Block.

June 06, 2005 | Law.com

Regulatory and legislative observers say President Bush's choice of Rep. Christopher Cox to lead the Securities and Exchange Commission will buoy Wall Street, but they also say he is unlikely to make major changes to controversial reforms implemented by his predecessor, William Donaldson. "Cox has a moderate anti-regulatory, pro-business track record," said James Hedges, founder and president of investment adviser LJH Global Investments LLC.

By Ron Orol and Donna Block

7 minute read

December 15, 2005 | Corporate Counsel

Congressional concerns about rising energy prices could pose the greatest risk to ConocoPhillips Co. winning federal antirust approval for its purchase of Burlington Resources, one of North America's biggest independent energy exploration and production companies. The $35.6 billion merger, which will create the largest natural gas producer in the U.S., comes just as consumers are receiving the first of what are expected to be uncommonly expensive home heating bills.

By Bill McConnell and Donna Block

5 minute read

March 31, 2004 | Law.com

The Financial Accounting Standards Board is expected this week to propose a rule requiring companies to treat stock options as an expense on their balance sheet. The rule, if approved by the SEC, would force companies to deduct the cost of employee stock options from corporate profits. FASB, a private organization that sets U.S. accounting standards, also will issue guidelines on how to calculate the value of stock options.

By Donna Block

3 minute read

October 11, 2005 | Law.com

The utility industry is about to undergo massive consolidation, now that the Public Utility Holding Company Act is history. That's the prediction of both those who loved and loathed PUHCA. Consumer advocates fear monopolies and higher energy costs. Even Standard & Poor's, the Wall Street credit rating agency, has said that PUHCA's abolition could encourage some speculators to purchase utilities to "lever them up and use the cash to invest in higher-risk, unrelated ventures."

By Donna Block

3 minute read

May 18, 2005 | New York Law Journal

Kenneth M. Block and Jeffrey B. Steiner, partners at Brown Raysman Millstein Felder & Steiner, write that a recent decision by the U.S. Court of Appeals for the Second Circuit has reaffirmed the limited duties a secured lender owes to a borrower.

By Kenneth M. Block and Jeffrey B. Steiner

12 minute read

February 21, 2006 | Law.com

With little fanfare, the SEC has dismissed its suit to break up a $6.6 billion utility merger. The decision averted what undoubtedly would have led to a bitter court fight over disassembling a merger consummated nearly six years ago. The agency decided to throw in the towel in the wake of Congress' repeal of the 1935 Public Utilities Holding Company Act. The decision to drop the case has incensed public advocacy groups, which say the SEC sat on the case until the statute ran out.

By Donna Block

4 minute read

March 08, 2005 | Law.com

SEC Chairman William Donaldson scolded hedge fund lawyers for their roles in recent market-timing scandals and late-trading abuses that have rocked the industry. "Think how much anguish we could have avoided if a few more lawyers had pointed out to their hedge fund clients that late trading of mutual fund shares is illegal, as are duplicitous market-timing arrangements," Donaldson told securities lawyers at the Practising Law Institute's annual SEC Speaks conference.

By Ron Orol and Donna Block

3 minute read

April 24, 2006 | Law.com

A Securities and Exchange Commission advisory panel formally recommended last week that thousands of small public companies be excused from complying with a key requirement of the 2002 Sarbanes-Oxley Act. In its final meeting, the Advisory Committee on Smaller Public Companies wrapped up its report recommending the SEC roll back a number of rules as they affect small companies. The most controversial change would allow the agency to ease �404 financial reporting over internal controls.

By Donna Block

4 minute read

October 01, 2005 | Law.com

A foundation of the New Deal, Puhca imposed geographic limitations on utility mergers and imposed rules that thwarted investment by nonenergy businesses.

By Donna Block

3 minute read

December 16, 2005 | Corporate Counsel

The Securities and Exchange Commission has the legal authority to overturn fines imposed by the NASD, a federal appeals court ruled this week. A three-judge panel of the D.C. Circuit rejected an appeal Tuesday by the NASD, formerly known as the National Association of Securities Dealers, which had argued its ability to regulate would be at risk if the SEC could overturn its disciplinary actions. The court said the NASD lacked legal standing as "a person aggrieved" in dismissing the suit.

By Donna Block

3 minute read