Promoting the Global, Impact Investing Sector

November.12.2013

A transactional team will incorporate and file for tax exempt status for a new not-for-profit entity that will support recent graduates or early career professionals from the U.S. or abroad who seek to participate in global impact investing. Participants in the program will gain an introduction to global impact investing and then be placed in several month field assignments embedded within a social enterprise somewhere in the world, in a full-time role. The goal of the program is to provide an entry level path to social enterprise which is extremely hard to find in this sector. Most social ventures are too small to have training programs or any kind of preparation for early career professionals.

The team consists of Los Angeles tax partner Larry Sobel, New York M&A and private equity partner King Milling and New York corporate law clerks Lefentse Bodibe and Spencer Cohen.

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Larry Sobel Partner, Tax

Los Angeles; Houston

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D:+1 213 612 2421
E: [email protected]

Practice:

Finance Sector
Tax

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Larry Sobel Partner

Los Angeles; Houston

As both bond counsel and underwriter’s counsel, he has been responsible for structuring and analyzing the tax aspects of many tax-exempt financings throughout the country.

Larry has extensive experience in handling IRS audits of bond transactions. He has represented issuers in dozens of audits all of which have ended favorably either with the IRS issuing a “no change” letter or by negotiating a reasonable settlement when needed. Larry also has handled a number of submissions under the IRS’ Voluntary Closing Agreement Program (or VCAP). The two most recent VCAP submissions represented cases of first impression for the IRS; one involving an issue of qualified energy conservation bonds relating to determining the amount of those bonds eligible for the federal subsidy; the other involved the plan to convert a “new money” bond issue into an advance refunding (which did not meet all of the requirements for a tax-exempt advance refunding). Both cases ultimately were resolved on the original terms proposed to the IRS.

Larry has also been instrumental in developing new financing techniques and structures. He first devised the tax structure and analysis for, and has served as tax counsel on, Orrick’s tax exempt tobacco revenue securitizations. He has developed the tax structure on numerous tax-exempt prepayments for natural gas for municipal utilities both within and outside of California.

King Milling Partner, Mergers & Acquisitions, Technology Companies Group

New York

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D:+1 212 506 5075
E: [email protected]

Practice:

Life Sciences Sector
Energy & Infrastructure Sector
Mergers & Acquisitions
Technology Companies Group

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King Milling Partner

New York

King is a partner in the New York office and a member of the Global Mergers & Acquisitions and Private Equity Group. His practice focuses on domestic and cross-border M&A, joint venture, private equity and venture capital transactions, including negotiated mergers, auction bid processes, distressed asset sales, leveraged buyouts and the acquisition and divestiture of divisions and subsidiaries.

King is experienced in all aspects of Delaware and New York corporate, partnership and limited liability company law. He regularly counsels boards of directors on corporate governance, compliance, fiduciary duty and executive compensation matters.

King represents U.S. and non-U.S. clients in a wide range of industries, including life sciences, technology, energy, consumer products, industrials and manufacturing and financial services.