Photo of Steve Hecht

Steve Hecht is a go-to trial lawyer for hedge funds, institutional investors, family offices, university endowments, venture funds and other investors interested in utilizing the legal process to create value for their own investors. Whether by activist litigation, fiduciary duty claims, or appraisal and other valuation strategies, Steve has extensive experience across the gamut of options for shareholders.  He regularly tries cases in Delaware Chancery Court and around the country for clients seeking outsized returns. Steve is a partner of Rolnick Kramer Sadighi LLP.

What is the IRS 280E Tax Code and Why is It Killing the Marijuana Industry  Right Now?

Players in the cannabis space already understand that federal tax law as currently structured extracts a far greater tax bite from marijuana businesses than corresponding companies, as cannabis companies are prohibited from deducting their business expenses from gross income.  Of course, with U.S. cannabis sales expected to grow by nearly 2.5x from 2018 to 2025,

As reported here in Law360 [$$], Sustainable Opportunities Acquisition Corp. — a SPAC planning to mine the seafloor for metals to be used in electric vehicle batteries — has sued two potential investors for failing to fulfill their purported obligation to provide funding under a PIPE deal.  The investors had signed subscription agreements committing them

As reported here in Bloomberg, after launching a record-size $4 billion SPAC last summer, Bill Ackman’s Pershing Square Tontine Holdings is unwinding and returning its invested funds back to shareholders.

In June, Pershing Square announced it was buying a 10% stake in Universal Music Group, surprising investors who had been expecting a classic SPAC