Michael M. Ledyard is Chair of the Morris James Business Transaction Group, which includes the Aircraft, Equipment and Project Finance, Business and Commercial Transactions, Corporate Trust, Corporations and Alternative Entities and Structured Finance and Capital Markets practices. Mr. Ledyard concentrates his practice on the use of limited liability companies, statutory and common law trusts, partnerships, corporations and other Delaware entities in complex financing transactions, such as asset backed financings, leveraged leases, and like-kind exchanges, and in joint ventures, special purpose acquisition companies (SPACS), and other business organizations.
In his practice, Mr. Ledyard regularly acts as counsel to borrowers, lenders, lessees, trustees and other financing parties and renders third party legal opinions as to matters of Delaware and federal law, including federal bankruptcy law. A significant part of his practice involves counseling banks and other clients located in the United Kingdom and Europe and rendering legal opinions in cross border transactions.
Specific Expertise
Mr. Ledyard was one of the principal drafters of the Delaware Limited Liability Company Act and currently serves as a member of the committees responsible for proposing and drafting amendments to such Act, the Delaware Statutory Trust Act, the Delaware Revised Uniform Limited Partnership Act and the Delaware Uniform Partnership Law. In addition, Mr. Ledyard has been a regular speaker at seminars in the United States and abroad and an author of articles concerning such statutes.
Honors and Awards
· Delaware Journal of Corporate Law, Member, 1980-81, and Associate Editor, 1981
· Martindale-Hubbell, AV rating
Activities and Affiliations
· Board of Supervisors of West Marlborough Township, Chester County, Pennsylvania, Vice Chairman
· Board of Governors of the Wilmington Club, Secretary
· Wilmington Library Foundation , Former Trustee
· Upland Country Day School , Former Trustee
· The Brandywine Conservancy, Inc., Former Trustee & Executive Officer
· The Pennsylvania Hunt Cup Committee, Former Chief Counsel, Trustee & Executive Officer
Publications
Winter 2009
Special Purpose Acquisition Company (SPAC) Charter Amendments
As we discussed in our Fall 2008 newsletter, the credit crunch and recent market turmoil have had a significant impact on SPACs.
11.15.2008
Special Purpose Acquisition Company (SPAC) Charter Amendments
New SPAC offerings have come to a halt while a large number of active SPACs have large trust funds.