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5.23.24
Wilson Sonsini Advises SkyHive on Acquisition by Cornerstone
On May 22, 2024, Cornerstone OnDemand Inc., a leader in Workforce Agility solutions, announced the acquisition of workforce skills intelligence capabilities and a team of highly specialized domain experts from SkyHive Technologies Holdings Inc. SkyHive's AI-powered skills intelligence platform and services help customers build skills-based organizations, providing visibility into the capabilities of employees and enabling organizations in their transformation efforts. Wilson Sonsini Goodrich & Rosati represented SkyHive Technologies Holdings in the transaction.
Alerts
3.25.24
Revenue Purchase or Predatory Loan? New York Attorney General Targets Merchant Cash Advance Providers
On March 5, 2024, the New York Attorney General (AG) Letitia James sued Yellowstone Capital LLC (Yellowstone) and various affiliates, accusing them of running a predatory lending operation by disguising the loans as purchases of merchants’ future revenues.
Alerts
6.26.23
Insights into Central Bank Payments Innovation: Tokenized Money, DLT-based Infrastructures, and Public-Private Sector Collaboration
The head of the Federal Reserve’s New York Innovation Center (NYIC), Per von Zelowitz, joined Wilson Sonsini partner Jess Cheng for a conversation on the central bank’s payments innovation initiatives regarding the future of money and new financial market infrastructures at an American Bar Association (ABA) Business Law Section event in New York City on June 7, 2023.1 This alert briefly summarizes the event’s key takeaways.
Alerts
7.26.22
Fifth Circuit Vacates FERC Orders, Reaffirming Contract Rejection Powers in Bankruptcy
On July 19, 2022, the U.S. Court of Appeals for the Fifth Circuit added to a stream of recent decisions upholding a debtor's right to "reject" regulated energy contracts in bankruptcy, even over the objection of the Federal Energy Regulatory Commission (FERC). With its decision, the court vacated a pair of FERC orders entered prior to the actual bankruptcy proceeding that sought to require a natural gas producer to continue performing under agreements even if they were to be rejected in a bankruptcy case.1
Client Highlights
8.28.20
Wilson Sonsini Advises PayActiv in $100 Million Series C, Creation of Structured Debt Facility
On August 13, 2020, PayActiv, the leading employer-sponsored earned wage access and holistic financial wellness platform, announced that it has secured $100 million in its Series C round of funding to further its mission of bringing security, dignity, and savings, to workers. The financing round was led by Eldridge and includes existing PayActiv shareholders such as Generation Partners and Ziegler Link•Age Fund II.
Alerts
5.11.20
Delaware Bankruptcy Court Rules Shareholder “Blocking Right” to Prevent Corporate Bankruptcy Subordinate to Federal Public Policy
In the first decision by a Delaware court to address this issue, a Delaware bankruptcy judge denied a shareholder's motion to dismiss a Chapter 11 bankruptcy case based on the shareholder's contractual blocking right. While the decision focused on the particular facts and circumstances of the case, it serves as an indicator that the public policy surrounding bankruptcy may override negotiated shareholder protections in a company's governing documents.
Client Highlights
4.09.20
Firm Advises Savara in Collaboration with Grifols
On April 2, 2020, Savara Inc., an orphan lung disease company, announced the company has entered into an exclusive license and collaboration agreement with Grifols for Apulmiq (inhaled liposomal ciprofloxacin) after Grifols had acquired the assets in a bankruptcy process. Wilson Sonsini Goodrich & Rosati represented Savara in the transaction.
Alerts
12.17.19
Sixth Circuit Affirms Bankruptcy Courts’ Jurisdiction over Rejection of Energy Contracts, Subject to Certain Constraints
On December 12, 2019, a divided panel of the U.S. Court of Appeals for the Sixth Circuit ruled that the bankruptcy court in the bankruptcy proceedings of FirstEnergy Solutions Corp. (FES) has jurisdiction to decide whether FES may reject certain power purchase agreements.1 However, the appellate court found that the bankruptcy court's jurisdiction is not exclusive, holding that while the bankruptcy court had some limited authority to enjoin the Federal Energy Regulatory Commission (FERC) from issuing any order requiring FES to continue performing under the contracts, the bankruptcy court had acted improperly in enjoining FERC from conducting any proceedings related to the contracts. The Sixth Circuit also concluded that the bankruptcy court must consider the impact of the rejection of these contracts on the public interest and may only authorize rejection if the "equities balance in favor of rejecting the contracts."
Client Highlights
5.01.19
Wilson Sonsini Represents Clear Channel in Separation from iHeartMedia
On May 1, 2019, Clear Channel Outdoor Holdings, the international advertising company, and iHeartMedia, the broadcasting company, announced that, in connection with iHeart's emergence from its Chapter 11 restructuring, Clear Channel has separated from iHeart and will continue operations as a standalone public company.