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Arkansas Business has recognized Taylor Stockemer as one of Arkansas’ 40 under 40. In the latest issue released Tuesday, Arkansas Business named Taylor along with 40 other professionals across the state. These leaders will be formally recognized on June 11 at 11:30 A.M. at the Statehouse Convention Center.

The Corporate Transparency Act (CTA) was enacted in 2021, but implementation of the new law was delayed on several occasions. As of January 1, 2024, however, the CTA’s beneficial ownership reporting requirements are in effect. This alert reviews critical points every business owner should consider in determining the steps necessary to comply.

A highlight of the evening was remarks from the guest of honor, State Bank Commissioner Susannah Marshall. Marshall expressed her gratitude and reflected on her tenure since 1994. "I am deeply honored by this gathering and the opportunity to serve the people of Arkansas in my role as State Bank Commissioner. It is through collaboration with dedicated professionals, like those gathered here today, that we continue to strengthen the foundation of our state's financial institutions. I am grateful for the trust and support of the banking community."

The facts of Kirschner are as follows: In 2014, investors purchased $1.775 billion in syndicated term loan debt obligations of Millennium Laboratories LLC from defendant lenders. The next year, Millennium filed for bankruptcy and as part of the bankruptcy plan, the investors’ claims were assigned to a trust. In 2017, the bankruptcy trustee, Marc Kirschner, alleged that the debt obligations constituted securities, and thus were subject to the more stringent disclosure rules under securities laws. The defendants moved to dismiss the securities law claims on the grounds that a syndicated bank loan is not a security, and a loan syndication is not a securities distribution.

Banks in Arkansas and throughout the country have experienced substantial asset growth in recent years.  The Annual Report of the Commissioner of the State Bank Department in 2017 listed 80 state-chartered banks with combined total assets of approximately $85.2 billion (average of $1.065 billion per bank).  In June of last year, the annual report listed 74 state-chartered banks with total assets of $147 billion (average of $1.986 billion).  With increased size comes additional oversight. 

Friday, Eldredge & Clark, LLP is proud to announce Taylor A. Stockemer and Kael K. Bowling as the firm’s newest partners. Taylor, a highly accomplished professional with a diverse background in Mergers & Acquisitions, securities and investment banking, and regulatory law and Kael, who serves as litigation counsel to financial institutions, creditors, real estate and construction firms, and other business entities.