In their Second Circuit Review, Martin Flumenbaum and Brad S. Karp, members of Paul, Weiss, Rifkind, Wharton & Garrison, write that the Second Circuit's decision in 'Analytical Securities' provides some helpful clarifications regarding the debt and borderline transaction exceptions to §16(b)'s prohibition of short-swing insider trading. But more importantly, they say, this decision resolves disagreement within the district courts about the proper treatment of hybrid securities under the Exchange Act.
Court Adopts Bifurcated Approach to Treatment of Hybrid Securities
New York Law Journal
June 27, 2012
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