The United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) ruled on December 31, 2024 that Serta Simmons Bedding’s (“SSB”) 2020 uptier exchange included a transaction that, ...
As clients amass their retirement dollars over their working years, tax situations are likely to become more complicated over time. That’s especially true for clients who are fortunate enough to have ...
In startup financing, certain investor rights show up so often that they feel like part of the background. One of the most common (and most misunderstood) is pro rata rights. Whether you are a founder ...
Lee Edwards, partner at Root VC, has a saying at his firm that “pro rata rights are earned, not given.” That may be a bit of a stretch since pro rata refers to a term that VCs put in their term sheets ...