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Viewpoint General
Mintz’s Len Weiser-Varon recently published commentary in The Bond Buyer titled, “Uniform Commercial Code financing statement is integral in bond defaults.”
Viewpoint General
Tolstoy warned that “if you look for perfection, you’ll never be content”; but Tolstoy wasn’t a bankruptcy lawyer.  In the world of secured lending, perfection is paramount. A secured lender that has not properly perfected its lien can lose its collateral and end up with unsecured status if its borrower files bankruptcy. 
Viewpoint General
On December 31, 2018, the Department of Treasury and Internal Revenue Service released long-awaited proposed regulations (the “Proposed Regulations”) that address when modifications to the terms of tax-exempt bonds are treated as an exchange of existing bonds for newly issued (or “reissued”) bonds for purposes of section 103 and sections 141 through 150 of the Internal Revenue Code and when an issuer’s acquisition of its bonds results in such bonds ceasing to be outstanding for federal tax purposes.
Viewpoint General
On December 31, 2018, the Department of the Treasury and the Internal Revenue Service released final regulations (the “Final Regulations”) relating to public approval requirements for tax exempt private activity bonds.  The Final Regulations update and streamline implementation of the public approval requirement for tax exempt private activity bonds provided in section 147(f) of the Internal Revenue Code and are largely an improvement over the existing regulations that date back to 1983.  

IRS Expands Remedial Action for Nonqualified Use of Tax-Advantaged Bonds

April 13, 2018 | Blog | By Leonard Weiser-Varon, Christie Martin

The IRS on April 11, 2018 released Revenue Procedure 2018-26 (Rev. Proc. 2018-26), which expands remedial action options in connection with certain post-issuance leases to private parties of facilities financed with tax-exempt bonds.

Insolvent “On Behalf Of” Municipal Bond Issuers: Chapter 9, Chapter 11, or Ineligible?

February 26, 2018 | Blog | By William Kannel, Charles W. Azano

Last week, President Trump unveiled his proposal to fix our nation’s aging infrastructure. While the proposal lauded $1.5 trillion in new spending, it only included $200 billion in federal funding.

Tax Reform: The Threat of Annihilation of Tax-Exempt Financing

November 9, 2017 | Blog | By Leonard Weiser-Varon, Charles Samuels, Meghan Burke, John Regier

Mintz Levin's Chuck Samuels, Meghan Burke, Len Weiser-Varon, and John Regier discussed the new tax reform bill in a webinar entitled "Tax Reform: The Threat of Annihilation of Tax Exempt Financing.” 
In order to understand the context in which the current tax reform bill, H.R. 1, is being considered, it is important to know the meaning of two bits of Washington jargon: “budget reconciliation” and the “Byrd rule.” 

IRS Releases New Public Approval Proposed Regulations

October 13, 2017 | Blog | By Leonard Weiser-Varon, Christie Martin

On September 28, 2017, the Internal Revenue Service (IRS) withdrew previous proposed regulations and released new proposed regulations (the “Proposed Regulations”) relating to public approval requirements for tax exempt private activity bonds. 

MSRB Addresses Selective Disclosure

September 15, 2017 | Blog | By Charles Carey

On September 13, 2017, the Municipal Securities Rulemaking Board (the “MSRB”) published a market advisory on selective disclosure (the “Notice”).
The U.S. Supreme Court’s June 26 opinion in Trinity Lutheran Church of Columbia, Inc. v. Comer, precluding states from discriminating against churches in at least some state financing programs, raises anew the question of whether states may, or are required to, provide tax-exempt conduit bond financing to churches and other sectarian institutions.

Will It Soon Be Game over for Tax-Exempt Financing of Professional Sports Stadiums?

June 20, 2017 | Blog | By Leonard Weiser-Varon, Meghan Burke, Poonam Patidar

Public financing, including tax-exempt bond financing, of facilities used by professional sport teams has long been a controversial topic, with advocates and opponents disagreeing over whether the public benefits sufficiently to justify public subsidies. 
On March 15, 2017, the Securities and Exchange Commission (“Commission” or “SEC”) published in the Federal Register for comment proposed amendments to Rule 15c2-12 (the “Rule”) under the Securities Exchange Act of 1934 (“Exchange Act”).

Tax Guidance to Slow Under Trump. Even More Emphasis on Letter Rulings in Bond Transactions?

February 15, 2017 | Blog | By Maxwell Solet, Christie Martin

As the Trump administration attempts to substantially reduce the amount of federal regulations, both the Deputy Tax Legislative Counsel of the Treasury Department and an Associate Chief Counsel at the Internal Revenue Service indicated this week that we are likely to see a virtual halt to formal tax law “guidance” for the foreseeable future.

IRS Clarifies New Management Contract Safe Harbors

January 24, 2017 | Blog | By Leonard Weiser-Varon, Maxwell Solet, Christie Martin

In August, 2016, the IRS issued Revenue Procedure 2016-44, the first comprehensive revision of its management contract safe harbors since Revenue Procedure 97-13.  Rev. Proc. 2016-44 (see our description here) built upon and amplified principles laid out in private letter rulings issued over many years and in Notice 2014-67. 

Treasury/IRS Provide Early Holiday Present: Final “Issue Price” Regulations Released

December 13, 2016 | Blog | By Leonard Weiser-Varon, Christie Martin, Maxwell Solet

After two sets of proposed regulations, Treasury and IRS have now released final regulations on the definition of “issue price” for purposes of arbitrage investment restrictions that apply to tax-advantaged bonds (the “Final Regulations”) and it appears that the third time’s the charm.
The linked Mintz Levin client advisory discusses a recent Third Circuit Court of Appeals ruling that held a “make-whole” optional redemption premium to be due upon a refinancing of corporate debt following its automatic acceleration upon bankruptcy.

Three Strikes and Recovery Act is Out

June 13, 2016 | Blog | By Leonard Weiser-Varon, William Kannel

Today's U.S. Supreme Court decision in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust puts an end to one of Puerto Rico's multi-pronged efforts to deleverage itself. 
A few thoughts on Tuesday’s oral arguments before the U.S. Supreme Court in the litigation over whether Puerto Rico’s Public Corporations Debt Enforcement and Recovery Act, an insolvency statute for certain of its government instrumentalities, is void, as the lower federal courts held, under Section 903 of the U.S. Bankruptcy Code.

Statutory Liens vs. Consensual Liens: Why it Matters and When it may Not

March 20, 2016 | Blog | By Leonard Weiser-Varon

While secured creditors are entitled to special rights in bankruptcy, those rights may differ depending on whether creditors have a statutory or consensual lien on their collateral.
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