Chancery Addresses Spring-Loading of Options

Guest post by Steve Quinlivan from Stinson LLP

In Howland Jr. v. Kumar et al the Delaware Court of Chancery addressed the alleged spring-loading of options in connection with the repricing of options when considering a motion to dismiss.

Continue reading

Yet Another Proposal to Require Disclosure of Board’s Cyber Expertise

Guest post by Stephanie Teplin and Craig A. Newman from Patterson Belknap Webb & Tyler LLP

Before investing in a company, would you want to know whether the board of directors had cybersecurity expertise?

A bipartisan group of senators have proposed a bill, Senate Bill 592, that would require every public company to disclose the cybersecurity background of its directors, and, if none exists, explain why the company doesn’t believe it is necessary.

Continue reading

The Evolution of Alternative Family Capital

Guest post by Ryan D. Harris, P.C., Jeffrey B. Kaplan, P.C., Cole Parker, David H. Stults of Kirkland & Ellis LLP

Family offices and other types of family investment vehicles are more frequently seeking new ways to invest and manage family capital, including ways to leverage outside capital. While there is no single solution that is appropriate for every family office, traditional models are increasingly evolving into new and unique structures.

Continue reading

[White Paper] Private Equity Secondary Markets Demystified


In the last several years, the private equity secondary market has transitioned and the debate around liquidity has continued.  Explore different views on the liquidity in the private markets as we study transaction costs and their impact in the secondary markets.

Get the White Paper

Toast Files For $250M Investment

Toast authorized enough shares for a $250 million raise at a valuation of $2.6 billion, if all shares authorized are issued. The all-in-one point-of-sale and restaurant management platform is previously backed by Tiger Global Management LLC, T. Rowe Price Associates, Inc. and Bessemer Venture Partners to name a few. The most recent round, Series E, follows the $115 million raised for Series D valuing the company at $1.46 billion. The terms surrounding the Series E include a pari passu liquidation with all other preferred, and conventional convertible meaning they will not participate with common stock if there are remaining proceeds. The most recent price per share is $27.2997, an up round from Series D at $17.307.

Continue reading…