Magazine - July 2002

In publication since 1982, IFLR has become the trusted source for in-house counsel and law firms specialising in financial law.

Cover Story

  • SEC forces rethink of earnings disclosure

    Recent SEC actions show it is not just the energy industry that is coming under the Commission’s fire for manipulating earnings reports. Neil Golden of Chadbourne & Parke, Washington DC, explains why technical compliance with GAAP may no longer be enough

Features

  • Cutting edge close-up: Raising tax-free tier I finance without capital dilution

    Freshfields Bruckhaus Deringer's FRESH Capital Securities deal enabled Fortis to raise tax deductible debt that would be treated by the regulators as equity. Donald Guiney explains how the deal worked

  • Cutting edge close-up: How HMV untangled its capital structure

    In May of this year HMV enlivened the otherwise moribund UK equity market with its flotation. Before the company’s admission a rationalization of its complex multi-tiered capital structure was required. By James Cole of Shearman & Sterling

  • Why regulation cannot solve the US energy crisis

    Politicians are pointing to deregulation of the trading in energy derivatives as the failure behind the California energy crisis. Not true, says Philip McBride Johnson of Skadden Arps Slate Meagher & Flom

  • How to structure payment-in-kind notes

    Payment-in-kind notes have been popular in the US for some time. Now bankers in Europe are keen to add these instruments to their deals. Clifford Atkins and Philippa Dodd of Shearman & Sterling show how

  • Court demands proof of HP-Compaq vote buying

    A Delaware court has rejected claims of vote buying in the shareholder vote for Hewlett-Packard’s merger with Compaq. Meredith Brown and Gary Kubek of Debevoise & Plimpton, New York, examine the decision

  • EU judgment ends state protection from takeovers

    National governments have long held special rights allowing them to block takeovers of state-favoured companies. But new rulings from the European Court of Justice could make such holdings illegal. By Vincent Brophy of Linklaters

  • Aid ruling increases risk for special institution creditors

    Robin Griffith and Michail Papadakis of Clifford Chance consider Europe's recent compromise on German state aid and its effect on the credit risk of special institutions

  • Regulatory conflicts in German-US tender offers

    Companies contemplating a German acquisition with US shareholders could face conflicts between German and US tender offer rules. By Christian Nahr of Fried Frank Harris Shriver & Jacobson

  • Bear market stalls German revolution

    Last year’s legal reforms promised great things for the German market. Thomas Williams reports from Frankfurt where lawyers are now desperate for a long-expected recovery

  • Eastern promise poses dilemma for Austrian firms

    Austria has always had closer ties with eastern Europe than many of its fellow EU members. But these links are forcing Austria’s law firms to make a difficult choice between east and west. Michael Evans reports

  • Technology prospers under China's new rules

    New rules in China will encourage foreign investment in the manufacturing of 29 different types of electronic equipment. The prospects for technology companies are much improved, says Nancy Leigh of Baker & McKenzie

  • Hong Kong's financial institutions face up to equality

    Hong Kong's securities and futures industry will soon be regulated by a single piece of legislation, designed to level the playing field between financial institutions. Simon Berry and Jill Wong of Allen & Overy report

News analysis

International briefings