The PIPEs Report - March 20, 2007

U.S. Regulations and Overseas Opportunities Creating Global PIPE Investors

The London Stock Exchange’s Alternative Investment Market seized upon frustration with The Sarbanes-Oxley Act of 2002 to attract global issuers who otherwise likely would have listed on a U.S. exchange. Now U.S. PIPE investors are hunting for friendly shores, and among the exchanges they’re exploring, perhaps none look more attractive than the Australian Stock Exchange (ASX). Full Story

EITF 00-19 and Rule 415 Alter Liquidated Damage Provisions

The Financial Accounting Standard Board cleared up the most troubling issues concerning the Securities and Exchange Commission’s misguided interpretation of EITF 00-19 last year. But several months later, caps on liquidated damages continue to show up in stock purchase agreements to the dismay of some PIPE professionals. Full Story

For over two years, Goldman Sachs Clearing (formerly Spear, Leeds & Kellogg) allowed clients to illegally short stocks ahead of secondary and followon offerings, regulators said in settlements requiring Goldman to pay $2 million in civil fines. Full Story

• Banc of America Pays $26M to Settle Research Abuse Claims
• Acorda Therapeutics Weathers Storm of Fraudulent Trading
• Bloomberg Covers Naked Shorting in TV Special
• Funds Stand in Line for ATM Stock
• Neose Offering Funds Clinical Trials
• Stratic Raises Acquisition Funds with Double PIPE
• Torpedo Component Maker Issues Notes & Warrants
• Genta Fuels Oncology Work with Stock Placement
• Convertible Notes Fund e-Future Information
• Hirings & Firings