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Mar 30, 2017

Convertible Bonds - Somewhere between Equity and Debt Financing

Convertible bonds are usually fixed-rate bonds that give their holders the right to convert their bonds to another instrument. This instrument is usually common stock, but can be another debt or equity instrument of the issuer. Convertible bonds can be used as a relatively cheap way of financing by the issuers because of the value of the option to convert bonds into equity. These bondholders are entitled to relatively low interest when compared to plain vanilla bonds. Conver

Mar 22, 2017

Twitter Users: Consider Advocating for a Benefit Corporation Instead of a Cooperative

In the past few months, the hashtag #WeAreTwitter gained traction as Twitter users began voicing their thoughts about the company’s corporate structure. More than 3,300 people signed a petition supporting the notion of “freeing” Twitter from Wall Street. The idea is that Twitter should not be run as a solely for-profit corporation, focused on maximizing short-term shareholder value and potentially making unwanted changes to the beloved platform. Users were concerned about a p

Mar 8, 2017

Review of IRC Section 385 Regulations

Background On October 13, 2016, the Treasury Department and the Internal Revenue Service released final and temporary regulations under Section 385 of the Internal Revenue Code. Section 385 of the Code authorizes the Treasury Department to issue regulations to determine whether an interest in a corporation is treated as equity or debt for federal tax purposes. The proposed regulations published a few months before the October announcement stirred controversy because of the ex

Prof. Myanna Dellinger

Mar 3, 2017

Finally, a Federally Mandated Carbon Tax?

In early February, the newly established “Climate Leadership Council”— a consortium of Republican Party stalwarts including officials from the Reagan and both Bush administrations—unveiled their plan for a gradually increasing, revenue-neutral tax that puts a price on carbon dioxide emissions. The plan calls for a tax of $40 to be imposed on each metric ton of carbon dioxide emissions with the tax steadily increasing on an annual basis. “Border carbon adjustments” would be m

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