Firm News
Schulte Advises ArrowMark Partners in Acquisition of StoneCastle Asset Management
February 12, 2020
Schulte represented ArrowMark Partners in a definitive agreement to acquire the platform and assets of StoneCastle Asset Management LLC, through its subsidiary, StoneCastle-ArrowMark Asset Management LLC. The acquisition will maximize the strengths of ArrowMark’s credit investment management business and StoneCastle’s bank sector investment platform. The deal was announced on Dec. 9, 2019 and closed on Feb. 12, 2020.
The Schulte team advising ArrowMark Partners is led by M&A and securities special counsel Lawrence Natke. The team also includes tax partner Shlomo Twerski; finance of counsel Ronald Risdon; intellectual property, sourcing & technology special counsel Scott Kareff; litigation associate Robert Griffin; investment management associates Noah Aschen, Yehuda Ness and Christopher Avellaneda; and former Schulte lawyers John Garces and Karen Spiegel.
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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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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
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]