Day Pitney remains committed to providing quality legal counsel, while protecting our clients and employees, and transforming our communities into more just, equal and equitable spaces. For more information, please visit our COVID-19 Resource Center | Racial Justice and Equity Task Force.
Eliza Fromberg was quoted in an article, "House Bills Could Make IPOs And Private Offerings Easier," published in Law360. The article discusses two bills recently passed by the U.S. House of Representatives which aim to make initial public offerings easier, while also expanding the population eligible to invest in pre-IPO companies. Fromberg spoke with Law360 about one of those bills, the Fair Investment Opportunity Act. The bill would enable more people to invest in private placements under the SEC's Regulation D exemption by widening the criteria for defining an accredited investor to include licensed and registered brokers, as well as individuals with professional knowledge related to a particular investment. Fromberg told Law360 that including investment professionals as accredited investors makes sense. But she added that deciding whether someone has "professional knowledge" in order to invest in private securities would be more subjective. "I think the 'professional knowledge' prong will be difficult to implement, since it requires correlating a person's experience to a particular investment, which requires a case-by-case determination," Fromberg told Law360. "This type of verification is time-consuming, and FINRA is not well suited to conduct this review."
Day Pitney Alert
Due to the COVID-19 pandemic, this year's annual Day Pitney Palm Beach Family Office Forum, which had originally been scheduled for April 28 and 29, has been postponed to hopefully be rescheduled for later this year.
On January 31, David Waizer will be speaking at "Drafting Lasting Business Contracts: Simple, Powerful Strategies That Stand The Test of Time," a program and live webcast presented by the New Jersey Institute for Continuing Legal Education, a division of the New Jersey State Bar Association.
Day Pitney Press Release
Hedge Fund Law Report covered Erik Bergman's move to Day Pitney's Stamford office in an article posted March 12.
Day Pitney LLP represented Pula Capital Management LP (Pula), a newly formed investment manager based in Virginia, in connection with (i) the acquisition of a minority ownership interest in Pula by Felton Group, LLC (Felton Group), and (ii) an investment by Felton Group in Pula Capital Fund, LP, a newly formed fund managed by Pula that intends to employ novel mathematical techniques and a proprietary, systematic predictive model to trade a diversified long-short portfolio of liquid U.S. equities.
Daniel Gottfried, chair of Day Pitney's International Transactions practice was quoted in an article, "Who Can You Trust in the Cryptocurrency Economy?," published by the Robb Report.
Day Pitney Press Release