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Charlesbank Capital Partners buys American Residential Services

Charlesbank Capital Partners has acquired American Residential Services from CI Capital Partners and Royal Palm Capital Partners. No financial terms were disclosed. Berenson & Company and Paul, Weiss, Rifkind, Wharton & Garrison advised ARS on the transaction while Metronome Partners, RBC Capital Markets and Goodwin Procter advised Charlesbank. Based in Memphis, Tenn., ARS is a provider of heating and air conditioning and plumbing services.

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For VCs, SEC Ruling Should Make Fundraising a Bit Easier

The lifting of the ban on general solicitations will likely have the biggest impact on emerging managers seeking new limited partners. But even established VCs should benefit from the change, at the very least because it means they can now publicly discuss fundraising plans.

Goodwin Procter Enhances Entrepreneurial Site With Additional Free Documents

Goodwin Procter said it has redesigned and enhanced its Founders Workbench site for entrepreneurs. The site includes free legal documents for company creation and other tasks, along with an online calculator for determining deal dilution. The site first launched in 2010. It also has a blog and information on best practices.

Goodwin Procter Makes Business Law Appointment

Goodwin Procter has appointed Lawrence M. Chu as a member of Goodwin’s technology companies, M&A/corporate governance and private equity practices at the firm’s business law department. He will be based in the Silicon Valley office. Chu joins from Wilson Sonsini Goodrich & Rosati in San Francisco where he was a partner. PRESS RELEASE Goodwin Procter, […]

The Unexpected Outcomes of the JOBS Act

The measure, passed by Congress in March, is designed to grease the IPO onramp for small companies. Three months after it was signed into law, signs of its impact, both expected and unexpected, are visible.

More Startups Look At Secondary Market Trading Restrictions

Secondary markets, what’s not to love? Liquidity for private company founders, opportunities for venture investors to unload portfolios, LPs taking positions in hot private companies. With all the excitement, activity is on the rise. During the first half of the year, transaction volume at the SecondMarket exchange for private company shares rose 75% to $268 […]

SEC Registration: Where Do We Go From Here?

Buyout firms chilled by the prospect of registering as investment advisers with the SEC got a bit of good news this month. A House subcommittee sent a bill that would repeal the Dodd-Frank requirement to the full House Financial Services Committee for further action. That follows indications by the SEC that it would extend the July 21 deadline for coming into compliance.

Still, the bill is a long way from becoming law. It would need to pass the House, the Senate, and secure a vote from a president unlikely to look kindly on reversing any portion of one of his signature legislative achievements. Here at peHUB, we’re guessing you may have questions about the SEC registration requirement, from the odds of the legislation getting repealed to which investors will be included under its umbrella (late-stage venture firms?) to what you can do in advance.

So, mark your calendars–next Wednesday, May 25, at 11AM, we will have two experts online–Barry P. Schwartz, partner at ACA Compliance Group (pictured) and Elizabeth Shea Fries, partner in Goodwin Procter’s Business Law Department and a member of its Financial Services Group–to answer your questions about SEC registration via a live blog. Just come to peHUB for the Q&A. Meantime, send your questions to david.toll@thomsonreuters.com.

VCJ Report: The IPO Window is Open

It’s still a matter of fun conjecture as to when Facebook, Groupon, Twitter or Zynga will launch their IPOs. But for now, it doesn’t matter. This year is already turning out to be a good one for VC-backed IPOs. As Mark Boslet, senior editor of Venture Capital Journal, reported in the upcoming May issue: The […]

VCs Look Poised to Gain Share in Early Stage Deals

Listen to Goodwin Procter Partner Jonathan Axelrad tell it and it is easy to draw the conclusion that venture capitalists will regain early stage ground from angel investors. Axelrad, a 20-year vet of working in the venture capital industry, says traditional VCs appear to be scrambling harder now for early and seed stage deals than […]

Goodwin Procter Financial Services Alert

Here is a copy of law firm Goodwin Procter’s latest Financial Services Alert. This issue includes discussions of: House Combines Regulatory Reform Bills Into the Wall Street Reform and Consumer Protection Act of 2009 SEC Approves Amendments to NYSE Corporate Governance Requirements for Listed Companies SEC Publishes Formal Releases for Proposed and Final Credit Rating […]

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New Delaware Case Favors Indemnity for Investment Pros

A recent case from the Delaware Chancery Court, Stockman v. Heartland Industrial Partners, L.P. decided important issues relating to the indemnification of private equity and venture capital professionals by their affiliated funds, in connection with their service as directors and officers of the funds’ portfolio companies.

The decision was largely in favor of the investment professionals and will likely result in their prevailing on claims to be indemnified by the fund. Like any of the cases involving the critical issue of indemnification, this one both provides new guidance and confirms the importance of carefully applying existing rules of the road when crafting investment partnership agreements.

The case arose from a failed investment by Heartland Industrial Partners in Collins & Aikman Corp., a manufacturer of automotive interior components. David Stockman, a co-founder of Heartland, and Michael Stepp, a Heartland managing director, served as officers and directors of Collins & Aikman. After exhausting all available insurance policies, they sued Heartland when the firm refused to advance funds for their legal defense expenses in various civil and criminal cases related to Collins & Aikman.

Debevoise & Plimpton Poaches Goodwin Procter

Gregory Lyons and Satish Kini have joined Debevoise & Plimpton LLP as partners in the firm’s financial institutions group. Lyons previously was with Goodwin Procter as co-chair of its financial services group and chair of its banking group, while Kini was previously a partner in Goodwin Procter’s financial services group.

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