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New York State: Banks and Insurance Providers – New Cyber-Security Standards

Effective March 1, 2017, all banks and entities providing insurance in New York State will be required to meet new, minimum cyber-security standards, and certify compliance each February 15 after internal risk assessments are performed.  While some larger entities may already meet these standards, many will not.  Entities which also engage in business in other…
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Defined Terms? Fuhgeddaboudit!

In September 2016, the Oxford English Dictionary (“OED”) added the word “fuhgeddaboudit”, among others, as part of its quarterly update.  The term is defined as: “In representations of regional speech (associated especially with New York and New Jersey): ‘forget about it’, used to indicate that a suggested scenario is unlikely or undesirable.”  However, anyone who…
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Overlapping Time Periods in Contracts

Clients typically have a general understanding of what steps have to happen in what order in a deal. Sometimes, though, when that general understanding gets translated into specific words, things don’t always match up. Recently, the folks handling a $1.3 billion loan transaction for Chesapeake Energy ended up with words that didn’t match their expectations.…
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What is a Phantom Equity Grant?

A phantom grant is a contract right to receive a percentage of the sale proceeds upon the sale of the company. It tracks the value of the equity of the company, but is not equity. It does give them the “full value” of the company, unless drafted in a manner to exclude it.  The upside…
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