Private Equity Valuation Worksheet by qdx12511

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Private Equity and Venture Capital Encyclopedia

Description:    The Encyclopedia of Private Equity and Venture Capital is a complete reference manual on all
                aspects of private equity and venture capital. This Encyclopedia incorporates commentary and input
                from over 85 Contributing Editors from the premier professional service, venture capital and private
                equity firms in the field of venture capital and private equity.

                This CD-ROM version of the Encyclopedia is created from our database, which is continuously
                updated, ensuring you are provided with information that is up to date and relevant on the day of
                purchase. It has over 120 legal forms and 5,500 pages of fully searchable text, making it a true
                must-have resource in the private equity and venture capital industries.

                As well as the commentary provided, this encyclopedia also includes:
                -Legal Forms - 120+ of the best, peer-reviewed legal documents fully annotated. Downloadable to
                -Quantitative Products and Spread Sheets - Includes a worksheet for Venture Capital Investment
                Analysis. The spreadsheet can be best utilized in conjunction with the Encyclopedia section on VC
                Valuation analysis.
                -Conference Calls - We host conference calls on relevant topics facing the industry. The calls
                include participation from some of the country's noted practitioners, authors and private equity
                investors. Each conference call is transcribed and placed into the Encyclopedia.
                -Glossary - Containing over 300 terms, this is the most definitive glossary on venture capital and
                private equity

                The following sections are provided:
                Book 1: Terms and Definitions: The Building Blocks of Private Equity and Venture Capital
                Book 2: Organizing the Entity: Choice of Entity and Structuring Private Equity
                Book 3: Angel / Founders Round
                Book 4: Valuation and Private Placement Materials
                Book 5: Fundamentals of the Term Sheet
                Book 6: Series A Round: Definitive Documents
                Book 7: Employment and Compensation Issues: Management, VC's and Private Equity Investors
                Book 8: Initial Public Offering
                Book 9: Intellectual Property, Corporate Venture Capital and Joint Ventures
                Book 10: Private Equity Funds
                Book 11: Down Rounds
                Book 12: Mergers & Acquisitions: A Private Equity Perspective
                Book 13: Global Private Equity & Venture Capital
                Book 14: Fund Formation: Organizing The Pooled Investment Vehicle
                Book 15: Surveys and Best Practices
                Book 16: Academic Works Covering Private Equity and Venture Capital
                Book 17: Best Practices: PPMs and Legal Documents
                Book 18: Leveraged Buyouts
                Book 19: Board of Directors: Issues for Private Equity and Venture Funded Boards
                Book 20: Special Purpose Acquisition Company - SPACs
                Book 21: Certificates of Incorporation

Contents:       1.1: Clauses and Definitions

                1.1.1:   Definitions:   Affiliate
                1.1.3:   Definitions:   Bankruptcy
                1.1.4:   Definitions:   Book Value per Share
                1.1.5:   Definitions:   Brokerage
                1.1.6:   Definitions:   Business Day
                1.1.7:   Definitions:   Cause
                1.1.8:   Definitions:   Change of Control
1.1.9: Definitions: Common Stock
1.1.10: Definitions: Closing Price
1.1.11: Definitions: Company Material Adverse Effect
1.1.12: Definitions: Consolidated Cash Flow
1.1.13: Definitions: Contingent Liability
1.1.14: Definitions: Environmental Law
1.1.15: Definitions: Financial Statements
1.1.16: Definitions: Indebtedness
1.1.18: Definitions: Knowledge
1.1.19: Definitions: Market Price
1.1.19.a: Definition: Most Favored Nations Pricing
1.1.20: Definitions: Net Asset Value Determined by Appraisal
1.1.21: Definitions: Person
1.1.22: Definitions: Proprietary Rights
1.1.23: Definitions: Public Offering
1.1.24: Definitions: Subsidiary or Subsidiaries
1.1.25: Definitions: Tangible Net Worth
1.1.26: Definitions: Value of the Securities
1.1.27: Definitions: Waste or Contamination Site
1.1.28: Definitions: Net Sales

1.2: Sample Risk Factors

1.2.1: Sample Disclosures of Risks Associated with Terrorist Attacks

1.3: Miscellaneous Provisions

1.3.1: Miscellaneous Provisions: Arbitration
1.3.2: Miscellaneous Provisions: Interpretation and Rules of Construction
1.3.3: Miscellaneous Provisions: Forward-Looking Statements Legend
1.3.4: Miscellaneous Provisions: Remedies Cumulative
1.3.5: Miscellaneous Provisions: Severability
1.3.6: Miscellaneous Provisions: Entire Understanding
1.3.7: Miscellaneous Provisions: Remedies
1.3.8: Miscellaneous Provisions: Assignment; No Third-Party Assignments
1.3.9: Miscellaneous Provisions: Judgments Conclusive
1.3.10: Miscellaneous Provisions: No Agency
1.3.11: Miscellaneous Provisions: Legal Fees
1.3.12: Miscellaneous Provisions: Construction
1.3.13: Miscellaneous Provisions: Service of Process
1.3.14: Miscellaneous Provisions: Consent to Jurisdiction
1.3.15: Miscellaneous Provisions: Waiver of Jury Trial
1.3.16: Miscellaneous Provisions: Further Assurances
1.3.17: Miscellaneous Provisions: Choice of Law

1.4: Deadlock Provision: Model Clauses

1.5: Downloadable Forms (Deprecated)

2.1: C Corporations, S Corporations, Multiple Corporations and Other Forms

2.1.1: Note on the Corporate Form
2.1.1.a: C Corporations
2.1.1.b: S Corporations
2.1.1.c: Multiple Corporations
2.1.2: Other Forms
2.1.2.a: Sole Proprietorships
2.1.2.b: Business Trusts
2.1.2.c: Joint Ventures
2.1.2.d: Partnerships
2.1.3: Note on Limited Liability Companies
2.1.4: Note on Corporation versus Limited Liability Company
2.1.4.a: Options on LLC Units; Difficulties in Drafting and Implementation
2.1.4.b: Liquidity
2.1.4.c: Fees and Expenses (LLC and C Corp.)
2.1.4.d: Flexibility versus Formality
2.1.4.e: Familiarity
2.1.4.f: Liability
2.1.4.g: Tax Issues Influencing the Choice
2.1.4.h: Conversion of an LLC to a C Corporation
2.1.4.i: LLCs in Bankruptcy: Trustee's Powers to Compell Asset Sales by Single Member LLCs
(Ashley Albright)
2.1.4.j: Choosing Between The Delaware LLC Act and Other LLC Acts For Use in Private Equity
2.1.4.k: How Tax-Exempt Investors Can Avoid UBTI: Structuring Private Equity Investments in

2.2: Choice of Domicile

2.2.1: Delaware Organization Franchise Tax
2.2.1.a: Calculation of Delaware Franchise Tax ('03-04): Assumed Par Value Method Example
2.2.2: Personnel in Delaware Secretary of State's Office and Contact Information
2.2.3: Special Issues: Traps for the Unwary
2.2.4: Reincorporating in Delaware

2.3: Organization of Corporation

2.3.1: Certificate of Incorporation (Model)
2.3.1.a: Note on Corporate Name
2.3.1.b: Note on Domain Name
2.3.1.c: Note on Service Providers
2.3.1.d: Note on Purpose Clause
2.3.1.e: Note on Par Value
2.3.1.f: Note on Number of Authorized Shares
2.3.1.g: Note on Common Stock
2.3.1.g.i: Common and Preferred Stock and Effects on Valuation
2.3.1.g.ii: Case Study: The Common and Non-convertible Preferred Structure
2.3.1.h: Note on Preferred Stock
2.3.1.h.i: So You Think You Own Preferred Stock?
2.3.1.h.ii: Preferred Stock Positions in Distressed Companies: The Secured Debt Alternative
2.3.1.i: Note on Certificate of Designation
2.3.1.j: Note on Pre-Emptive Rights
2.3.1.k: Note on Cumulative Voting
2.3.1.l: Note on Transfer Restrictions
2.3.1.m: Note on Contractual Transfer Restrictions
2.3.1.n: Note on Indemnification
2.3.1.o: Agreement of Indemnification of Directors and Officers (Model)
2.3.1.p: Indemnification Trust Agreement (Model)
2.3.1.q: Note on Exculpation
2.3.1.r: Note on Merger Moratorium Statutes
2.3.1.s: Note on Election of the First Board of Directors
2.3.1.t: Note on Amendments
2.3.1.u: VC's and D&O Insurance
2.3.1.v: Duty of Care: Analysis of Delaware Law in Light of In re Walt Disney*
2.3.2: ByLaws (Sample Form)
2.3.2.a: Note on ByLaws
2.3.2.b: Note on Interested Directors
2.3.2.c: Note on Audit Committee and Stock Exchange/Nasdaq Standards
2.3.2.d: Note on Stock Book
2.3.2.e: Note on Consideration for Issuance of Shares
2.3.2.f: I.R.C. Section 351
2.3.2.g: Issuance for Notes and/or Services
2.3.2.h: Payment by an Employee Non-Recourse Note

2.4.1: Choices of Business Entity
2.4.2: Federal Income Tax Consideration in the Choice of Entity
2.4.2.a: State Tax and Fee Traps

2.5: Organization Meeting Minutes

2.6: Organization of an LLC

2.7: Model Certificate of Formation

2.8: Limited Liability Company Agreement (Model)

2.9: Certificate of Designation (Series A Convertible Preferred) (Model)

2.9.1: Note on Preferred Dividend PIK Feature
2.9.1.d.ii: The Mechanics of Dilution
2.9.2: Note on Participating Preferred and Variations Thereon
2.9.2.a: Capped Liquidation Preferences
2.9.3: Note on Conversion Rights
2.9.4: Note on Anti-Dilution Protection
2.9.4.a: Antidilution Protection Overview
2.9.4.a.i: Note on Exception to Definition of Dilutive Issuance
2.9.4.b: Note on Full Ratchet and Weighted Average
2.9.4.c: Specific Anti Dilution Issues: The Death Spiral or The Infinite Regress
2.9.4.d: Limiting Anti-Dilution Provisions: Time limits; Performance Weights, Percentage Caps &
2.9.4.d.i: Case Study: Relationship of Dilution, Valuation & Investor Return
2.9.4.d.iii: Full Ratchet & Weighted Average (Broad and Narrow Based) Examples
2.9.4.e: Right to Amend, Grant Waivers, and Approve Fundamental Changes
2.9.5: Note on I.R.C. §305
2.9.6: Note on Exploding Preferred, Redeemable at Option of the Holder
2.9.6.a: Broad-based Weighted Average

3.1: Subscription Agreement and Execution Documents (Model)

3.1.1: Subscription Agreement for Series A Round (Short Form)
3.1.1.a: General Legal Issues: Private vs. Public Offerings; Broker-Dealer & Investment Advisor
3.1.2: Appendix A - Consideration To Be Delivered
3.1.3: Accredited Investor Certificate
3.1.4: Confidential Purchaser Questionnaire
3.1.4.c.x: Note on Subscription Agreement

3.2: Commentary on Angel Financing Round

3.2.1: Convertible Note Term Sheet (Next Round Pricing)
3.2.2: Convertible Bridge Note ('Next Round' Pricing) (Model)
3.2.3: Subordinated Promissory Note (Priced Off Next Round Valuation)

3.3: Selected Tax Issues at Angel Round Stage

3.3.1: 1244 Stock
3.3.2: Note on Qualified Small Business ("QSB") Stock and Rollovers Sections 1202 and 1045

3.4: Locating Sources of Financing

3.4.1: Sources of Financing
3.4.1.a: Professional Investors: VC Funds
3.4.1.b: Directories of Venture Capital Funds
3.4.1.c: Backdoor Finance: Tax Deductions
3.4.1.d: Direct Federal Subsidies: SBIR Grants
3.4.1.f: SBA Loans
3.4.1.g: SBICs
3.4.1.h: Bank Financing
3.4.1.i: Capital From Operations
3.4.1.j: "High Net Worth" Individuals a/k/a Angels
3.4.1.k: Sources of Information on Angel Capital
3.4.1.k.i: Angel Clubs: Contact Information
3.4.1.k.ii: Report from First Organized Angel Summit
3.4.1.l: Use Your Professionals
3.4.1.m: Venture Capital Clubs
3.4.1.n: Concept IPOs: Flotations Before Operations
3.4.1.o: Shells, SPACs, Reverse Acquisitions and Reverse or "Backdoor" IPOs
3.4.1.p: Penny Stock Regulation
3.4.1.q: Self-Underwriting
3.4.1.r: The New Market Tax Credit: Opportunity for Risk Capital Proposal for Modest Change
3.4.1.s: New Market Tax Credit: Temporary Regulations Issued (March 2004)

3.5: Note on Financing Strategies: Issues to Ponder as the Money Is Being Raised

3.5.1: The 'Early Closing' Strategy
3.5.2: How Much to Raise in the First Round?
3.5.3: The 'Too Much Money' Problem
3.5.4: 'Who Else Is In?': The Art of Selecting Investors Wisely
3.5.5: Tax Incentives and Informal (Angel) Capital: Federal & State Incentive Review and

3.6: Term Sheet For Convertible Promissory Notes

3.6.1: Model Promissory Note
3.6.1.a: Convertible Promissory Note (Short Form)
3.6.1.b: Bridge Note--Subordinated Convertible Promissory Note (Non-recourse)

3.7: Community Development Venture Capital: Analysis, Best Practices and Case Studies

3.7.1: Community Development Venture Capital: Best Practices & Case Studies
3.7.2: Best Practices: Federal & State Tax Incentives for Venture Capital Investors
3.7.3: Best Practices: Non-Profit/VC Investor Networks

4.1: Note on Preparation and Content of Placement Memorandum ('PPM')

4.2: Placement Memorandum (Series A Round) (Model)

4.2.1: Note on Risk Factors
4.2.2: Note on the "Bespeaks Caution" Doctrine
4.2.3: Note on the Private Securities Litigation Reform Act
4.2.3.a: Note on Trends in Securities Litigation
4.2.4: Note on Audited Statements and Projections
4.2.5: Note on Business Disclosures: Suggested Areas to Cover
4.2.6: Further Note on Projections: Impact On Valuation Issues
4.2.7: Ten Tips to Magnetize Your Business Plan
4.2.7.a: Why Business Plans Dont Get Funded
4.3: Commentary on Placement Agents
4.3.1: Placement Agent Agreement (Model Form)
4.3.1.a: Placement Agent: Engagement Letter and Agreement (Short Form)
4.3.1.b: Referral Letter Agreement
4.3.2: Note on Placement Agents vs. Finders
4.3.2.a: Commentary on Boston Globe article on Unregistered Placement Agents
4.3.3: Valuation of Private Companies
4.3.3.a: Valuation: Certain Terminology--Pre-Money; Post-Money
4.3.3.b: Valuation: How to Calculate Internal Rates of Return
4.3.3.b.i: Time Value of Money Tables
4.3.3.c: Valuation: Value to Whom?
4.3.3.d: Valuation: Discounting the Future-The Venture Capital Method
4.3.3.d.i: Valuation: Stanford Business School Note on VC Valuation
4.3.3.e: Valuation: Comparables
4.3.3.e.i: Valuation: Fair Market Value and the Use of Comparables
4.3.3.e.ii: Case Study: Comparables Analysis in Determining Valuation
4.3.3.e.iii: Valuation: Effects of the Financing Environment & Intangibles; Risk and Exit Strategy for
4.3.3.e.iv: Why Venture Investors Need To Shoot for High Returns
4.3.3.f: Valuation: Net Present Value
4.3.3.g: Portfolio Management
4.3.3.h: Option Pricing Model
4.3.3.i: Herd Instinct: What Everyone Else Is Doing
4.3.3.j: Valuation: Nonnumeric Factors
4.3.3.k: Efforts to Standardize Valuations
4.3.3.l: Miscellaneous Valuation Issues
4.3.3.m: Special Investors and Special Securities
4.3.3.n: Deal Terms: The Missing Piece of the Valuation Puzzle
4.3.3.o: Private Equity Valuation, a Significant (Legal) Decision

4.4: Private Placement Procedures for Securities Offerings

4.5: Valuation: Discounted Cash Flow (DCF) Overview

5.1: Term Sheet (Model Form)

5.1.1: Term Sheets: Important Negotiating Issues
5.1.1.a: What to Look Out For in a Term Sheet: An Attorney's View
5.1.1.a.i: Term Sheet (West Coast Version)
5.1.1.b: Term Sheet (Neutral to Investors and Issuer)
5.1.2: Note on 'No Shop, No Solicitation' Clauses
5.1.3: Exclusive Dealing Provisions
5.1.3.a: Note on Binding Obligations Inadvertently Created by the Term Sheet
5.1.4: Note on Counsel's Conflicting Roles in Drafting Term Sheets
5.1.5: Note on 'Pay-or-Play'
5.1.6: Alternative Term Sheet B Round (Cram Down Features)

5.2: Survey: Value of Deal Terms to the VCs

5.3: Fiduciary Duties of Controlling Shareholders in Down Rounds
5.3.1: Fiduciary Duty In Corporate Governance: Public Corporations
5.3.2: Fiduciary Duty In The Close Corporation Context
5.3.3: Cases Specifically Involving Dilutive Recapitalizations
5.3.4: Fiduciary Duty In Corporate Governance: Conclusion
5.3.5: Defenses to Burn Outs... 'Up the Ladder' Warrants
5.3.6: Duties of Directors 'In The Vicinity of Insolvency'
5.3.7: Harsh Terms but Legal Terms: The sale of Nishan Systems
5.4: Confidentiality Agreement (Short Form)
5.4.1: Non-disclosure Agreements In Venture Capital Transactions
5.4.1.a: Non Disclosure Agreement: Venture Capital Fund and Prospective Portfolio Investment
5.4.2: Beware the NDA

5.5: Regulation D and Other Exemptions from Registration

5.5.1:   General Note on Regulation D
5.5.2:   Table I
5.5.3:   'General' Solicitation and 'General' Advertising
5.5.4:   Inadvertent Violations: Herein of Rule 508
5.5.5:   'Accredited Investor' Definitions
5.5.6:   Entities
5.5.7:   Miscellaneous
5.5.8:   Practical Precautions

5.6: State Regulation: What's Left of Blue Sky

5.6.1: Federal Pre-Emption
5.6.2: Pre-Offer Filings in New York
5.6.3: Post-Sale Filings
5.6.4: Offerings Where State Law Not Pre-Empted (i.e., Not Rule 506 Offerings)

5.7: Integration Amongst Offerings

5.8: Intrastate Offering Exemption: Section 3(a)(11) and Rule 147

5.9: Section 4(2) after Regulation D

5.10: Model Memorandum Regarding the Procedures for Offering and Sale of Shares in NEWCO,

5.11: Rule 701 Offerings

5.11.1: Note on Rule 701 Offerings
5.11.2: Note on Consultants and Advisors Under Rule 701 and Form S-8

5.12: Other Employee Exceptions

5.13: Regulation S

5.14: Regulation A

6.1: Stock Purchase Agreement (Model Form)

6.1.1: Preferred Stock Purchase Agreement (Short Form)
6.1.2: Note on Material Adverse Change
6.1.3: Note on Environmental Representations
6.1.4: Note on Covenants
6.1.5: Note on Time Limits
6.1.6: Note on Baskets and Thresholds
6.1.7: Note on Credit for Tax Benefits
6.1.8: Note on Hart-Scott-Rodino
6.1.9: Schedule of Exceptions (Model Form)
6.1.9.a: Note on Schedule of Exceptions (Disclosure Schedule)
6.1.10: An Efficient Solution for Multiple Closings

6.2: Subscription Agreement, Convertible Preferred Stock (Model)

6.2.1: Note on Subscription Agreement

6.3: Stockholders Agreement (Model)

6.3.1: Note on Controlling Shareholder and/or Director Liability
6.3.1.a: Shadow Directors and Controlling Shareholders: Duties and Liability
6.3.2: First Refusal Agreement (Model)
6.3.2.a: Note on Limiting Rights of First Refusal and Information Rights to "Major Investors"
6.3.3: Stockholders Agreement

6.4: Common Stock Warrant (Model)

6.4.1: Note on Warrant Anti Dilution In Case of a Down Round
6.4.1.a.i: Common Stock Warrant: Private Company; Issuer Favorable (Short Form)

6.5: Registration Rights Agreement (Model)

6.5.1: Note on Registration Rights Agreement
6.5.1.a: Registration Rights Agreement (Short Form)
6.5.2: Note on Expenses
6.5.3: Note on Rule 415 'Shelf' Registrations
6.5.4: Note on Indemnification for Secondary Offerings
6.5.5: Note on Lockups
6.6: Opinion of Issuer's Counsel

6.6.1: Note on Opinion of Issuer's Counsel

6.7: Due Diligence Checklist

6.7.1: Due Diligence Checklist (West Coast Version)

6.8: Cram Down's: Anatomy of a Round 'Cramming' Down the Prior Series of Preferred

6.10.1: Note on Representations and Warranties
6.10.1.a: Representation and Warranties Insurance as a Strategic Negotiation Tool for Dealmakers
6.10.1.b: Stock Purchase Agreement (Short Form Providing for Option to Purchase Additional
6.10.1.c: Stock Purchase Agreement for Conceptus, Inc.

7.1.1: Compensation Generally
7.1.1.a: Securing the Key Employees
7.1.1.b: Commentary: Getting Creative with Executive Compensation
7.1.2: Restricted Stock to Employees
7.1.2.a: Stock Subject to Vesting (Substantial Risk of Forfeiture): I.R.C. § § 83(a) and (b)
7.1.2.a.i: Section 83 and LLC Units
7.1.2.b: Form of Section 83(b) Election
7.1.2.c: Equity Compensation Plans for LLCs: Rev. Proc. 93-27 and Rev. Proc. 2001-43
7.1.3: Use Of Preferred Stock To Shelter The Disproportionately Low Price To The Sweat Equity
7.1.4: 'Lapse Of Time' Approach; Incorporate And Issue Stock Early, Prior To Cash Investors
7.1.5: Stock Options
7.1.5.a.i: Stock Options and Their Effect on Capital Structure
7.1.5.a.ii: Director and Advisory Board Member Compensation - The Hidden Costs of Added Value
7.1.5.a.iii: Advisory Board: Member Agreement Form
7.1.6: Incentive Stock Options
7.1.7: Nonqualified Stock Options
7.1.8: Deep Discount NSOs
7.1.9: ISOs versus NSOs
7.1.9.a: Equity Compensation Structures for Venture-Backed Companies Post-Enron, Post-Market
7.1.9.b: After a Down Round: Alternatives for Employee Incentive Plans
7.1.9.c: Restricted Stock or Options? Rethinking Equity Incentive Plans
7.1.10: Stock Appreciation Rights (SARs)
7.1.11: Accounting for Options
7.1.12: Convertible Debt Plans
7.1.13: 'Grossing Up'
7.1.14: Phantom Plans
7.1.15: Life Insurance (Split-Dollar)
7.1.15.a: Is Split Dollar Dead: What to Do With Existing Plans and Do New Split Dollar Plans Make
7.1.16: Simplified Employee Pension Plans
7.1.17: Employee Stock Purchase Plans
7.1.18: Deferred Compensation: Rabbi Trusts
7.1.19: The 'Golden Parachute' Rules
7.1.20: Nondeductibility of $1 Million Compensation; § 162(m)
7.1.21: Parachutes and the ERISA Trap
7.1.22: SEC Disclosure Rules
7.1.23: '34 Act Section 16 - Impact on Options
7.1.24: Option Repricing and Reloads

7.2: Employment And Stock Purchase Agreement (Model)

7.2.1:   Note   on   Cause
7.2.2:   Note   on   Severance
7.2.3:   Note   on   Constructive Discharge
7.2.5:   Note   on   Recall of Unvested Equity
7.3: Confidentiality And Non-Competition Agreement (Model)

7.3.1: Note on Non-Compete
7.3.2: Employee NDA (Noncompetition, Confidentiality, Inventions)
7.3.3: Mutual Non-Disclosure Agreement (Model Form)

7.4: Stock Incentive Plan (Model)

7.4.1: Note on Stock Incentive Plans
7.4.2: Note on Merger Effects

7.5: Stock Option Award Agreement (Model)

7.5.1: Exhibit A - Exercise Notice
7.5.2: Exhibit B - Investment Representation Statement

7.6: Model Stock Appreciation Rights Agreement

7.7: Software Professional Service Contract (Pro-Consultant)

7.8: Fair Labor Standards Act: Management and Investor Liability (Legal Updates)

7.9: Fair Credit Reporting Act

7.9.1: Fair Credit Reporting Act: Background Checks--Proceed With Caution (Testa, Hurwitz &

7.10: Vicarious Liability: Napster, Hummer Winblad and New-World Risks for VCs

8.1: Introductory Note on IPOs

8.1.1: The IPO Process: Views from the CFOs

8.2: Underwriting Agreement For IPO (Incl. Insider Secondary Sales and Options to Underwriters)

8.2.1: Note on 'Green Shoe' Option
8.2.1.a: Company Counsel Opinion
8.2.2: Note on Expenses of Going Public
8.2.3: Note on Timing
8.2.4: Note on the First Meeting
8.2.5: Note on Accounting for 'Cheap' Stock and Options Prior to the Effective Date
8.2.6: Note on Gun Jumping and Quiet Period
8.2.6.a: IPO Disclosure: The Effect on the Cost of Capital
8.2.7: Note on Electronic Filings

8.3: Directors and Officers Questionnaire (Model)

8.4: Due Diligence Guidelines (IPO) (Model)

8.4.1: Note on Liability for Misstatements and Omissions: Use of Risk Factors

8.5: The Prospectus and Registration Statement

8.5.1: Plain English Initiative
8.5.2: Summary of SEC Plain English Comments
8.5.3: Note on Projections and Other Soft Information
8.5.4: Corporate Formalities
8.5.4.a: Board Vote
8.5.4.b: Officers' Certificates
8.5.5: Disclosure of Executive Compensation
8.5.6: Global Research Analyst Settlement Proving Unsettling for Issuers (Hale & Dorr LLP)
8.6: Accountant's Letter

8.7: Reply to Staff Letter of Comment

8.8: Note on the Road Show

8.9: Note on Blue Sky Laws

8.10: Agreement to Lockup (Model)

8.10.1: Note on Lockups
8.10.2: Lockup Valuation Effects

8.11: NASD Approval of Underwriter Compensation

8.12: Directed Shares and Hot Issues

8.13: Nasdaq Stock Market Listing Requirements

8.13.1: National Market Initial Listing and Continued Listing Standards
8.13.2: SmallCap Market Listing
8.13.3: Nasdaq Audit Committee Requirements
8.13.3.a: NASDAQ Corporate Governance Rule Proposals

8.14: NYSE Listing Standards

8.14.1: Rules for Publishing Quotations in the Pink Sheets and OTCBB
8.14.1.a: Appendix A: SEC Rule 15c2-11
8.14.1.b: Appendix D: NASD Rule 6740
8.14.1.c: Appendix E: Sample List of Market Makers
8.14.1.d: Appendix F: SEC Rule 15g-9
8.14.1.e: Appendix G: SEC Schedule 15G pursuant to Rule 15g-2

8.15: Note on Reverse IPOs

8.15.1: Reverse IPOs: Table of Company Results

8.16: Integration Problems: Private Offerings Shortly Pre- and Post- a Public Filing

8.16.1:   Rule 152: Completed Private Offerings Followed by an IPO
8.16.2:   Rule 155(b) Abandoned Private Offering Followed By an IPO
8.16.3:   Busted IPO Followed by a Private Offering: Rule 155(c)
8.16.4:   The Black Box and Squadron Ellenoff No Action Letters

8.17: Note on Private Investment in Public Equity Securities (PIPES)

8.17.1: PIPE and Rule 144A Transactions (2003 and 2004) (Hale & Dorr LLP)

8.18: SEC Registration Process

8.18.1: Overview of the SEC's Division of Corporation Finance
8.18.2: Prefiling Issues and Conferences
8.18.3: Filing with the SEC's Division of Corporation Finance
8.18.4: Screening Process
8.18.5: Review Status
8.18.6: Requesting Effectiveness of Registration Statements
8.18.7: Effectiveness of Registration Statements
8.18.11: Manner of Sale
8.18.12: Rule 144: Brief Overview
8.18.12.a: Note On Rule 144
8.18.12.b: Public Information
8.18.12.c: Holding Period
8.18.12.d: Cashless Exercise to Avoid the Holding Period on Warrant Exercise
8.18.12.e: Dribbling Out
8.18.12.f: Volume
8.18.13: Rule 144A
8.18.14: Model Year-End Task List For Public Companies

9.1: Commercial Aspects, Why To Choose Joint Ventures

9.1.1: Disguised Sale
9.1.2: Euphemism for a Licensing Agreement, an OEM Contract et al.
9.1.3: Cross-Border Marketing and Distribution Arrangement
9.1.3.a: Model OEM Purchase Agreement
9.1.4: Joint Ventures in Emerging Markets

9.2: Structuring Issues

9.3: Negotiation Points

9.4: The Duty of Candor

9.5: Corporate Opportunity and Self-Dealing

9.6: Anti-Trust Issues

9.7: Allocation of Risk: Liquidation

9.8: Accounting Issues

9.9: Tax Efficiency

9.10: Alliances with Not-for-Profit Entities

9.10.1:   Patent Licensing
9.10.2:   Bayh-Dole Act
9.10.3:   Exit Vehicles
9.10.4:   Authority of Non-Profits To Engage in Commercial Activities
9.10.5:   Unrelated Business Activities: Unrelated Business Taxable Income
9.10.6:   Threat To Overall Tax-Exempt Status
9.10.7:   Academic Integrity and Related Issues
9.10.8:   NDA Between For-Profit and Not-For-Profit Entities (Model Form)

9.11: Intellectual Property: License Agreements

9.11.1: Intellectual Property License Agreements: Development and License Agreement
9.11.2: License Distinguished from Other Forms
9.11.3: License Versus Sale
9.11.4: License versus Lease
9.11.5: Computer Software
9.11.6: Customer Support
9.11.7: Escrowing the Source Code
9.11.8: 'Shrink-Wrap', 'Tear-Open' or 'Click-Wrap' Licenses
9.11.9: Scope of Use
9.11.10: Content Licensing
9.11.11: Trade Secret Protection
9.11.12: Threshold Confidentiality
9.11.13: Licensing as an Alternative Method of Distribution
9.11.14: Nature of Licensed Property
9.11.15: Field of Use
9.11.16: Most Favored Nation Clauses
9.11.17: Limitations on Licensee Exploitation
9.11.18: Exclusivity
9.11.19: Duty of Licensee to Exploit
9.11.20: Enhancements and Improvements
9.11.21: Calcualtion of Royalties
9.11.22:   Stacking Clauses
9.11.23:   Obligation To Bring Actions Against Infringers
9.11.24:   Warranties
9.11.25:   Admissions of Validity Related to Licensed Patents
9.11.26:   Antitrust Considerations

9.12: Selling to the Government and Federal Procurement: A VC Case Study

9.13: Intellectual Property Due Diligence in Venture Transactions

9.13.1: Top-10 Most Common Intellectual Property Rights Mistakes During Venture Capital Due
9.13.2: IP Strategies in Today's Wireless Technology Revolution

9.14: A Patent Portfolio Development Strategy for Start-Up Companies

9.14.1: Developing a Patent Strategy - A Checklist for Getting Started
9.14.2: Software Outsourcing Offshore - Business and Legal Issues Checklist

9.15: Corporate Venture Capital: Structuring

9.15.1:   History and Overview of Corporate Venturing
9.15.2:   Corporate VC: Structural Problems
9.15.3:   Corporate VC: ATT, Xerox, Polaroid and Kodak (the Four Horsemen)
9.15.4:   Corporate Venture Capital for the CFO: Managing for Strategic and Financial Returns
9.15.5:   Corporate VC Checklist: Key Questions Regarding Strategic Intent
9.15.6:   Corporate VC Checklist: Key Questions Regarding Organizational Structure

10.1: Model Limited Partnership Agreement: Introduction

10.1.1: Model Limited Partnership Agreement: Definitions
10.1.1.a: Note on the 'Pure' Carry
10.1.1.b: Note on the 'Carried Interest'
10.1.2: Model Limited Partnership Agreement: Formation
10.1.3: Model Limited Partnership Agreement: Capitalization
10.1.3.a: Note on General Partner's Capital Contribution
10.1.3.a.i: The General Partner's Commitment: A Potential Increase From 1% to 5%.
10.1.3.b: Note on Capital Accounts
10.1.3.c: Note on Book Ups
10.1.4: Model Limited Partnership Agreement: Allocations Of Partnership Profit And Loss
10.1.4.a: Note on Hurdle Provision and Example Hurdle Language
10.1.4.b: Note on Certain Issues Relating to Allocations Tied to Capital Commitments, Capital
10.1.5: Model Limited Partnership Agreement: Distributions
10.1.5.a: Note on Reinvestment of Proceeds
10.1.6: Model Limited Partnership Agreement: Administrative Provisions
10.1.6.a: Note on Conflicts of Interest
10.1.6.a.i: Private Equity Funds and Fiduciary Duties
10.1.6.b: Note on Expenses Paid by the Partnership
10.1.6.c: Note on Valuation of Illiquid Securities
10.1.6.c.i: Pre-1996 Valuation Guidelines
10.1.6.c.ii: U.S. Private Equity Valuation Guidelines (PEIGG)
10.1.6.c.iii: European Venture Capital Association Guidelines (Governance, Valuation, Reporting,
10.1.6.c.iv: Modeling Venture Capital Funds: Quantitative Methods to Evaluate the Performance of
Venture Capital
10.1.6.d: Note on The Plan Asset Regulation and VCOCs
10.1.6.e: Note on Off-Shore Entities
10.1.6.f: Note on QPAMs
10.1.7: Model Limited Partnership Agreement: Transfers and Withdrawals
10.1.7.a: Note on Transfers and Withdrawals
10.1.8: Model Limited Partnership Agreement: Dissolution and Liquidation
10.1.8.a.i: Note on Contractual Clawback
10.1.8.b: Clawbacks Ahead
10.1.8.b.i: Note on Statutory Clawback
10.1.9: Model Limited Partnership Agreement: Liability and Indemnification
10.1.10: Model Limited Partnership Agreement: Miscellaneous Tax And Regulatory Compliance
10.1.10.a: The Application of the USA Patriot Act to Private Equity Funds
10.1.11: Model Limited Partnership Agreement: General Provisions

10.2: General Partner: LLC Agreement

10.2.1: Model LLC Agreement: Exhibit A - Optionee Note
10.2.2: Model LLC Agreement: Exhibit B - Optionee Security Agreement
10.2.3: Model LLC Agreement: Exhibit C - Promissory Note

10.3: Co-Investment Rights for LP's: Sample Side Letter

10.4: Subscription Agreement for Private Equity Fund (Model)

10.4.1: Note on Exemptions from the Investment Company Act of 1940
10.4.2: Note on Side Funds

10.5.1: Private Equity Fund (Biotech): Model Offering Memorandum
10.5.2: Private Equity Fund (Internet/New Media) Model Offering Memorandum
10.6: Quantitative Analyses and Data Banks

10.6.1: 'Market' or 'Industry Standard' Deal - Terms and Frequency of Appearance
10.6.2: Terms For the New Environment
10.6.3: Impact of Hurdle Rate and Management Fee on IRR of the Partners
10.6.3.a: Tables Demonstrating The Effects of the Hurdle Rate and Recapture Provision Scenarios
10.6.3.b: Graphs Illustrating The Rates of Returns to Investors
10.6.4: Calpers: Selected Fund Returns, 1992-2000
10.6.4.a: Calpers: Fund by Fund IRR Data
10.6.5: Beyond IRR
10.6.6: The Returns to Private Equity
10.6.6.a: The Returns to Private Equity: An Update

10.7: Fund Counsel's Opinion: Limited Liability

10.7.1: Tax Opinion to Offshore Partners Regarding 'Trade or Business'

10.8: Limited Liability Company Agreement (the Management Company)

10.9: Agreement Between The Fund and the Management Company

10.10: Special Entities: SBIC's and BDC's

10.10.1: SBIC Capital for Small Businesses
10.10.2: The SBIC Program (Detailed Overview)
10.10.2.a: Sample Distribution for an SBIC Leveraged with Participating Securities
10.10.3: Business Development Companies (BDCs)
10.10.4: Note On Corporate Venture Funds

10.11: Model Placement Agent Agreement

10.11.1: Note on Containing Initial Legal Expenses

10.12: Secondary Market in LP Interests

10.12.1:   Secondary Market: Contact Information for the Top 15 Secondary Market Funds
10.12.2:   Secondary Market Direct Sales: The Perfect Storm (Benefits and Risks)
10.12.3:   Commentary: The Secondary Market In Limited Partnership Interests
10.12.4:   I.R.C. Section 754 Legislation (Secondary Funds Take Special Notice)
10.12.5:   Structured Partnerships: Extracting Maximum Value from Secondaries While Avoiding
Steep Discounts
10.12.6: Structure for LP Control: An Alternative to Divorce
10.12.7: Coping With Clawbacks and Defaulting LP's (PricewaterhouseCoopers LLP)

10.13: Pledge or Synthetic Funds: A Structural Overview

10.14: Litigation Involving Private Equity Fund Managers

10.14.1: Liability of Fund Managers for Portfolio Company Infractions
10.14.1.a: Private Equity Fund as 'The Employer' of Portfolio Company Employees

10.15: Private Equity Firm: Succession Issues

11.1: Introduction to Down Rounds

11.2: Common Down-Round Characteristics

11.2.1: The Essential Guide to Liquidation Preferences

11.3: Legal Structures For Implementing Down-Rounds

11.4: Liability Issues Associated with Down Rounds

11.5: Down Rounds: Exhibit A

11.6: Down Rounds: Exhibit B

11.7: Bridge Financing Term Sheet: Convertible Note with Warrants

12.1: Key Issues for a Venture Capitalist to Consider When Selling a Portfolio Company
12.1.2: Acquisitions of US Companies: Advantages/Disadvantages of Receiving Unregistered Shares
--Hale & Dorr

12.2: Buy-Sell Agreements & The Web Of Federal Estate & Gift Tax Exposure

12.3: The Value of the Freezeout Option

12.5: Agreement and Plan of Merger (Selected Provisions for Transaction Document)
12.5.1: Asset Purchase Agreement (Transactional Document)
12.5.2: Purchase Letter of Intent (From Buyer to Target Subsidiary) [Transactional Form]
12.5.3: Fairness Opinion: Interested Party Confidentiality Agreement

13.1: UN Foundation - Role & Magnitude

13.2: International Venture Capital: The Role of Start-Up Financing in the United States, Europe,
and Asia

13.2.1.a: Building Venture Capital Industries: Understanding the U.S. and Israeli Experience
13.2.2: Collateral Damage: The Venture Capital Outlook and Potential "No Growth" Economic

13.3: You Say Potato, I Say Pomme de Terre (A Primer on Global Venturing)

13.3.1: Toward A Global Model Of Venture Capital?

13.4: The U.S. Model: Structuring Venture Capital and PE Investments

13.5: Venture Capital Industries in East Asia

13.5.1: How Does Venture Capital Work?
13.5.2: The Origins of Venture Capital as an Institution
13.5.3: The History of Venture Capital in Asia
13.5.3.a: Japan / Korea
13.5.3.b: The Chinese Island States
13.5.3.c: Taiwan
13.5.3.d: Hong Kong
13.5.3.e: Singapore
13.5.3.f: China
13.5.3.g: Developing Asia
13.5.3.h: The Globalization of the Asian Venture Capital Industry
13.5.4: Institutional Issues in Asian Venture Capital
13.5.5: After the Crash
13.5.6: Future Prospects for Venture Capital in East Asia
13.5.7: References
13.5.8: Tables
13.5.8.a: Table 1: National Venture Capital Pools in Asia
13.5.8.b: Table 2: Distribution of Investments by Industries
13.5.8.c: Table 3: Sources of Venture Capital Commitments
13.5.8.d: Table 4: Investment Preferences of Taiwanese and Japanese Venture Capital Firms
13.5.8.e: Table 5: Import and Export of Venture Capital for Various Asian Nations
13.5.8.f: Table 6: New NASDAQ-like Stock Markets in Asia

13.6: Global Venture Capital Associations

13.6.1: Global Venture Capital Associations (sorted by region)

13.7: Spanish Private Equity: Survey of Private Equity in Spain

13.8: Canadian Private Equity: Advantages and Disadvantages of Incorporating in Canada

13.9: Indian Private Equity: 'Venturing' into India-A Legal and Structural Overview

13.9.1: Indian Private Equity: Shareholders' Agreement--Enforceability Issues

13.10: Taiwan: History of its Venture Capital Market

13.10.1: Taiwan: Venture Capital Overview

13.12: German Private Equity: Restructuring "Germany Inc.": Company & Takeover Law Reform in
Germany & EU

13.12.1: German Private Equity: Trouble in the Tranches, An Update on the German VC Market
13.12.2: German Private Equity: Taxation of Private Equity Funds in Germany (SJ Berwin)
13.12.2.a: German Private Equity: Thin Capitalisation Rules and Taxation of PE Funds (SJ Berwin)
13.12.3: German Private Equity: 2004 Investment Modernisation Act Proposed
13.12.4: German Private Equity: European Investment Fund Allocations to Early Stage VC's (SJ

13.13: United Kingdom: Recent Developments in UK Law Regarding Private Equity

13.13.1: UK: The impact of recent UK tax changes on carried interest and manager shares
13.13.1.a: UK: Finance Act 2003 Schedule 22, Impact On Earn-Outs & Ratchet Deals (SJ Berwin)
13.13.1.a.i: UK: Taxation of UK Companies--Founders Sing the Blues (Hale & Dorr London)
13.13.1.a.ii: UK Tax Law: Venture Backed Companies Seek Relief (SJ Berwin)
13.13.1.a.iii: British Venture Capital Assn.: 2004 Budget Submission
13.13.1.a.iv: BVCA Proposal: Attachment addressing Private Equity/Venture Capital Reforms
13.13.1.b: UK: Limited Liability Partnerships--Uses in Venture Capital Transactions (SJ Berwin)
13.13.2: UK: Inland Revenue and the BVCA--Commentary on the July 2003 MOU (SJ Berwin)
13.13.3: UK: Two Safe Harbours--A Passage to Get CGT Treatment for Management Equity
Interests (SJ Berwin)
13.13.3.a: UK: Management Equity in Venture Backed Companies
13.13.4: UK: Limited Partnership Terms Survey 2002
13.13.5: UK: Raising Money From Individuals in the UK (SJ Berwin)
13.13.6: UK: Guide to R&D Tax Credits in the U.K. (Hale & Dorr)
13.13.6.a: UK Tax Reform (SJ Berwin)
13.13.6.a.i: UK Private Equity: Tax Reform Effects on Private Equity (SJ Berwin)
13.13.7: UK Private Equity: Proposed Changes to Pension Rules Could Damage PE and M&A (SJ
13.13.9.a: UK Private Equity: Enterprise Capital Funds 2004 Update (SJ Berwin)

13.14: Survey: Private Equity in Israel

13.14.1: Israel: Analysis of (and Comparison to U.S.) Legal Terms of Venture Financings (3Q-4Q

13.15: EU Private Equity: Financing Private Equity Deals (SJ Berwin)

13.15.2: EU Private Equity: The Delaware Flip-Basics of Re-incorporating in the U.S. (Hale & Dorr
13.15.2.a: EU Private Equity: Should You Do the Delaware Flip? (SJ Berwin)
13.15.3: EU: Impact on Private Equity of Consolidated Accounting (International Accounting
13.15.3.a: EU Private Equity: Consolidated Accounting Update (International Accounting Standards)
13.15.4: EU Private Equity: European Public to Privates--A Fair Deal for Shareholders?
13.15.5: EU Private Equity: European Public to Privates--Raising the Bar (SJ Berwin)
13.15.6: EU Private Equity: European Tax Environment 2004 (SJ Berwin)
13.15.7: EU Private Equity: A Single European Fund Structure? (SJ Berwin)
13.15.8: EU Private Equity: European Buyout and Merger Control (SJ Berwin)
13.15.9: EU Private Equity: The Basel Committee and Capital Requirements (SJ Berwin)
13.15.10: EU Private Equity: Accounting for Share Options under IAS (SJ Berwin)
13.15.11: EU Private Equity: Thin Capitalisation Rules--A Threat to European Buyouts? (SJ Berwin)
13.15.12: EU Private Equity: Regulation of Accountants in Europe (SJ Berwin)
13.15.13: EU Private Equity: New Merger Control Rules (SJ Berwin)

13.16: French Private Equity: PE Fund Regulation (SJ Berwin)

13.16.2: French Private Equity: Stimulating Investment in French Start-Up's
13.16.3: French Private Equity: Tax Treaties--Avoiding Double Taxation (SJ Berwin)

14.1: Background

14.1.1: Marketing the Fund: How to write an Effective Investor Presentation
14.1.2: Marketing the Fund: Polishing the Pitch for LPs

14.2: Partnership versus Corporation

14.3: Certain Terminology

14.4: Installment Payments

14.5: Capital Account

14.6: Interest in Profits and Losses

14.7: Common Drafting Miscues

14.8: Fees and Expenses

14.9: Substantial Economic Effect

14.10: Carried Interest

14.11: Temporary Investments and Rate of Return 'Bogies'

14.12: Distributions
14.13: Vesting the Manager's Interest

14.14: Partnership Private Placement Memorandum

14.15: Control Issues

14.16: Meetings and Committees

14.17: Conflicts of Interest

14.18: Liquidity

14.19: Restrictions on the GPGP's Powers

14.20: Standard of Care: Indemnification

14.21: Creatures of Statute: SBICs and BDCs

14.22: Special Investors

14.23: Avoiding Registration under the '40 Acts

14.24: What Happens When the Fund Must Wind Up?

15.1: Industry Standard Deal Terms for Private Equity and Venture Capital: 29 Answers and Best

15.1.2: Private Equity Terms Survey: Calpers Study by Mercer Consulting
15.1.3: East Coast Term Sheet Survey (2002-2003)
15.1.3.a: Fish & Richardson Mid-Atlantic Venture Capital Survey (Q3 2003)
15.1.3.b: Multimarket Venture Capital Survey Data: Q4 2003 (Fish & Richardson PC)
15.1.4: Best Practices in Reporting and Performance Measurement (PEIGG Survey 2004)

15.2: Fenwick & West Surveys

15.2.1: Explanation of Certain Terms Used In Venture Financing Terms Survey (Fenwick & West)
15.2.2: Fenwick & West: Trends in Legal Terms in Venture Financings In the San Francisco Bay
Area (Q4 2002)
15.2.3: Fenwick & West: Trends in Legal Terms in Venture Financings In the San Francisco Bay
Area (Q1 2003)
15.2.4: Fenwick & West: Trends in Legal Terms in Venture Financings In the San Francisco Bay
Area (Q2 2003)
15.2.5: Fenwick & West: Trends in Legal Terms in Venture Financings In the San Francisco Bay
Area (Q3 2003)
15.2.6: Fenwick & West: Trends in Legal Terms in Venture Financings In the San Francisco Bay
Area (Q4 2003)
15.2.7: Fenwick & West: Trends in Legal Terms in Venture Financings In the San Francisco Bay
Area (Q1 2004)
15.2.8: Fenwick & West: Trends in Legal Terms in Venture Financings In the San Francisco Bay
Area (Q2 2004)

15.3: Pricing Deal Terms In Early-Stage Financings (2001)

15.3.1: Survey Methodology
15.3.2: Survey Design
15.3.3: Survey Results
15.3.3.a: Question 1: Stage Preference
15.3.3.b: Question 2: Investment Amount
15.3.3.c: Question 3: Form of Transaction
15.3.3.d: Question 4: Priority of Consideration
15.3.3.e: Question 5: Frequency of Given Considerations
15.3.3.f: Question 6: Value of Consideration
15.3.3.g: Question 7: Frequency Of Anti-dilution Rights
15.3.3.h: Question 8: Employee Stock Option Pool
15.3.3.i: Question 9: Officer Stock Options
15.3.4: Summary
15.3.5: Author's Commentary
15.3.6: Exhibits
15.3.6.a: Exhibit 1
15.3.6.b: Exhibit 2
15.3.6.c: Exhibit 3
15.3.6.d: Exhibit 4
15.3.6.e: Exhibit 5
15.3.7: Late Stage Venture Backed Technology Companies Survey (2002)
15.3.8: Global Entrepreneurship Statistics 2004
15.3.9: What is the Market on Terms? A New Look at an Age-Old Question (Testa Hurwitz &

15.4: Best Practices for Sarbanes Oxley

15.4.1: Sarbanes-Oxley: Some Practical Hints on Ways to Comply Effectively
15.4.2: Sarbanes-Oxley For Start-Up's: Does it Matter?
15.4.3: Sarbanes-Oxley and Private Equity: Implications and Unintended Consequences (Kirkland &
15.4.4: Sarbanes-Oxley: Too Much Disclosure?
15.4.4.a: Sarbanes-Oxley: SEC Adopts Amendments to Form 8-K
15.4.5: Impact of Corporate Governance Reforms on Private Companies (Hale and Dorr)
15.4.5.a: Best Practice Corporate Governance: Who Runs the Company?

15.5: Are the terms of US and European private equity funds converging?

15.5.1: UK: Limited Partnership Terms Survey 2002

15.8: Board Protection: Individual Liability Insurance for Independent Directors

15.10.1.a: Country Legal Structure's Effect on Venture Finance (SJ Berwin)
15.10.1.b: The Legal Road to Replicating Silicon Valley
15.10.2: Long-term Performance of New Equity Issuers, Venture Capital and Reputation of
Investment Bankers

15.11: Directory of Global Venture Capital Firms

18.1: Buyout Nomenclature

18.1.2: Special Features of Buyouts
18.1.3: Restructurings

18.2: Leveraged Buyouts: Tax Issues

18.2.1:   Tax   Issues:   Distributions by Corporations
18.2.2:   Tax   Issues:   Corporate Liquidations
18.2.3:   Tax   Issues:   Corporate Organizations and Reorganizations
18.2.4:   Tax   Issues:   Carryovers and NOL's

18.3: Leveraged Buyouts: Note on Valuation

18.4: Tax Shields in an LBO

18.5: How to Take Public Companies Private (And Why)

18.6: Private Equity Securitization: U.S. Tax Specific Points for Issuers and SPV's

18.6.1: Private Equity Securitization: Uses and advantages of Delaware statutory trusts
            18.7: LBO's: Fundamentals of Structuring

            18.7.1: LBO's: Taxable versus Tax-Postponed

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