April 29, 2009

Tripping the PPIP – and TALF – Fantastic

Many are still figuring out whether – and how – to do deals under the new “Public-Private Partnership Investment Program.” And only a handful of deals have been done so far under TALF. Join these experts tomorrow in our webcast – “Tripping the PPIP – and TALF – Fantastic” – as they analyze the issues presented under both government programs:

Alan Beller, Partner, Cleary Gottlieb Steen & Hamilton LLP
Tony Nolan, Partner, K&L Gates LLP
Meg Tahyar, Partner, Davis Polk & Wardwell

How to Repay TARP Funds

One of the hot TARP topics is how can companies repay them if they so wish – quite a few companies have already expressed an interest in repaying. Last week, Treasury Secretary Timothy said that Treasury will support early repayment of Capital Purchase Program funds and will apply standards that consider the banking industry’s financial health and lending levels (despite evidence that Treasury is taking its time in assessing applications to repay once they are submitted).

Last month, Treasury posted a form of acknowledgement of repurchase equity to be utilized for public companies desiring to make such repurchases – although any repurchases must be approved by the institution’s federal regulators (here are Treasury’s FAQs about repayment; here is the form to repurchase warrants). It’s unclear from the form of agreement whether Treasury will impose some minimum requirement for partial repurchases of an institution’s preferred. In our “TARP” Practice Area, we have posted memos specifically about repaying TARP funds.

John Grossbauer on Delaware’s Final Legislation

In this podcast, John Grossbauer of Potter Anderson provides some follow-up to his podcast from last month now that the new Delaware legislation has been finalized. We have been posting numerous memos analyzing these amendments in our “Delaware Law” Practice Area.

– Broc Romanek