DOCSLIB.ORG

Access to Capital by Calfor

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Access to Capital by Calfor Access to Capital Growing Local Businesses Financing Entrepreneurs Building Strong Economies Developed by the California Financial Opportunities Roundtable Representing finance, impact investing, philanthropy, business, economic development, government and more. August 2012 The California Financial Opportunities Roundtable (CalFOR) is part of a statewide initiative supporting development of regional industry clusters to provide jobs, entrepreneurial opportunities, business growth, public and private sector investment in value-chain infrastructure and sustainable communities throughout California. Working with a wide array of partners, the goals of that project include: x Innovation in Capital Markets and new sources of investment for projects and business growth. x Expansion of regional food systems and associated value chain opportunities. x Growth of biomass utilization, biofuels and renewable energy production. x Development of region-specific industry clusters and related business networks. x Improved Rural-Urban collaboration and related infrastructure deployment. Members of the CalFOR do not endorse any business in this guide and CalFOR is not in the business of providing financial advice – all content is provided for informational purposes only. Any potential investor acting on advice provided in this guidebook does so at their own risk. CalFOR advises all readers of this guidebook to always seek financial advice from a qualified advisor before investing. No information provided in this guide should be considered an inducement to invest in any particular security. Funding provided by a Rural Business Opportunity Grant from USDA Rural Development in partnership with the California Association of Resource Conservation & Development Councils. The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or a part of an individual’s income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at (202) 720-2600 (voice and TDD). To file a complaint of discrimination write to USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410 or call (800) 795-3272 (voice) or (202) 720-6382 (TDD). USDA is an equal opportunity provider, employer, and lender. FOREWORD Forty-three Town Hall forums held throughout California offered many recommendations on what was needed to create jobs, grow our economy and develop sustainable communities. The report that resulted from those forums (www.rurdev.usda.gov/Reports/CA-JobsReport-Feb10.pdf) has led to much collaboration on various ways to implement solutions; among those was an ambitious proposal by the California Resource Conservation and Development Councils to support several regional industry clusters throughout California. As that project and the other efforts unfolded, there was a growing realization that improved economic development strategies and greater collaboration were not enough – finding ways to improve access to capital was a major roadblock that must be overcome. In December 2011, eighty leaders from financial institutions, economic development organizations and government agencies gathered to explore how to improve access to capital for California’s businesses and industry clusters. As participants dug deeper into the issues, it became clear that many options already exist to access capital but that most businesses, entrepreneurs and their advisors are often unaware of these resources – with that awareness, CalFOR’s efforts shifted away from a policy exercise toward development of this guidebook. This guidebook and its recommendations are not exhaustive or exclusive and, given how fast the field is changing, will undoubtedly need revisions within the next year or so; however, this represents a good start toward a healthy capital ecosystem – one where businesses, communities and people can all thrive. A major effort like this could not have been done without the support of many people, in particular the many very busy people who offered their time and expertise to CalFOR – both Roundtable members and volunteers who reviewed the document as it developed. Special thanks go to the California Association of Resource Conservation and Development Councils and their President, Valerie Klinefelter, for her extraordinary work on this project. Mere words cannot adequately express the appreciation owed to these people for their service to California – please thank them whenever you get a chance! Publishing this guidebook is only the first step; next is to pursue implementation of the recommendations. Moving forward toward that goal, four key points must be kept in mind: x There is no single solution: Our financial toolbox needs many different tools to serve our diverse economy and the capital ecosystem needs innovation, collaboration and focus on optimizing results. x It’s not just about capital: Developing competitive entrepreneurs and well-managed businesses along with adequate infrastructure and regional industry clusters are important to long-term success. x Scale: New intermediaries should be regional to manage risk and keep transaction costs down; however, financial products are needed along the entire continuum from microfinance to large funds. x All stakeholders must be engaged: Buy local and invest local initiatives can support regional economic development as can streamlined regulatory processes and triple-bottom-line approaches – the key is to find balance between competing needs and open opportunities for all to participate. Success requires time, energy, ideas and capital from all Californians in this effort. Please join us! Glenda Humiston State Director, California USDA Rural Development i TABLE OF CONTENTS Foreword i List of Roundtable Participants iv Acknowledgements vi Introduction of Key Issues 1 x Findings and Considerations 2 x Target Regional Industry Clusters 4 x Implement a Statewide Economic Development Strategy 4 x Update Local Economic Development Strategies 5 x Focus on Small Business 5 x Support Micro-Enterprise 6 x Develop Effective Intermediaries 8 x Improve Accessibility of Information 9 Capital Currently Available and Operational 11 x Buy Local 12 x Invest Local 14 x Community Development Financial Institutions 16 x Government, Institutions and Foundations 18 x Small Business Investment Companies 20 x Small Business Lending Fund 21 x Surety Bonds 21 x Tax-Exempt Industrial Development Bond 22 x California Organized Investment Network 23 x State Assistance Fund for Enterprise, Business and Industrial Development Corporation 24 x Revolving Loan Funds 25 x Community Reinvestment Act 26 x Cooperatives 28 x Employee Stock Ownership Plans 30 x Early State Funds: Angel Investors & Venture Capital 32 x Direct Public Offerings 34 x Crowdfunding 36 x Friends and Family Securities 39 x Local Investment Clubs 40 x Lending Circles / Peer Lending 41 x Individual Development Accounts 41 x Sweat Equity 42 x Tax Increment Financing 43 x Self-Directed Individual Retirement Accounts 44 x Export Assistance and Financing 46 Available With Substantial Work 48 x California Community Capital Collaborative 49 x California Specific Community Investment Note 54 x Connecting CDFIs to Socially Responsible Investors (SRI) 55 x Public / Private Financing of Infrastructure 56 x Corporate Investment in Shared Value 58 x EB-5 Visa for Immigrant Investors 60 x Rural Business Investment Companies 62 x Private Equity Investments with Blended ROI 64 x Social Impact Bonds 65 x Community Currency and Time Banks 66 ii Business Mentoring and Technical Assistance 67 x Technical Assistance with Mentoring/Coaching 68 x Collaborative Delivery Models 70 x Building Entrepreneurial Development Systems 72 x Due Diligence Checklist for Entrepreneurs 73 x Specialization-Driven Training Platforms 74 Resources for Technical Assistance and Mentoring 76 Resource for Business Research and Data 80 Resources for Financing 84 Resources for Networking and Advocacy 88 References 97 List of Figures 1: Basic model of capital deployment 1 2: Drivers affecting the economy 3 3: Small business lending environment 5 4: Kauffman FastTrac® survey on would-be entrepreneurs 7 5: Percent of California businesses that are microbusinesses 7 6: Supply versus demand on capital resources 10 7: Multiplier effect of spending in locally owned business 12 8: California residents bring 5% of retirement accounts home 14 9: Map of California cooperatives 29 10: Types of financing at stages of company growth 33 11: Market for business crowd-funding 37 12: Three models for crowdfunding 38 13: California Agricultural Exports 2000 – 2010 47 14: Structural model for California Community Capital Collaborative 51 15: Structural model for California FreshWorks Fund 52 16: Financing structure of the FreshWorks Fund 53 17: Corporate investment in “Shared Value” 58 18: I-526 Receipts, Approvals and Denials FY2005-2012 60 19: Entrepreneurship Rates by Immigrant Status (1996 – 2010) 61 20: Hybrid enterprise development network 64 21: Decision Tree on basic financing options 67 22: Model for Business Technical Service Delivery
Load more

Recommended publications
  • Initial Public Offerings
    November 2017 Initial Public Offerings An Issuer’s Guide (US Edition) Contents INTRODUCTION 1 What Are the Potential Benefits of Conducting an IPO? 1 What Are the Potential Costs and Other Potential Downsides of Conducting an IPO? 1 Is Your Company Ready for an IPO? 2 GETTING READY 3 Are Changes Needed in the Company’s Capital Structure or Relationships with Its Key Stockholders or Other Related Parties? 3 What Is the Right Corporate Governance Structure for the Company Post-IPO? 5 Are the Company’s Existing Financial Statements Suitable? 6 Are the Company’s Pre-IPO Equity Awards Problematic? 6 How Should Investor Relations Be Handled? 7 Which Securities Exchange to List On? 8 OFFER STRUCTURE 9 Offer Size 9 Primary vs. Secondary Shares 9 Allocation—Institutional vs. Retail 9 KEY DOCUMENTS 11 Registration Statement 11 Form 8-A – Exchange Act Registration Statement 19 Underwriting Agreement 20 Lock-Up Agreements 21 Legal Opinions and Negative Assurance Letters 22 Comfort Letters 22 Engagement Letter with the Underwriters 23 KEY PARTIES 24 Issuer 24 Selling Stockholders 24 Management of the Issuer 24 Auditors 24 Underwriters 24 Legal Advisers 25 Other Parties 25 i Initial Public Offerings THE IPO PROCESS 26 Organizational or “Kick-Off” Meeting 26 The Due Diligence Review 26 Drafting Responsibility and Drafting Sessions 27 Filing with the SEC, FINRA, a Securities Exchange and the State Securities Commissions 27 SEC Review 29 Book-Building and Roadshow 30 Price Determination 30 Allocation and Settlement or Closing 31 Publicity Considerations
    [Show full text]
  • Preparing a Venture Capital Term Sheet
    Preparing a Venture Capital Term Sheet Prepared By: DB1/ 78451891.1 © Morgan, Lewis & Bockius LLP TABLE OF CONTENTS Page I. Purpose of the Term Sheet................................................................................................. 3 II. Ensuring that the Term Sheet is Non-Binding................................................................... 3 III. Terms that Impact Economics ........................................................................................... 4 A. Type of Securities .................................................................................................. 4 B. Warrants................................................................................................................. 5 C. Amount of Investment and Capitalization ............................................................. 5 D. Price Per Share....................................................................................................... 5 E. Dividends ............................................................................................................... 6 F. Rights Upon Liquidation........................................................................................ 7 G. Redemption or Repurchase Rights......................................................................... 8 H. Reimbursement of Investor Expenses.................................................................... 8 I. Vesting of Founder Shares..................................................................................... 8 J. Employee
    [Show full text]
  • I Investigations Into the Structure of Crowdfunding Research
    Investigations into the Structure of Crowdfunding Research and the Role of the Content and Linguistic Cues in Risk Disclosure in Crowdfunding Campaigns A thesis submitted in fulfilment of the requirements for the degree of Doctor of Philosophy Ahmad Ridhuwan Abdullah Master of Science in Finance (Northern University of Malaysia) Bachelor of Business Administration in Finance (MARA University of Technology) School of Economics Finance and Marketing College of Business RMIT University March 2019 i DECLARATION I certify that except where due acknowledgement has been made, the work is that of the author alone; the work has not been submitted previously, in whole or in part, to qualify for any other academic award; the content of the thesis is the result of work which has been carried out since the official commencement date of the approved research program; any editorial work, paid or unpaid, carried out by a third party is acknowledged; and, ethics procedures and guidelines have been followed. Ahmad Ridhuwan Abdullah 25 March 2019 ii ACKNOWLEDGEMENTS First and foremost, I would like to thank my supervisors, Professor Jason Potts, Dr Nthati Rametse, and Dr Joanne Laban for their wisdom and constructive supervision, consistent encouragement, and intellectual commitment in guiding me since the first day of my study and upon finishing writing this thesis. Special thanks to Professor Jason Potts who is kind- hearted enough to allow me to develop my own academic interests. I must thank my family members, especially my wife Siti Salwani Abdullah and my daughter Dhia Alia for their support and encouragement throughout my study. They went through hard times throughout the research process and I am grateful for their patience and understanding.
    [Show full text]
  • Data Observations of Employee Ownership & Impact Investment
    Georgia State University College of Law Reading Room Faculty Publications By Year Faculty Publications Winter 2017 In Pursuit of Good & Gold: Data Observations of Employee Ownership & Impact Investment Christopher Geczy University of Pennsylvania Wharton School, [email protected] Jessica S. Jeffers University of Pennsylvania Wharton School, [email protected] David K. Musto University of Pennsylvania Wharton School, [email protected] Anne M. Tucker Georgia State University College of Law, [email protected] Follow this and additional works at: https://readingroom.law.gsu.edu/faculty_pub Part of the Business Law, Public Responsibility, and Ethics Commons, Business Organizations Law Commons, Contracts Commons, and the Corporate Finance Commons Recommended Citation Christopher Geczy, Jessica S. Jeffers, David K, Musto, & Anne M. Tucker, In Pursuit of Good & Gold: Data Observations of Employee Ownership & Impact Investment, 40 Seattle U. L. Rev. 555 (2017). This Article is brought to you for free and open access by the Faculty Publications at Reading Room. It has been accepted for inclusion in Faculty Publications By Year by an authorized administrator of Reading Room. For more information, please contact [email protected]. In Pursuit of Good & Gold: Data Observations of Employee Ownership & Impact Investment Christopher Geczy, Jessica S. Jeffers, David K. Musto & Anne M. Tucker* ABSTRACT A startup’s path to self-sustaining profitability is risky and hard, and most do not make it. Venture capital (VC) investors try to improve these odds with contractual terms that focus and sharpen employees’ incentives to pursue gold. If the employees and investors expect the startup to balance the goal of profitability with another goal—the goal of good—the risks are likely to both grow and multiply.
    [Show full text]
  • Seed Financing Overview
    Seed Financing Overview This set of documents will provide you the knowledge and tools you need to successfully attract, negotiate, and secure seed level financing. This guide is designed for an arms-length transaction between third-party investors and an early-stage company, rather than for friends and family deals. Capital raised by seed financing may be used to help you prove your concept in the marketplace and, hopefully, achieve growth and profitability. You will then be better positioned to attract larger amounts of capital and grow beyond a startup. For more information on whether or not your company is ready for seed financing, please see our Financing Alternatives Primer. There are three parts to this document: 1 This overview with a pre-financing checklist; 2 A sample term sheet; and 3 A guide for the term sheet. This overview provides an introduction to seed financing and a checklist of steps to take and documents to draft before approaching investors. The second document, the term sheet, is a barebones template of the most important terms, drafted with your best interest in mind. It is a negotiation tool, not a finished or executable document. The last document, the guide, explains terms contained in the term sheet and covers some additional terms you may consider adding or are likely to see in investors’ drafts of such a term sheet. Always keep your personal and business objectives in mind as you use these documents to guide you through seed financing. Before Seeking Seed Financing, You Should: Create a Business Plan. It is important to have a polished business plan to present to investors to demonstrate your thoughtfulness and professionalism.
    [Show full text]
  • Charitable Crowdfunding: Who Gives, to What, and Why?
    APRIL 2021 Charitable Crowdfunding: Who Gives, to What, and Why? RESEARCHED AND WRITTEN BY Indiana University Lilly Family School of Philanthropy RESEARCHED AND WRITTEN BY — Indiana University Lilly Family School of Philanthropy The Indiana University Lilly Family School of Philanthropy is dedicated to improving philanthropy to improve the world by training and empowering students and professionals to be innovators and leaders who create positive and lasting change. The school offers a comprehensive approach to philanthropy through its academic, research and international programs, and through The Fund Raising School, Lake Institute on Faith & Giving, Mays Family Institute on Diverse Philanthropy, and Women’s Philanthropy Institute. Learn more at www.philanthropy.iupui.edu INDIANA UNIVERSITY LILLY FAMILY SCHOOL OF PHILANTHROPY PROJECT TEAM — Una O. Osili, PhD Associate Dean for Research and International Programs Jonathan Bergdoll, MA Applied Statistician Andrea Pactor, MA Project Consultant Jacqueline Ackerman, MPA Associate Director of Research, Women’s Philanthropy Institute Peter Houston, MBA Visiting Research Associate With special thanks to Dr. Wendy Chen, Dr. Debra Mesch, and Dr. Pamala Wiepking for reviewing the survey questionnaire. The survey was fielded by AmeriSpeak at NORC. The report was designed by Luke Galambos at Galambos + Associates. This research was completed with funding from Facebook. The findings and conclusions contained within are those of the authors and do not necessarily reflect official positions or policies of Facebook. INDIANA UNIVERSITY LILLY FAMILY SCHOOL OF PHILANTHROPY — 301 University Boulevard, Suite 3000, Indianapolis, IN 46202 317.278.8902 / [email protected] / @IUPhilanthropy / www.philanthropy.iupui.edu Contents Introduction ................................................... 02 Key Findings ................................................. 02 Background ................................................... 05 What is Crowdfunding? ......................................
    [Show full text]
  • 1 the Role of Crowdfunding in Promoting Entrepreneurship Paulo
    The Role of Crowdfunding in Promoting Entrepreneurship Paulo Silva Pereira 01/21/2012 The Lisbon MBA International (Catolica | Nova | MIT) Contacts: +351933803759; [email protected] 1 Contents 1. Introduction ..........................................................................................................................4 2. Research Methodology.........................................................................................................7 3. On the Impact of Crowdfunding on Entrepreneurship .........................................................8 3.1. Early model validation from small scale operation onwards........................................8 3.2. Pre‐sales and Pre‐order ..............................................................................................11 3.3. Incremental rounds of funding and equity and control dilution.................................12 3.4. The evolution of the user role and its impact in the entrepreneurial value chain .....17 3.5. Innovation and Entrepreneurship promotion in Crowdfunding .................................20 3.6. Promotion and Marketing in Start‐ups .......................................................................27 3.7. On pricing, entrepreneurship and crowdfunding .......................................................31 4. Discussion and Concluding Remarks...................................................................................36 4.1. Implications and the Future of Crowdfunding ............................................................37 4.2.
    [Show full text]
  • Jun Zhang (10742239) Msc
    To Which Extend Do Material Incentives Matter? A Study on Backers’ Motivation behind Crowdfunding Behaviour Master Thesis Student: Jun Zhang (10742239) MSc. in Business Administration - Entrepreneurship and Innovation Faculty of Business and Economics of UvA Supervisor: First Supervisor: Dr. G.T. Vinig Second Supervisor: Dr. W. van der Aa Date: 26 Jun 2015 (Final Version) Statement of Originality This document is written by Student Jun Zhang, who declares to take full responsibility for the contents of this document. I declare that the text and the work presented in this document is original and that no sources other than those mentioned in the text and its references have been used in creating it. The Faculty of Economics and Business is responsible solely for the supervision of completion of the work, not for the contents. Page 2 of 91 Contents Acknowledgement ..................................................................................................................... 5 Abstract ...................................................................................................................................... 6 1. Introduction ........................................................................................................................ 7 1.1 Academic Relevance ................................................................................................. 10 1.2 Managerial Relevance ............................................................................................... 11 1.3 Thesis Outline ..........................................................................................................
    [Show full text]
  • Practical Guidance at Lexis Practice Advisor®
    Practical guidance at Lexis Practice Advisor® Lexis Practice Advisor® offers beginning-to-end practical guidance to support attorneys’ work in specific legal practice areas. Grounded in the real-world experience of expert practitioner-authors, our guidance ranges from practice notes and legal analysis to checklists and annotated forms. In addition, Lexis Practice Advisor provides everything you need to advise clients and draft your work product in 14 different practice areas. Douglas S. Ellenoff Market Trends: Crowdfunding by Douglas S. Ellenoff, Ellenoff Grossman & Schole LLP (all market data by Sherwood Neiss and Jason Best, Crowdfund Capital Advisors) Overview Unlike other provisions of the Jumpstart Our Business Startups Act of 2012 (the JOBS Act), Regulation Crowdfunding securities-based crowdfunding, also known as Title III, had only slightly more than six months of results by the end of 2016, since this particular provision only went into effect May 16. Regulation Crowdfunding prescribes rules that permit securities-based crowdfunding by private companies without registering the offering with the Securities and Exchange Commission (SEC) pursuant to new Section 4(a)(6) (15 U.S.C.S. § 77d) of the Securities Act of 1933, as amended (the Securities Act). Consequently, pursuant to this provision, this statutorily permitted form of crowdfunding is only permissible in the United States, although there are versions of Regulation Crowdfunding in other jurisdictions. During the limited six-month initial period of Regulation Crowdfunding, there has been a slow but steady increase in all aspects of this emerging industry. On the day of implementation, there were fewer than 10 Financial Industry Regulatory Authority (FINRA) approved crowdfunding portals and nearly 25 entrepreneurial campaigns posted to those same sites for investor consideration.
    [Show full text]
  • For All the People
    Praise for For All the People John Curl has been around the block when it comes to knowing work- ers’ cooperatives. He has been a worker owner. He has argued theory and practice, inside the firms where his labor counts for something more than token control and within the determined, but still small uni- verse where labor rents capital, using it as it sees fit and profitable. So his book, For All the People: The Hidden History of Cooperation, Cooperative Movements, and Communalism in America, reached expectant hands, and an open mind when it arrived in Asheville, NC. Am I disappointed? No, not in the least. Curl blends the three strands of his historical narrative with aplomb, he has, after all, been researching, writing, revising, and editing the text for a spell. Further, I am certain he has been responding to editors and publishers asking this or that. He may have tired, but he did not give up, much inspired, I am certain, by the determination of the women and men he brings to life. Each of his subtitles could have been a book, and has been written about by authors with as many points of ideological view as their titles. Curl sticks pretty close to the narrative line written by worker own- ers, no matter if they came to work every day with a socialist, laborist, anti-Marxist grudge or not. Often in the past, as with today’s worker owners, their firm fails, a dream to manage capital kaput. Yet today, as yesterday, the democratic ideals of hundreds of worker owners support vibrantly profitable businesses.
    [Show full text]
  • Crowdfunding Schemes in Europe
    Crowdfunding Schemes in Europe by David Röthler and Karsten Wenzlaff EENC Report, September 2011 Crowdfunding Schemes in Europe by David Röthler and Karsten Wenzlaff EENC Report, September 2011 This document has been prepared by David Röthler and Karsten Wenzlaff on behalf of the European Expert Network on Culture (EENC). A draft was peer-reviewed by EENC member Aleksandra Uzelac. This paper reflects the views only of the EENC authors and the European Commission cannot be held responsible for any use which may be made of the information contained therein. The EENC was set up in 2010 at the initiative of Directorate-General for Education and Culture of the European Commission (DG EAC), with the aim of contributing to the improvement of policy development in Europe. It provides advice and support to DG EAC in the analysis of cultural policies and their implications at national, regional and European levels. The EENC involves 17 independent experts and is coordinated by Interarts and Culture Action Europe. About the authors David Röthler, Master´s degree in Law, trainer, consultant and journalist in the fields of political communication, media and European funding. He teaches at journalism schools in Austria and Germany. His focus is on participatory journalism, social media and new funding schemes e.g. crowdfunding and social payment. Furthermore he has extensive experience with the management of international projects. He is founder of the consultancy PROJEKTkompetenz.eu GmbH. Personal Weblog: politik.netzkompetenz.at Karsten Wenzlaff is the founder of the Institute of Communications for Social Communication (ikosom), a Berlin-based research facility for new forms of electronic technology.
    [Show full text]
  • Sec Formalizes Its Position on Pipe Transactions
    June 2007 SEC FORMALIZES ITS POSITION ON PIPE TRANSACTIONS By Jeffrey T. Hartlin, Elizabeth A. Brower and Michael L. Zuppone Private investment in public equity offerings, labeled primary offering made on behalf of the issuer, in which “PIPEs” by market participants, have become a case the PIPE investors would be viewed as effectively permanent alternative for raising equity capital by public acting as statutory underwriters with respect to the companies in need of financing. Pursuant to informal resale of their shares to the public. guidance issued by the Staff of the Securities and BACKGROUND Exchange Commission (“SEC”) in the mid 1990s, PIPEs have been treated as completed private placements not PIPE transactions have two components. The first subject to integration with subsequent registered component involves the original issuance of the secondary offerings by selling securityholders. Under securities – i.e., the private placement of securities by a this guidance, PIPE investors have been able to have the public company to one or more accredited investors in shares issued in (or the shares underlying convertible reliance on the statutory private placement exemption securities issued in) the PIPE transaction registered for provided by Section 4(2) of the Securities Act and/or public resale into the trading market concurrently with private offering exemption provided by Regulation D or soon after the closing of the PIPE transaction. under the Securities Act. The securities sold in PIPEs Recently, as described below, the treatment of PIPEs may include common stock, straight or convertible investors in registered offerings as just selling preferred stock, convertible debt or a combination of securityholders, as opposed to statutory underwriters, these securities, as well as warrants that are issued to has been called into question in certain circumstances.
    [Show full text]