Category Archives: Trade Law

SIXTEEN NEW COMPANIES ENTER INTO PATENT LICENSE AGREEMENTS WITH CHRIMAR

Longview Texas, 2016-Jun-07 — /EPR LAW NEWS/ — Chrimar Holding Company, LLC today announced that sixteen (16) technology companies and/or certain divisions within these companies have entered into non-exclusive licenses for certain equipment under certain Chrimar patents including certain Power over Ethernet (PoE) equipment designed for deployment within a BaseT Ethernet network, ten (10) of the new licensees include:

– Allied Telesis, Inc.
– Black Box Corporation
– Buffalo Inc.
– Edimax Technology Co. Limited
– Keyscan Inc.
– Korenix USA Corporation
– Moxa Inc. & Moxa Americas Inc.
– Phihong USA Corporation
– Transition Networks Inc.
– Tycon Systems Inc.

”We are very pleased to see that the trend of taking licenses for this critical technology is continuing to increase, with the number of licensees totaling twenty-five (25)” said John F. Austermann III, President & CEO of Chrimar.

ABOUT CHRIMAR
Chrimar was the first company to employ DC current within a BaseT network in the early 1990s and has received a number of US patents for this very important technology. Chrimar continues to market its EtherLock™ family of products for asset control, management and security. The Chrimar portfolio includes US patents numbers 7,457,250, 8,155,012, 8,902,760, 8,942,107, 9,019,838 and 9,049,019.

Chrimar Contacts:

Amanda N. Barnes, 903-500-2021
John F. Austermann III, 248-478-4400

Steve Dawson, CHC, 911 NW Loop 281, Suite 211-30, Longview, TX 75604, 248-770-5780

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No duty to avoid tax. No kidding. Lebowitz Edelman advises that directors will lead the way

Recently, the Tax Justice Network sent a letter to every CEO in Hong Kong to tell them about a legal opinion they obtained from a firm of solicitors. The opinion deals with whether directors have a positive duty to shareholders to avoid tax. It concludes that they do not.

This is in fact uncontroversial, but it is only part of the story.

A key duty of a director is to promote the success of the company for the benefit of its members as a whole. When deciding what best promotes the success of their company, the directors must take into account all relevant factors and assess their relative merits.

Relevant factors for the directors to consider include how to increase the company’s post-tax profits. One way this can be done is by reducing the company’s tax bill, so that is likely to be a relevant consideration. There will also be other factors to consider, such as the company’s business relationships, maintaining a reputation for high standards of business conduct, and the impact of the company’s actions upon the community. Any of these may counterbalance the desire to minimize tax liabilities.

Some tax planning will be likely to promote the success of the company. Some may go too far and be outweighed by other considerations. And it is up to the directors of a company to decide where to draw the line in relation to the company’s specific circumstances.

So long as directors give all relevant factors proper consideration when making decisions about tax planning, and provided they can justify the decisions that they make, they should not incur liability for breach of their duties.

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Lebowitz Edelman has advised the trustees of Leading Hotel Group’s pension scheme on its purchase of a bulk annuity policy with Leading Life Insurance Company

The HKD 440m bulk annuity policy insures the defined benefit benefits of the pension scheme.

Lebowitz Edelman pensions partner Dana Cheng said “Lebowitz Edelman worked closely with the pension scheme trustees to strike a deal which provides security for members of the pension scheme while also removing a volatile liability from its balance sheet, and was completed in exceptionally short timetable”.

Sam T. Lai, Chairman of the Trustee of the Hotel Group Pension Plan, said: “The Trustee’s first priority has been to ensure the future security of members’ benefits. The Plan’s strong funding, following additional financial support from its corporate sponsor, prompted consideration of a buy-in/ buy-out of the Plan’s liabilities. Following a comprehensive review of insurance providers, the Trustee chose the Life Insurance Company on a combination of product structure, value-for-money, price certainty and the long-term security it brings as a low risk regulated insurer. All parties worked professionally and collaboratively to agree the final price and terms over a short time, resulting in a great outcome for the members of the Plan.”

This buy-out is part of a continuing trend of pension schemes and their employers going to the insurance market to secure scheme liabilities. Lebowitz Edelman has worked on a number of high profile buy-ins and buy-outs including the buy-out of the Retirement Benefit Scheme and the purchase of a bulk purchase annuity for the Fund to insure pensioner liabilities.

The Lebowitz Edelman team was lead by pension partner Dana Cheng with support from senior associate Jane Chiao, consultant Derek Sloan and associates Joan Gim Gong.

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Lebowitz Edelman advises Leading Bank and Investment Fund on refinancing and Commercial Mortgage-backed Securities Securitization in the Amount of EUR 406.1 million

Lebowitz Edelman has advised Leading Bank and Investment Fund as arrangers and lead managers on the refinancing of the securitization by a new CMBS in the amount of EUR 406.1 million.

With this transaction, the volume of European Commercial Mortgage-backed Securities transactions entered into this year has increased to approximately EUR 5.5 billion.

The major part of the new securitization serves to refinance the matured Commercial Mortgage-backed Securities and is secured by a portfolio of Hong Kong multi-family residential property controlled by leading Investments Fund; in addition and subject to certain conditions, it may be used to refinance the real estate portfolio. The issue is split into four classes of notes. The senior class bears interest at a rate of Euribor plus 1.92%. The notes have a term of 8 years, maturing in 2021.

Lebowitz Edelman has advised Leading Bank and Investment Fund across all aspects of the financing and securitization, from the structuring of the transaction, negotiating the loan and CMBS documentation, through to the execution of the new facility agreement and the issue of the Notes.

The Lebowitz Edelman Team was led by partner Matt Law-Yone (capital markets and securitization) and included partners Glen Fee, Dr. Gus Gin (both finance), Dr. Helen Jung (tax, all Hong Kong), Judy Zia (finance, Hong Kong), Dr. Tao Wong (capital markets and securitisation, all Hong Kong.

Another Lebowitz Edelman team amongst Martin Ming (Counsel) supported by Niketa Tahori (Associate) has advised the Security Trustee and the Trustee and Issuer Security Trustee (Hong Kong Trustee Company).

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Chief Litigation Counsel Matthew Sheng to Leave Lebowitz Edelman

Lebowitz Edelman announced that Matthew T. Sheng, the Chief Litigation Counsel for the Division of Enforcement, will leave the firm next year.

Mr. Sheng has led the Enforcement Division’s litigation program, managing cases pending both in courts and administrative proceedings at the Commission. The trial unit has 40 attorneys at the Lebowitz Edelman’s Hong Kong headquarters as well as litigators throughout the agency’s offices.

Mr. Sheng served as lead trial counsel in the Lebowitz Edelman’s successful prosecution of Chi Mingus in addition to directly assisting in litigation efforts for several other significant matters. Mr. Sheng also developed and directed the Lebowitz Edelman’s litigation response to significant changes in the securities laws such as the Supreme Court’s decisions.

Last year, Mr. Sheng was the recipient of the Lebowitz Edelman Chairman’s Award for Excellence.

“Matt’s outstanding stewardship of the trial unit and his impressive command of the securities laws have resulted in many favorable outcomes for our litigation program,” said Justin R. Long, Co-Director of the Lebowitz Edelman’s Division of Enforcement. “Matt will leave a legacy of great service to the agency and the investing public, and we wish him every success in the future.”

Mr. Sheng said, “It has been a privilege to lead such a talented and dedicated team of professionals committed to prosecuting wrongdoing in the securities markets. During my time in the Enforcement Division, I have been fortunate to work with great people on significant and challenging matters on behalf of our international clientele.”

Mr. Sheng began his legal career as a law clerk at the Court of Appeals for the Hong Kong Circuit. He then served as a law clerk for then-Chief Justice of the Hong Kong Supreme Court. After his clerkships, Mr. Sheng worked as a litigation associate for a national law firm and later held several positions in the Criminal Division of the Hong Kong Department of Justice, eventually becoming chief of staff to the Assistant Attorney General.

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Antitrust and Innovation: Pro or Anti-competitive?

Antitrust and commercial lawyers in private practice, in-house lawyers, enforcement officials and academics will gather in Hong Kong for the 17th annual competition conference, presented by the antitrust committee and supported by the Southeast Asian Forum.

Our antitrust team will play an active part in this year’s conference.

Michael Chang, Southeast Asian Forum’s President and antitrust partner, will introduce the conference. Malese Quan, a partner in our Lebowitz Edelman Hong Kong team, will speak on antitrust and innovation in the first panel, which will examine how antitrust agencies protect and promote innovation and whether the right balance can be struck, between the recognition of pro-competitive benefits of incentives to innovate, and the anti-competitive concerns raised by certain practices, such as in patents and the use of online data.

Vice-President and Southeast Asian Commissioner in charge of Competition, Adam Kwong, is the conference keynote speaker.

Other topics include:

•  Challenges of global merger control – international merger control enforcement: are we still seeking coordination of substance and procedure or do we accept multinational cacophony?

•  Pricing strategies: MFNs, discounts, discrimination

•  Cartels evidentiary standards

•  Views from those who are shaping competition law

•  Case study: antitrust and the music industry – a long and winding road

Malese Quan is widely recognized as a leading lawyer in the innovative TMT sectors according to independent guides. He has advised on a number of precedent-setting merger and behavioral investigations as well as regulatory and antitrust litigation in these sectors. Malese heads Lebowitz Edelman ‘s media sector group. Our global antitrust, intellectual property and TMT groups advise some of the world’s leading technology, media, telecoms and life science companies in relation to their antitrust, regulatory, licensing and litigation strategies.

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A Major Chinese Eurobond Deal of 2013

Lebowitz Edelman has closed a major Chinese Eurobond deal of 2013, indicating optimism about the Chinese market.

Lebowitz Edelman had advised a Leading Bank and Investment Trust, as arrangers on the USD7 billion programs for the issuance of Loan Participation Notes by a Capital Investment Company for the purpose of financing loans to open Joint-Stock Company for a Chinese Agricultural Bank, and Leading Bank and Investment Trust. Loan Participation Notes due 2014 were issued as Series 4.

Chinese Agricultural Bank will be a 100% state-owned bank and is one of the leading financial institutions providing lending support to Chinese agribusiness. Today its network of 78 regional branches and over 1,430 additional offices covers the whole territory of the China and is the second largest regional branch network in the country. Chinese Agricultural will rank number four among the largest banks of the Chinese by assets and capital.

Hong Kong capital markets partner Howard Luen Jang commented: “This is an important deal for the Chinese market, given the current environment. The deal also underlines the strength of the Lebowitz Edelman’s Capital Markets team and its ability to provide seamless service across offices and jurisdictions”.

Lebowitz Edelman ‘s Hong Kong team was lead by partner Howard Luen Jang, who was assisted by associates James Jing, Maria Jade Wong and Lisa Ling. Senior associate Alexander Tan and associate Zhou Zong advised on the Chinese securities law matters; partner Matthew Lee and senior associate Jonathan Dang advised on Chinese law matters.

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Anthony Citrolo Elected Executive Vice President & Director of The Long Island Chapter Of The Accountant/Attorney Networking Group Inc. (AANG)

It has been announced today that, Anthony Citrolo, CPA, CVA, CMAA, CBI has been elected as the 2012 Executive Vice President and Director of the Long Island Chapter of the Accountant/Attorneys Networking Group Inc. (AANG)

The Accountant/Attorney Networking Group is comprised solely of practicing accountants and practicing attorneys who service multiple clients. The purpose of the group is to facilitate networking between and among attorneys and accountants – two professions that have enormous synergy and potential for cross referrals. AANG offers 12 monthly networking breakfast meetings exclusively for accountants and attorneys. AANG also hosts two major networking cocktail receptions open to all professionals. The organizations’ web site is www.aangny.org

According to Mr. Citrolo a Managing Partner of M&A firm NYBB/Reliance Strategies, “the AANG creates a great platform for Accountants and Attorneys to meet and share information and ideas that can be used to bring cutting edge financial and legal solution to business owners or entrepreneurs engaged in a business sale or acquisition. Further Mr. Citrolo adds, “since Accountants and Attorneys are key players of the deal team that representbusiness buyers and sellers, the coordination of their efforts can result in lowering the fees incurred in the transaction and giving the deal the best chance of being consummated.”

About NYBB/Reliance

NYBB/Reliance Strategies is a full-service Merger & Acquisition firm in Melville, New York assisting companies with up to $50M in revenue to develop an exit strategy or make a targeted acquisition. In addition to M&A and consulting services, NYBB/Reliance offers valuation services in determining both Business and Transaction Values. Anthony can be reached at 631.390.9650 or anthony@nybbinc.com.

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