Commercial Finance

SEC Emphasizes Anti-Fraud Protections During COVID-19 Pandemic

By: Timothy J. Feldhausen On March 23, 2020, the co-directors of the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC) issued a statement regarding market integrity during the COVID-19 pandemic[1].  Specifically, the statement serves to remind public companies of their obligations to maintain disclosure controls and...

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Borrowers Under SBA 504 and SBA 7(a) Loan Programs Eligible for Deferral of Principal, Interest and Fees for up to Six Months

By: Lawrence J. Glusman and Michael Van Someren To address temporary business interruptions, U.S. Small Business Administration (SBA) lenders nationwide have authority to defer payments of principal, interest and servicing fees for up to six months.  Borrowers with existing loans under the SBA 504 Loan (Certified Development Company) program and...

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DFI Licensed Lenders and Payday Lenders Should Be Cautious During COVID-19 Crisis

By: Sherry D. Coley and Tiffany E. Woelfel On March 18, 2020, the Wisconsin Department of Financial Institutions (“DFI”) issued emergency guidance to licensed lenders and payday lenders cautioning them from increasing customary interest rates, fees, or any costs of borrowing in response to the COVID-19 crisis. DFI explicitly warned that increases...

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In Commercial Contracts, We Do Not Want to Be Our Brother’s Keeper

In Commercial Contracts, We Do Not Want to Be Our Brother’s Keeper

By: Thomas V. Rohan Most terms and conditions of commercial contracts are important, but, if you pay attention to no other provisions, carefully review the indemnification clause. An indemnification clause is a provision by which one party agrees to protect the interests of another party, including paying all damages and usually expenses, e.g.,...

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Swap New Year’s Resolutions for Real Property with a 1031 Tax-Deferred Exchange

Swap New Year’s Resolutions for Real Property with a 1031 Tax-Deferred Exchange

By: Michael Van Someren & Danielle Snyder Fadel A 1031 Tax-Deferred Exchange (“§ 1031 Exchange”) is an extremely useful tax strategy for taxpayers that maintain real property for productive use in trade, business or for investment. It allows a taxpayer to defer payment of capital gains tax on investment properties that are sold. A taxpayer...

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Business Insolvency Options: A Comparison of Wisconsin Statutes Chapter 128 and Chapter 11 of the United States Bankruptcy Code

Chapter 11 of the United States Bankruptcy Code has historically been utilized as the principal option for an insolvent company, seeking to either reorganize its operations, or sell its assets free and clear of liens, with the liens attaching to the proceeds of the sale.  However, the Wisconsin statutory  alternative, Chapter 128, which is...

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