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November 1, 2015Joseph R. Anderson

Life Settlement Agreements and the Texas Securities Act: a Summary and Review of Life Partners, Inc. v. Arnold

Life Partners, Inc. v. Arnold, 464 S.W.3d 660 (Tex. 2015)

November 6, 2021Carold Bavousett Mattick

Regulation Of “Crypto”: What Is Current And What Is On The Horizon?

There are currently approximately $2.5 trillion worth of digital assets created and being traded, worldwide. That is a significant amount of value which requires governments and international organizations to consider how to interact with this asset class. There is a current clamor that the U.S. Congress must regulate digital assets or risk being unable to control transactions in that asset class at all. Also, there is a clamor from market participants for more clarity and the industry has spent approximately $2.5 million in lobbying the U.S. Congress in 2021 as they anticipate regulation. Despite these calls, I would argue that U.S. regulatory agencies have had digital assets in their sites for some time. While the CFTC could use some additional statutory language that would make its jurisdiction more straightforward, it has not hesitated to act. The SEC has issued fairly clear guidance to persons trying to legitimately be involved in these markets while also going after cases of fraud. This paper discusses the technical bases for digital assets and use cases, categorization and where most U.S. federal regulatory action exists currently.

March 6, 202112118500, Chauncey M. Lane

Basics of a Private Securities Offering

A private placement is a type of unregistered securities offering, typically to a relatively small number of investors. Private placements are the offer and sale of securities by an issuer, rather than a broker-dealer or other intermediary, and they are generally exempt from registration under both state and federal law. Because private placements are transactional exemptions only the issuer’s initial offer and sale of the securities are exempt from registration. Investors wishing to resell unregistered securities must find an exemption of their own. This article focuses on the issuance of securities by private companies, including private investment funds. It is important for attorneys representing clients in connection with the issuance of both equity and debt to be able to identify when a security is involved, and what exemptions are available. This is particularly true when dealing with oil and gas and real estate transactions that may not be thought of as securities transactions. Finally this article will cover the securities laws applicable to private investment funds and their sponsors.

March 28, 2009Christopher D. Williams

Financing the Small Business: From Inception to Expansion

A small business will have different needs and capabilities depending on which stage in the company life cycle that business is in. This article will focus on the needs of a business during the first four stages of its life cycle: seed, start-up, growth and established.