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Turneul Prieteniei (I): Los Angeles
Am inceput, impreuna cu Principesa Margareta, in dupa-amiaza de 23 martie 2008, calatoria spre [...]
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JUNE 30, 2010, 13:47 EEST
Drag Along/Tag Along Rights
“Drag Along” and “Tag Along” rights are used by investors to facilitate their exit from an investment. They are methods particularly favored by private equity firms, who almost always do their best to establish a clear exit strategy even before they decide on investing in a company.
MAY 05, 2010, 14:27 EEST
Conditions Precedent Prior to Closing
In the context of buying or selling a company, it is usually the vendor of a business who must satisfy certain CP’s before the investor is obliged to close; but there may also be conditions precedent that an investor must satisfy before the vendor is obliged to close. On rare occasions, it is possible to close a transaction immediately upon signature of a Sale and Purchase Agreement (SPA); more often, however, there is a delay of a few weeks to a few months from the signature of the SPA to closing, primarily due to the need for parties to the transaction to satisfy CP’s.
APRIL 28, 2010, 11:21 EEST
Managing Risk to Build Corporate Value (Part II)
My previous column (Part I of this series) dealt with risks in the valuation of companies, stressing in particular that the higher the risk associated with a company, the lower the value of that company. This is not static: investors’ perceptions of risks constantly evolve as they assess a company and the valuation process is consequently also evolving in tandem. In the context of privately-owned companies, few things are more crucial than the due diligence process, when an investor reviews — in detail — all of a company’s title documents, financial records, contracts, etc. Because of this, it is in the interests of all owners to identify and manage risks well in advance of engaging in serious discussions with investors.
APRIL 07, 2010, 15:20 EEST
Managing Risk to Build Corporate Value (Part I)
Everything has its risks, even getting out of bed in the morning. But that is no excuse for not getting out of bed at all: you can also have a heart attack under the duvet, after all.
JANUARY 12, 2010, 13:42 EET
Should you consider an IPO (Initial Public Offering) for your Business?
Almost every business owner dreams of hitting the jackpot by going public on a stock exchange. Yet when many find out what is involved in taking their company public, they recoil in horror, rapidly coming to the conclusion that this is not for them. This article summarizes the pros and cons of going public for mid-sized businesses in Central Europe.
NOVEMBER 23, 2009, 15:21 EET
Hiring a lawyer to help sell your company or raise capital
If you are looking to undertake a transaction such as raising capital or selling your company, a lawyer will be a vital part of your team. This article will first describe the role that a lawyer will typically play in a transaction, then provide guidance on how to select a firm or individual who may best fulfill that role.
NOVEMBER 18, 2009, 10:56 EET
The Three “DON’TS” of Hiring a Financial Advisor
A financial advisor, like a lawyer, may be an effective advocate of a client’s interests and provide valuable advice that can make the difference between success or failure of a transaction, or provide advice whose implications may be measured in the many millions of euros. And yet there seems to be a pattern of questions and expectations that reveals a lack of understanding of the limitations surrounding the role of financial advisors. I summarize these in the following three “DON’TS” to bear in mind when hiring a financial advisor:
JUNE 09, 2009, 11:56 EEST
Corporate Restructuring in Central Europe
From time to time, one hears or reads statements in the news to the effect that the first signs of an economic recovery are likely to be felt in the US, or that the US economy has more power to regenerate itself than the European economy. This is undoubtedly true. Much of this regenerative power comes from the superior environment in the US with respect to corporate restructuring, particularly in comparison to Central Europe.
Grecii trebuie să găsească 10 miliarde de euro până pe 15 mai sau intra in faliment
Grecii trebuie să găsească 10 miliarde de euro până pe 15 mai, când e scadenţa petitlurile de stat. Problema e că nu prea au de unde [...]
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