A solvency opinion provides assurance to a company's Board of Directors and/or the lenders that the transaction will not likely subject the Company and its unsecured and other creditors to undue financial distress. Houlihan will undertake a solvency opinion engagement for companies involved in highly leveraged transactions. Examples include leveraged buyouts, leveraged recapitalizations, leveraged dividends or other such situations where there may be minimal equity involved. Houlihan has also completed solvency opinions for spin-off transactions in conjunction with capital restructuring and significant debt refinancing.The Federal Bankruptcy Code defines "insolvent" as the condition in which the total of a person's debts exceeds the value of its property at a fair valuation. Recent case law suggests that the fair valuation of property is its value on a going-concern basis. A solvency letter expresses an independent expert opinion on a borrower's ability to remain solvent under the burden of additional liability, to pay debts as they mature, and to continue operations as a going-concern in dynamic economic conditions.In connection with a leveraged recapitalization, interested parties such as new secured lenders and sellers will often, due to fraudulent conveyance concerns, seek an independent determination and opinion as to the impact of the acquisition debt on working capital, cash flow, and equity value. Houlihan is highly familiar with the Tests of Capitalization and Solvency and is able to efficiently and cost-effectively provide analysis that provides a layer of comfort to interested parties.

In 1948, William Remington was one of the bright young men in the Truman administration. But in 1954, he was assassinated in his jail cell by a team of inmates in a high-security Federal prison. Here is the story of intrigue, injustice, government corruption and anti-Communist hysteria that led to Remington's demise. 15 halftones.

Carlos A. Ball argues that as progressives fight the First Amendment claims of religious conservatives and other LGBT opponents, they should take care not to forget the crucial role the First Amendment played in the early decades of the movement, and not to erode the safeguards of liberty that allowed LGBT rights to exist in the first place.