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Domestic Drones and National Security
No full textSpeaker: Col Dawn Zoldi, USAF (Ret.), Founder and Chief Executive Officer of P3 Tech Consultin
Decoding Cryptocurrency Taxes: The Challenges for Estate Planners
Get PDFIn this article, Angel explores the unique challenges of estate planning with cryptocurrency, which include accurately valuing those assets, preserving their value, and addressing the complex tax implications of transferring cryptocurrency to heirs
The Return of Three-Judge Constitutional Courts
Get PDFState courts wield the authority to elevate state constitutional protections above those afforded by the U.S. Constitution. That power is great—so great that some legislatures have intervened in constitutional adjudication, purportedly to undermine forum shopping and check a single judge’s influence. Accordingly, North Carolina and Tennessee require that three-judge trial courts hear constitutional challenges to state laws. These courts echo twentieth-century congressional efforts to trim federal courts’ equitable jurisdiction. They also present new and familiar drawbacks spawned by their federal ancestors.
This Note examines these new constitutional courts through several lenses: their historical context, political development, advantages, and drawbacks. Although both current forms of the three-judge state constitutional court are flawed, this Note argues that safeguarding state constitutional adjudication is a worthy endeavor. Indeed, several reforms to current three-judge courts—including random selection and efficiency measures—could maximize these courts’ advantages and mitigate their shortcomings. But, overall, these courts present a legitimate opportunity to balance the interests of legislatures and litigants in constitutional adjudication
Navigating the Next 50 Years: The Endangered Species Act, Climate Change, and the Pursuit of Abundance
Get PDFThe Rise of Private Equity Continuation Funds
Get PDFThis Article provides the first comprehensive examination of an emerging practice within the private equity sector: continuation funds. Continuation funds break from the traditional private equity model by allowing sponsors to hold on to assets beyond the typical fund term and, instead of selling the assets to third parties, sell them to their own newly established fund. Lauded by the private equity industry as providing “optionality” to investors by allowing them to cash out or roll over, continuation funds have grown to represent a major segment of investment activity in the United States. Despite their surging popularity among private equity sponsors, they are subject to investor resistance, and, puzzlingly, most existing investors in the original funds decline the option to roll over their stakes into a continuation fund, even though it is run by the same private equity firm with which they have cultivated relationships for years.
This Article addresses this puzzle and makes three contributions to the literature. First, we highlight the labyrinth of concerns that cast a shadow on the growing prevalence of continuation funds. Specifically, we show that private equity managers have strong incentives to establish continuation funds and explore the web of conflicts of interest between sponsors and investors and among investors themselves. Second, employing in-depth interviews with market participants from both sides of the aisle– –investors and sponsors––we examine the practical dynamics of continuation funds, exploring the cautionary tale they present to the conventional deference of law and economic theory to private contracting among sophisticated parties. Third, we present two alternative viewpoints regarding continuation funds—the market outcome view and the market failure view—and against this backdrop, we offer several policy recommendations that are particularly timely in light of the SEC’s recently adopted rules addressing the issue
Inside Outsider Art: Challenges and Opportunities for a Marginalized Genre
Get PDFOutsider art encompasses the work of artists, typically self-taught, who experience some form of marginalization and do not proactively participate in the mainstream art world. Adored in part for the biographies of the artists and in part for the quality of the art, the genre has become increasingly popular in secondary markets and museums over the last half century. However, buyers of outsider art still find it difficult to authenticate and attribute works. This Note examines the challenges inherent in outsider art and proposes three opportunities that can help address the challenges with authentication and provenance in outsider art while also providing deserved recognition, respect, and legitimization to outsider artists and their art
