This case study will examine the Hudson Transmission Project, which interconnects New York City with the PJM regional transmission network in New Jersey. Originally financed in 2011, the transmission line encountered technical difficulties in 2016 that required major repair to a portion of the Project. In the summer of 2017, with the support of its existing lenders, Hudson successfully tapped the institutional market for additional financing to enable those repairs. The panel will discuss the various legal issues that have arisen through these various phases of the Project’s development and operation.
2017 Fall Annual Meeting and Education Conference
The Hudson Transmission Project - The Lights are Back on Broadway
Market Update - General State of the Marketplace, Global Developments, The Issuer's Perspective - Bring in da Noise, Bring in da Fun
The panel will review US and European private placement markets in 2017 and discuss documentation changes arising in 2017 and potential changes. Will include an insight into the investment decision for private placements and the impact of legal documentation on investment decisions.
Private Equity 201 - Funds Like It Hot
Panelists will discuss several new and emerging private equity sponsored investment opportunities attracting insurance company participation and provide an update on recent market developments and structures.
What's New with the Securities Valuation Office of the NAIC - Newsies vs. Oldsies
A discussion of the new private letter regulation and the increased granularity of the NAIC designations.
The 4 C's Facing Registered Investment Advisers: Custody, Cross-Trades, Conflicts and Compliance - That's Yours, This is Mine
This panel will identify common challenges for registered investment advisers, including the custody rule, cross trades, and more, and consider appropriate compliance strategies to address them. Panelists will also discuss current SEC enforcement priorities, their views on the prospect of filling SEC vacancies, and related issues of interest.
Make Whole: Reflections From the Front Lines - War Painted
Make-Wholes – Good language may not forestall all challenges. The panel will discuss double-counting and other arguments from the Ultra case.
Special Considerations for Investments in REITs - Rent Credit
As private placement issuances by REITs have grown substantially over the past several years, this panel will provide a description of the different legal structures employed by U.S. REITs. They will compare and contrast the covenant packages found in private placements, bank loans and public debt issuances by REITs, and conclude with an analysis of how the structure of a REIT and the loans to it will impact and be impacted by a bankruptcy, insolvency or restructuring.
Environmental, Social, and Governance (ESG) Factors in Investments: Sustainability in the Mainstream - Never Say Never Too Late
Constituencies as diverse as regulators, rating agencies, clients, and shareholders are sharpening their focus on the manner and extent to which Institutional investors and asset managers incorporate ESG factors in investment decisions. Our diverse panel will share perspective on what ESG factors are, how they’re measured, and why they matter, with emphasis on the fixed income and private equity asset classes.
Ethics: Presentation on the Updated Guidelines for Predesignated Counsel - Ain't Been Misbehavin'
Eleven years ago the College undertook a practical and ethical analysis of pre-designated counsel and its role in the efficient delivery of legal services associated with the private placement market. This panel presents the findings of a mini committee tasked with reviewing the Guiding Principles, Ethics Analysis and waiver process. Look forward to an updated analysis addressing changes in the law and addressing new challenges as the practice has evolved. We will present new recommended waiver and consent letters and answer questions on best practices.