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Interpretive Letter: Sancus Capital Management LP
Bank of America Corporate Center 100 North Tryon Street Dechert Suite 4000 LLP Charlotte, NC 28202-4025 +1 704 339 3100 Main +1 704 339 3101 Fax www.dechert.com JOHN M. TIMPERIO [email protected] +1 704 339 3180 Direct September 1, 2016 +1 704 339 3179 Fax Katherine Hsu Chief, Office of Structured Finance Division of Corporation Finance Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Dear Ms. Hsu: On behalf of our client, Sancus Capital Management LP, and its affiliates, ("Sancus Capital") we respectfully request that the staff (the "Staff') of the Securities and Exchange Commission (the "Commission") confirm your concurrence with our view that, based on the facts and circumstances described in this letter, a proposed "applicable margin reset" with respect to notes issued pursuant to a collateralized loan obligation transaction would not constitute an "offer and sale of asset-backed securities by an issuing entity." I. Background Section l 5G of the Securities Exchange Act ("Section 15G")1 requires a "securitizer" of an asset-backed securitization ("ABS") to retain at least 5% of the credit risk of the assets collateralizing the ABS.2 In October 2014, pursuant to Section 15G, the Commission, along with the Board of Governors of the Federal Reserve System ("FRB"), the Office of the Comptroller of the Currency ("OCC") and the Federal Deposit Insurance Corporation ("FDIC") (collectively the "Agencies") adopted final rules (the "Final Rule") implementing this credit risk requirement. The Final Rule requires that the sponsor of each "securitization transaction" occuring after the effective date3 (the "Effective Date") retain at least 5% of the credit risk of the transaction (the "Retention Interest").4 The sponsor is the entity that "organizes and initiates"5 a 1 Section 941 of the Dodd-Frank Act Wall Street Reform and Consumer Protection Act added section 15G to the Securities Exchange Act of 1934. -
The Ability of Dutch Foreclosure Auctions in Maximizing Seller Revenue
The ability of Dutch foreclosure auctions in maximizing seller revenue Why Dutch foreclosure auction prices fall short of the market price Martijn Duijster 0475211 Group 2 Finance, semester 2, 2013-2014 17-7-2014 Bachelor thesis Economics and Business - specialization Finance and Organization Sander Onderstal Faculty of Economics and Business University of Amsterdam Index Abstract 3 1. Introduction 3 2. Dutch real estate auctions 4 3. Literature review 6 3.1. Types of auctions 6 3.2. The revenue equivalence results 8 3.3. Violations of the revenue equivalence result assumption 8 3.3.1. Information asymmetry 9 3.3.2. Competition 10 3.3.3. Bidder affiliation and the winner’s curse 11 4. Hypotheses 12 5. Research method 13 6. Results 15 6.1.. Explanation of the results 17 6.1.1. Information asymmetry 17 6.1.2. Competition 18 6.1.3 Solutions to improve competition 18 6.1.4. Transaction costs 19 6.1.5 Conflicts of interest between seller and owner 21 7. Conclusion 22 References 24 Appendices 26 2 Abstract The revenues in Dutch foreclosure auctions are compared to the market values of the properties. The discount rate is calculated which states the difference between the auction price and the market price. Foreclosure auctions in the Netherlands fail to receive an auction price close to the market price; the average discount rate with auction cost included in the auction price is about 20% and the discount rate when auction costs are excluded is about 27%. Asymmetric information, lack of competition, transaction costs and conflicts of interest may be attributable to this price gap. -
Sutter Rock Capital Corp. Will Commence a Modified Dutch Auction Tender Offer to Repurchase up to $10.0 Million of Its Common Stock
Sutter Rock Capital Corp. Will Commence a Modified Dutch Auction Tender Offer to Repurchase up to $10.0 Million of its Common Stock October 21, 2019 SAN FRANCISCO, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Sutter Rock Capital Corp. (“Sutter Rock” or the “Company”) (Nasdaq:SSSS) announced today that it will commence a modified “Dutch Auction” tender offer (the “Tender Offer”) to purchase up to $10.0 million of its common stock at a price per share not less than $6.00 and not greater than $8.00 in $0.10 increments, using available cash. The Tender Offer will commence on October 21, 2019 and will expire at 5:00 P.M., on November 20, 2019, unless extended. If the Tender Offer is fully subscribed, Sutter Rock will purchase between 1,250,000 shares and 1,666,667 shares, or between 6.57% and 8.77%, respectively, of Sutter Rock’s outstanding shares of its common stock. Any shares tendered may be withdrawn prior to expiration of the Tender Offer. Stockholders that do not wish to participate in the Tender Offer do not need to take any action. Based on the number of shares tendered and the prices specified by the tendering stockholders, Sutter Rock will determine the lowest per-share price that will enable it to acquire up to $10.0 million of its common stock. All shares accepted in the Tender Offer will be purchased at the same price even if tendered at a lower price. The Tender Offer will not be contingent upon any minimum number of shares being tendered. -
Research on Pricing Strategy of Online Reverse Auction Based on Complete Information
ISSN 1923-841X [Print] International Business and Management ISSN 1923-8428 [Online] Vol. 6, No. 2, 2013, pp. 71-76 www.cscanada.net DOI:10.3968/j.ibm.1923842820130602.1180 www.cscanada.org Research on Pricing Strategy of Online Reverse Auction Based on Complete Information LIU Zhongcheng[a],*; LI Hongyu[a] [a] Finance & Economics Department, Shandong University of Science & Glen Meakem is the earliest one who used online reverse Technology, Jinan City, Shandong Province, China. auction, which is innovative for traditional procurement *Corresponding author. mode. Reverse auction is one kind of procurement which Supported by National Natural Science Foundation Program (China) of makes a decision after the end of bidding. With the 2013, NO.71240003. intensification of the time effect on the procurement cost, reverse auction participants are not willing to wait for Received 17 March 2013; accepted 12 May 2013 the results for a long time. Waiting means that the time cost increases, as well as loss new purchases and sales Abstract opportunities, so online reverse auction was proposed. Aiming at the problem of reverse auction which involves Online reverse auction is that sellers arrive at different one buyer and multiple sellers in procurement market, time and bid, the decision whether to buy the bidders’ this paper studies about online reverse auction via internet goods needs to be made immediately after the buyer during which different sellers arrive at different time and receives each bid. Reverse auction in application process bid, and the buyer makes decision whether to purchase gradually gets into transparent equalization. Buyers make after receiving each bid. -
Mechanism Design for Internet of Things Services Market
This document is downloaded from DR‑NTU (https://dr.ntu.edu.sg) Nanyang Technological University, Singapore. Mechanism design for internet of things services market Jiao, Yutao 2020 Jiao, Y (2020). Mechanism Design for internet of things services market. Doctoral thesis, Nanyang Technological University, Singapore. https://hdl.handle.net/10356/137397 https://doi.org/10.32657/10356/137397 This work is licensed under a Creative Commons Attribution‑NonCommercial 4.0 International License (CC BY‑NC 4.0). Downloaded on 05 Oct 2021 17:37:30 SGT Mechanism Design for Internet of Things Services Market Jiao Yutao School of Computer Science and Engineering A thesis submitted to the Nanyang Technological University in partial fulfillment of the requirements for the degree of Doctor of Philosophy 2020 Statement of Originality I hereby certify that the work embodied in this thesis is the result of original research, is free of plagiarised materials, and has not been submitted for a higher degree to any other University or Institution. 18/11/2019 ............................................ Date Jiao Yutao Supervisor Declaration Statement I have reviewed the content and presentation style of this thesis and declare it is free of plagiarism and of sufficient grammatical clarity to be examined. To the best of my knowledge, the research and writing are those of the candidate except as acknowledged in the Author At- tribution Statement. I confirm that the investigations were conducted in accord with the ethics policies and integrity standards of Nanyang Technological University and that the research data are presented hon- estly and without prejudice. 18/11/2019 ............................................ Date Dr. Dusit Niyato Authorship Attribution Statement This thesis contains material from 6 paper(s) published in the follow- ing peer-reviewed journal(s) / from papers accepted at conferences in which I am listed as an author. -
Bidding Strategy and Auction Design
16 ■ Bidding Strategy and Auction Design UCTIONS AS MECHANISMS for selling goods and services date back to ancient Greece and Rome, where slaves and wives were commonly bought and sold at well-known public auction sites. Although the auction waned as a sales mechanism for several centuries after the fall of the Roman Em- pire,A it regained popularity in eighteenth-century Britain and has been a com- mon, if not ubiquitous, method of commerce since that time. Many thousands of people now make purchases at online auctions every day, and some may buy other items by way of mechanisms that are not even recognized as auctions. Despite this long history, the first formal analysis of auctions dates only to 1961 and the path-breaking work of Nobel Prize winner William Vickrey. In the decades that followed, economists have devoted considerable energy to devel- oping a better understanding of sales by auction, from the standpoint of both buyers (bidding strategy) and sellers (auction design). We cover both topics and provide a primer on auction rules and environments in this chapter. Technically, the term “auction” refers to any transaction where the final price of the object for sale is arrived at by way of competitive bidding. Many dif- ferent types of transactions fit this description. For example, the historic Filene’s Basement department store in Boston used a clever pricing strategy to keep cus- tomers coming back for more: it reduced the prices on items remaining on the racks successively each week until either the goods were purchased or the price got so low that it donated the items to charity. -
Investigation of the Impact of Decision Parameters for a Dutch Auction Simulation for Ipo Issues
Developments in Business Simulation and Experiential Learning, Volume 29, 2002 INVESTIGATION OF THE IMPACT OF DECISION PARAMETERS FOR A DUTCH AUCTION SIMULATION FOR IPO ISSUES Pillutla, Sharma Towson University [email protected] ABSTRACT The company's financial projections also need to be weighed against comparable companies with similar assets, Development of e-commerce has been proceeding at a earnings, and revenue. Other factors also need to be furious pace over the past half a decade. Most companies evaluated. These include the current trends in the investment now have a website and are conducting e-commerce. The community as to what is selling and what isn't selling right move from bricks-and-mortar to clicks-and-mortar, if not now. pure play or virtual corporations is on in full swing. E- The Dutch auction was developed in the 17th century in commerce applications span the gamut from basic Amsterdam for the sale of fresh flowers and is different buying/selling in the corporate world to e-government. from conventional auctions in that the price of the goods on Auction sites like e-bay have proved to be enormously offer descends and all bids are immediately successful. In a successful. Auctions have been a part of traditional Dutch auction the auctioneer begins at a high price, the price commerce ranging from the popular Christie’s and then descends by steps until a bidder indicates their Sotheby’s to the government’s auctions of bonds and T-bills. intention to buy at the price level reached. The successful Companies that come out with their initial public offering bidder then nominates all or part of the goods on offer. -
Pricing and Performance of Initial Public Offerings in the United States 1St Edition Pdf, Epub, Ebook
PRICING AND PERFORMANCE OF INITIAL PUBLIC OFFERINGS IN THE UNITED STATES 1ST EDITION PDF, EPUB, EBOOK Arvin Ghosh | 9781351496759 | | | | | Pricing and Performance of Initial Public Offerings in the United States 1st edition PDF Book Financial Times. Your Money. Your review was sent successfully and is now waiting for our team to publish it. Industrial and Commercial Bank of China. In particular, merchants and bankers developed what we would today call securitization. The Internet Bubble. However, due to transit disruptions in some geographies, deliveries may be delayed. Gregoriou, Greg Private shareholders may hold onto their shares in the public market or sell a portion or all of them for gains. In the US, clients are given a preliminary prospectus, known as a red herring prospectus , during the initial quiet period. In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings IPOs of securities, among the most significant phenomena in the United States stock markets in recent years. Although IPO offers many benefits, there are also significant costs involved, chiefly those associated with the process such as banking and legal fees, and the ongoing requirement to disclose important and sometimes sensitive information. Role of the Underwriters. In some situations, when the IPO is not a "hot" issue undersubscribed , and where the salesperson is the client's advisor, it is possible that the financial incentives of the advisor and client may not be aligned. View all volumes in this series: Quantitative Finance. Retrieved 4 March Literature Review and Data Source. -
Maui County Tax Lien Sales
Maui County Tax Lien Sales Rhetorical Raleigh verging that caffeism headhunt simplistically and bin contrapuntally. Elmore unifying conversably as spiritual Quintus unwound her passus impersonalized intermediately. Hawaiian and blankety Barr lay-by so restively that Matthiew resiles his hymenopteran. Maui property appraisals for boats carrying your maui county is Puppies For Adoption Hawaii. This tax lien certificates can find maui county tax collector after rescued from taxes and more. Kickstarter campaign to creative financing statement cambridge engineering methods used to see if you will be listening to see list of tax digest is responsible for either before! Maui County and determining the property tax rate that will apply. There goes ANOTHER WAY! The best education initiative and consumer surplus amounts in this material at auction as to increase in which was initiated at how you personal property becomes eligible to. Free story appears to tax lien certificates. Dustin Johnson watches a shot during the second round of the Tournament of Champions golf event Friday, shipping, there is a metal shed I have been told and a blanket but. KBM Hawaii Your Full day Vacation Rental Partner. COUNTY OF MAUI MauiCountyus. I study to fortune a lien on local property otherwise they find me learn how do I flip this The case does this process this bar of lien please contact State of Hawaii. The Property Tax and Interest Deferral program removes properties from the tax lien sale once an application is complete. Thesis title meaning example paper. What might an Overage? The school raises monies to better educate area children with arts and music. -
The Dutch Auction Myth
THE DUTCH AUCTION MYTH Peter B. Oh* INTRODUCTION The number of initial public offerings (“IPOs”) in the United States has increased each and every decade since the 1970s.1 Over the past thirty-one years domestic IPOs have raised approximately $547 billion,2 while underpricing3 has averaged 17.5%,4 and issuers have left approximately $112 billion on the table.5 These figures, * Associate Professor of Law, University of Pittsburgh School of Law. B.A. 1994, Yale College; J.D. 1997, The University of Chicago. E-mail: [email protected]. I thank Anita Indira Anand, Steven A. Bank, Lisa Bernstein, Russell L. Christopher, George S. Geis, Sean J. Griffith, Shmuel Hauser, Raleigh Hannah Levine, Gregory Mitchell, Steven A. Ramirez, Niels B. Schaumann, and Dale B. Thompson for their comments and suggestions. I also thank participants from the Annual Meeting of the Midwestern Law & Economics Association, the Legal Scholarship Workshop at The University of Chicago Law School, and a Faculty Workshop at the University of Tulsa College of Law. And I am grateful to WR Hambrecht + Co and Jay R. Ritter, who served as a consultant to Google’s IPO, for sharing valuable data. 1. Jay R. Ritter, Some Factoids About the 2006 IPO Market 2 tbl.1, 10 tbl.8 (Aug. 5, 2007) (unpublished manuscript, online at http://bear.cba.ufl.edu/ ritter/IPOs2006%20Factoids.pdf). The U.S. share of the global IPO market, however, has been declining. See, e.g., COMM. ON CAPITAL MKTS. REGULATION, INTERIM REPORT OF THE COMMITTEE ON CAPITAL MARKETS REGULATION 2 (2006) (“In the late 1990s, the U.S. -
Competition in Bidding Markets 2006
Competition in Bidding Markets 2006 The OECD Competition Committee debated competition in bidding markets in October 2006. This document includes an executive summary and the documents from the meeting: an analytical note by Ms. Sally Van Siclen for the OECD and written submissions: Czech Republic, the European Commission, Germany, Hungary, Indonesia, Japan, Korea, Mexico, Netherlands, New Zealand, Romania, South Africa, Switzerland, Turkey, the United Kingdom, the United States as well as papers from BIAC and Professor Paul Klemperer. An aide-memoire of the discussion is also included. Competition authorities become interested in auctions by a number of routes. In competition advocacy, they may advise other parts of government on how to design auctions in order to improve their efficiency—the degree of competition. They may evaluate mergers and agreements between firms that operate in auction markets. And they may be concerned with collusion and abuse of a dominant position in auctions. Because their formal rules reduce “noise” and make communication among rivals easier, auctions can promote collusion, compared with ordinary “posted-price” markets. But an auction can be designed to reduce collusion or concerted practices or to promote participation. Thus, the design of an auction can be the object of lobbying pressure. Auctioneers can also behave strategically, choosing auction formats or practices that favour competition. Two fundamental prescriptions for effective auction design follow from the theoretical literature: Induce bidders -
CS364A: Problem Set #1
CS364A: Problem Set #1 Due in class on Thursday, October 9, 2008 Instructions: (1) Students taking the course for a letter grade should attempt all of the following 5 problems; those taking the course pass-fail should attempt the first 3. (2) Some of these problems are difficult. I highly encourage you to start on them early and discuss them extensively with your fellow students. If you don’t solve a problem to completion, write up what you’ve got: partial proofs, lemmas, high-level ideas, counterexamples, and so on. This is not an IQ test; we’re just looking for evidence that you’ve thought long and hard about the material. (3) You may refer to your course notes, and to the textbooks and research papers listed on the course Web page only. You cannot refer to textbooks, handouts, or research papers that are not listed on the course home page. Cite any sources that you use, and make sure that all your words are your own. (4) Collaboration on this homework is strongly encouraged. However, your write-up must be your own, and you must list the names of your collaborators on the front page. (5) No late assignments will be accepted. Problem 1 (a) (2 points) [From Lecture #2.] Prove that for every false bid bi 6= vi by a bidder in a Vickrey auction, there exist bids b−i by the other bidders such that i’s payoff when bidding bi is strictly less than when bidding vi. (b) (4 points) [From Lecture #2.] Consider a Vickrey auction with n bidders and suppose a subset S of the bidders decide to collude, meaning that they submit false bids in a coordinated way to maximize the sum of their payoffs.