7th Annual Tax & Securities Law Institute

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Contact Karen Michael with questions by email or at 312-376-2457 x13.

Bond Case Briefs Case of the Week

Can alleged Ponzi schemes occur in the municipal finance context? One recently did. An equipment marketer persuaded school districts around the country to enter into lease agreements, allegedly promising reimbursement of their lease payments from charitable contributions or government grants. The leases have been assigned to investors. The pre-collapse reimbursement money instead came from yet more leases to other schools; and the marketer is in Tenth Circuit bankruptcy proceedings. Mosier v. Callister, Nebeker & McCullough (11/13/08) http://www.ca10.uscourts.gov/opinions/07/07-4238.pdf

Posted by C. Carlson, 12/18/08

NABL Submits Recommendations on Bond Regulations in Current Market Conditions

On October 6, 2008, NABL submitted recommendations to Treasury relating to bond regulations relevant to transactions in the current market conditions. The comments can be found on the NABL web site here.

NABL Comments on Public Approval Guidance for Tax-Exempt Bonds

On October 15, 2008, NABL submitted comments to Treasury and the IRS relating to the proposed regulations on public approval guidance for tax-exempt bonds under section 147(f) of the Internal Revenue Code. The comments can be found on the NABL web site here.