HFBE Capital, L.P. Submits Comment Letter to NASD Regarding Conflicts of Interest in Fairness Opinions
In the letter, we addressed the issue of whether a firm receiving a significant fee contingent on the consummation of a transaction can provide the impartial and independent assessment as to the fairness of the same transaction. We question whether disclosure is enough and if process can be effectively mandated. We believe that certain conflicts cannot be waived, thus no level of disclosure will cure the underlying conflict. In addition, we are concerned that it will be difficult to mandate process requirements that will allow competent member firms to act as service providers in the fairness opinion arena.
Alex W. Howard and Michael D. Hansen
01/31/05
Download: NASD_Fairness_Opinions_Comments.pdf
Back to News
|
 |
Houston
The Esperson Buildings
815 Walker, Suite 1140
Houston, TX 77002
713.225.9580
Dallas
Thanksgiving Tower
1601 Elm Street, Suite 1930
Dallas, Texas 75201
214.954.1717 |
