred stock and warrants.
 
October 28, 2008
LIBOR Market Disruption
With more banks being affected by the present financial crisis, the threshold required to invoke the market disruption clause, which protects lenders against certain types of "disasters" in the LIBOR market, might now be easier for lenders to meet.
 
October 23, 2008
The FDIC's Temporary Liquidity Guarantee Program - Structured Notes Need Not Apply
The FDIC's Temporary Liquidity Guarantee Program guarantees new senior unsecured debt issued by financial firms but does not include structured products.

October 9, 2008
Treasury Guidelines Expected to Answer Open Questions
The Treasury's guidelines are expected to answer a number of critical open question about the Troubled Assets Relief Program.

September 22, 2008
Regulatory Observations on the Change in Status of Goldman Sachs and Morgan Stanley

September 18, 2008
SEC Adopts New Rules to Address Naked Shorting and Other Short Sale Practices

January 8, 2008
The Subprime Crisis
This Client Alert highlights Milbank's extensive experience, as litigators and transactional attorneys, with the subprime mortgage market and structured financial products such as Residential Mortgage-Backed Securities and Collateralized Debt Obligations.

January 22, 2009
The Realogy Case: Noteholders Block an Exchange Offer
In the Realogy Case, the Court held that Realogy's proposed exchange offer for its existing debt was not permitted under the relevant financing documents.  The case illustrates the creative ways shareholders and their leveraged companies may use provisions that allow for incurrence of additional debt.

October 13, 2008
Hexion v. Huntsman: Delaware Court Offers Interpretive Guidance on Key Terms of Disputed Merger Agreement
The Court reaffirmed that a party seeking to avoid its contractual obligations to consummate a merger by claiming the occurrence of a material adverse effect bears a heavy burden.

June 6, 2008
Federal Court Refuses to Dismiss Claims Brought by Target Company Shareholders Against Lender who Failed to Provide Merger Financing
In Lasker v. UBS Securities LLC, the lender failed to honor a financing commitment that would have completed a pending merger. The lender then found itself exposed to potential liability, not to the recipients of the financing or to the target company, but to a more remote group, the shareholders of the target company.

January 8, 2008
Delaware Court of Chancery Holds That Target May Not Force Private Equity Firm to Proceed With Buyout
In United Rentals v. RAM Holdings, Inc., the Court ruled that the private equity buyer was not contractually required to consummate its planned acquisition of target company and could walk away from the transaction incurring only the breakup fee.

Milbank Reports

October 30, 2008
The Market Disruption Clause – No Longer a“Last Resort”?
With the cost of funding in inter-bank markets reaching record levels, financial institutions are showing increased interest in the possibility of invoking the market disruption clause in their loan agreements.

October 3, 2008
Material Adverse Change Clauses in Adverse Markets
This report looks at the market material adverse change (MAC) clause in the context of U.S. experience, given the dearth of English case law on MAC clauses, with a view to the issues that banks will likely wish to address when negotiating and drafting this clause.

Milbank Published Articles

November 2009
Stimulus and Response
The loan guarantee program moves ahead
By Edwin F.  Feo
North American Clean Energy

Mar/Apr 2009
The American Recovery and Reinvestment Act of 2009: Will the renewable energy engine be re-started?
North American Clean Energy

January 2009
Subprime Litigation Against Issuers and Underwriters of Mortgage-Backed Securities – Where Are the Actual Losses?
The Review of Banking and Financial Services
Write-downs of mortgage-backed securities are spawning actions by allegedly defrauded investors against issuers and underwriters of financial institutions holding such securities. But do the write-downs reflect the type of “actual losses” that are necessary to support federal securities law claims?

December/January 2009
The Market Disruption Clause
International Financial Law Review
Banks are increasingly frustrated by the publicly quoted Libor being lower than the actual rates they pay for Eurodollar deposits, and the market disruption clause is the main reason why.

November/December 2008
Renewable Energy in the Credit Maelstrom
North American Clean Energy

November 2008
Exercising the Intercreditor Buyout Clause: Lessons from the Trenches
The Journal of Corporate Renewal

November 2008
The Market Meltdown: Time to Reevaluate D&O Coverage
Directors Monthly
The continued fallout from the financial crisis should cause every director or officer of a public company to reevaluate available directors and officers liability insurance.

October 31, 2008
In Defense of Renewable Energy
TheDeal.com
With falling fossil fuel prices, an economic recession and the credit crisis, the prospects for the more expensive renewable energy technologies seem grim, but this maelstrom of disaster is not the death knell for the entire renewable energy sector.

October 8, 2008
Mr. Toad's Wall Street Ride
TheDeal.com
Keeping track of news emerging from Wall Street has been a bit like being a passenger on Disneyland's Mr. Toad's Wild Ride – everywhere you look, a different financial institution comes crashing into focus, the target of a buyout, bankruptcy, government takeover or rumors of the same.

August 4, 2008
Heads in the Sand
The Lawyer
This article examines the impact of the U.S. credit market crisis on the global insurance industry.

July 7 - July 20, 2008
The Suits
The Deal
First the crisis, then the lawsuits. This article looks at who's at risk from financial litigation.