Score two for uninsured polluters

Article Abstract:

The Supreme Court strengthened its position on the pro rata or joint liability of insurers for their clients facing environmental litigation with its decision on the B&L Trucking case which called on B&L's insurers to assume the company's legal defense costs against environmental charges. A significant aspect of the Supreme Court decision was to uphold the liability of the insurers to cover the whole costs of the litigation, even those not included at the time the insurance was taken. This decision reinforced the Supreme Court's stand exhibited in its judgment in the Aerojet case, where all of Aerojet's insurers where held accountable for Aerojet's litigation costs.

International Affairs, Intnl Environmental Law, Cases, Insurance industry, Liability for environmental damages, Pollution liability insurance, International environmental law

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Wrong villains in yield-burnings

Article Abstract:

A number of state and local treasuries are protesting the plan of the Internal Revenue Service (IRS) to tax state and municipal bonds, leaving local and state treasurers little options to refinance debts. State and local treasurers contend that taxing such local government bonds should be shouldered by investment bankers, who are the ones making a profit on these bonds, by selling Treasury securities at a high markup. The IRS cannot go after these investment bankers since they fall under the jurisdiction of the Securities and Exchange Commission.

Debt & Capital Management, Taxation, Government securities, Powers and duties, Financial management, Treasury securities, United States. Internal Revenue Service, Municipal bonds

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No callable bonds, no problem

Article Abstract:

Company treasurers are using consent solicitations and paying off bond investors to speed up mergers. Moreover, they use this maneuver to get the financial flexibility they need and to accomodate to changes in the firms capital base. The maneuver, which the Securities and Exchange Commission regards as coercive, is done with relation with merger-related tender offerings. It speeds up the deal and guarantees that adequate debt is being proposed to eradicate the unwanted restrictive covenants.

Acquisitions & Mergers Analysis, Management, Acquisitions and mergers, Financial analysis

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