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As experts in several unique areas of the law, our attorneys are dedicated to keeping up to date on legal matters related to every client’s case. We like to share what we’re learning, so you’ll find some free resources here. You’ll also find firm announcements and our perspectives on legal matters related to our firm’s specialties.

Firm News

Regulation A: Old Reg, New Opportunity

For the last 30 years, Regulation D has dominated the exempt securities offerings landscape. This dominance was only enhanced with the passage of the National Securities Markets Improvement Act of 1996 (NSMIA) which exempted from state securities regulation (or “Blue Sky”) securities sold in offerings made pursuant to Rule 506 of Regula-tion D. In the aftermath of the recent economic and financial crisis two leading factors have emerged to hobble the usage of Rule 506 for most issuers in the raising of capital: (i) the lack of li-quidity of Rule 506 securities, and (ii) changes to the definition of “accredited investor” in the Dodd Frank Wall Street Reform and Consumer Protec-tion Act (“Dodd-Frank”) signed into law by President Obama in July 2010.

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The Perfect Storm: When Divorce, Bankruptcy and Real Estate Collide

Chris Hoctor and Troy Savenko of Gregory Kaplan, PLC were guest panelists/speakers at a CLE held by The Real Estate Section of The Bar Association of the City of Richmond entitled: “The Perfect Storm: When Divorce, Bankruptcy and Real Estate Collide.” Mr. Hoctor presented a discussion on the impact of section 365 of the Bankruptcy Code (Executory Contracts and Unexpired Leases) on commercial real estate. Mr. Savenko presented a discussion on single-asset real estate bankruptcies.

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Alyssa A. Haun and Burke S. Lewis have been elected as Partner at Kaplan & Frank, PLC

Both are members of the Development and Real Estate practice team in the firm’s Richmond office. Alyssa’s practice focuses on all aspects of commercial real estate transactions, including the acquisition, disposition, and leasing of real property, and the representation of lenders and borrowers in standard and conduit loan transactions. Burke’s practice includes historic tax credits as well as the acquisition, financing, land use permitting, development, leasing and disposition of commercial real estate.

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Grady C. Frank, Jr. has joined the Richmond-based law firm, Kaplan & Frank, PLC, as a Partner of the firm

Grady C. Frank, Jr. has joined the Richmond-based law firm, Gregory Kaplan, PLC, as a Partner of the firm. Grady has opened the firm’s new office in Alexandria, VA, replacing its Pennsylvania Avenue address in Washington, D.C. Grady’s practice focuses on matters concerning banking and mortgage lender liability claims, securities, insurance cover, casualty and insurance-related defense cases, partnership and intra-corporate disputes, and real property litigation.

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What Does Reg A+ Mean for Broker Dealers?

RICHMOND, VA – The proposed revisions to Regulation A under Title IV of the JOBs Act, commonly referred to as “Reg A+”, present the potential for a watershed event in America’s securities markets – creating an “intermediate” class of public securities between private placements under Regulation D and those registered securities typically listed on national exchanges.

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Tom Voekler Named 2014 President Elect of REISA

INDIANAPOLIS – At its first Board meeting of the year, REISA’s Board of Directors elected its 2014 officers. Thomas G. Voekler will serve as the 2014 President-Elect. Mark Kosanke of Concorde Financial Group is currently serving as the 2014 REISA President. The other REISA officers elected were: Peter Blum of Ladenburg Thalmann as Vice President; Derek Peterson of Walton International Group as Secretary; and Deborah Froling of Arent Fox as Treasurer. 2013 REISA President Michael Weil of American Realty Capital will remain on the Board as Immediate Past President.

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Press Release: Steve Baril Joins KVCF

RICHMOND, VA – Steve Baril, well-respected trial lawyer and business advocate, was named Partner and the head of the Richmond Litigation and Government Relations teams at Kaplan Voekler Cunningham and Frank, PLC (KVCF).

Grady Frank, KVCF’s General Counsel and head of the Alexandria Litigation team, explained, “It is a great time for the firm – new office space in downtown Richmond with new energy and a new practice area. I have known Steve for years and I am looking forward to practicing with him. His reputation as a successful litigator and business advocate will be a great addition.”

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Kaplan Voekler Cunningham & Frank and Davis Consultants Form 2014 Alliance

RICHMOND, VA – Kaplan Voekler Cunningham & Frank, PLC and Davis Consultants, Inc. are pleased to announce the formation of a business alliance between two of Richmond’s prominent legal and government and media relations firms.

“I’m excited to lead Kaplan Voekler Cunningham & Frank’s government relations practice and to form an alliance with a veteran lobbyist like Charlie Davis for the upcoming General Assembly Session. Our combined legal and lobbying expertise will greatly benefit our clients and allow us to compete with the many fine consulting firms in Richmond,” said Steve Baril who is leading Kaplan Voekler’s government relations practice.

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JOBS Act Update 2

On December 18, 2013, an open meeting of the Commissioners of the Securities and Exchange Commission was held to consider approval of proposed rules related to implementation of Title IV of the Jumpstart Our Business Start Ups (JOBS) Act, commonly referred to as “Regulation A+.”

The Regulation A+ provisions of the JOBS Act provided for an increase in the offering cap to $50 million in a trailing 12 month period and reaffirmed general solicitation and the free tradeability, as well as the “testing the waters” capability, associated with securities offered under Regulation A.

KVCF was cited over twenty times in the proposed rules on various issues upon which the Firm commented. “There are various aspects of the proposal where we will continue to work with the Commission,” said Rob Kaplan, Managing Partner, Practices, “but it is richly satisfying to see Commission produce a proposal which overall appears to be a well-crafted scheme for the genesis of a new public securities market in the United States.”

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JOBS Act Update 1

Robert R. Kaplan, Jr, Managing Partner for Practices and Founder at the law firm of Kaplan Voekler Cunningham & Frank, PLC, appeared on October 30, 2013, before the Securities, Insurance and Investment Subcommittee of the Senate Committee on Banking, Housing and Urban Affairs to testify on implementation of the JOBS Act, and, in particular, implementation of “Regulation A+.” Other testifying witnesses included the Director of the SEC’s Division of Corporate Finance Keith Higgins, Deputy General Counsel for NASAA Rick Fleming, and individuals representing the private business community.

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