After the Supreme Court denied a certiorari petition, the Second Circuit’s Kirschner ruling is the law of the land. Our Distressed Debt & Trading Team explores how the circuit court came to its decision that syndicated term...more
The Bottom Line: On May 22, 2020, the United States District Court for the Southern District of New York concluded that broadly syndicated term loans are not "securities". This decision is highly significant to the US...more
Although the loan industry has long looked at loans as being obligations that arise in a commercial lending relationship, which are therefore not securities under Federal and state securities laws, the law supporting this...more