Firm News
Tiptree Acquires Reliance
July 1, 2015
SRZ advised Tiptree Financial Inc. in the acquisition of Reliance First Capital LLC. On Nov. 24, 2014, Tiptree entered into a definitive agreement with Reliance and its equity holders to acquire all of the equity interests of Reliance for a combination of cash and Class A common stock of Tiptree. The transaction closed on July 1, 2015. Tiptree is a diversified holding company engaged through its consolidated subsidiaries in the insurance and insurance services, specialty finance, asset management and real estate industries and is an active acquirer of new businesses. Reliance is a national mortgage banker offering loans in the residential real estate lending market.
The SRZ team representing Tiptree included employment & employee benefits partner Ian L. Levin; and former Schulte lawyers Noah D. Beck, Caitlin R. Cornell and Matthew J. Gruenberg.
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Alerts
On March 1, 2024, New York Governor Kathy Hochul signed into law an amended version of the New York LLC Transparency Act (“NYLTA”),[1] requiring certain limited liability companies (“LLCs”) formed or authorized to do business in New York (each, a “NY Reporting Company”) to file a beneficial ownership information (“BOI”) report with the NY Department of State (“NY DOS”). Each NY Reporting Company will be required to disclose on its BOI report identifying information pertaining to each individual who directly or indirectly exercises substantial control or owns or controls 25 percent or more of the ownership interests of a NY Reporting Company (each, a “Beneficial Owner”) and the individuals involved in the NY Reporting Company’s formation or registration to do business in New York (each, an “Applicant”). Information reported to NY DOS will be maintained in a private database not accessible to the public. The NYLTA goes into effect on Jan. 1, 2026 and requires the NY DOS to promulgate regulations implementing the legislation.
Alerts
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