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ARTICLE · 22 JANUARY 2009

CaPP: Subchapter S-Corporations

Morrison Foerster
Morrison Foerster
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Morrison Foerster

Morrison Foerster

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On January 14, 2009, Treasury released a standard form term sheet detailing the terms and conditions for its direct investment in banking institutions organized as subchapter S-corporations (S-Corps) pursuant to the Troubled Assets Relief Program (TARP) Capital Purchase Program (CaPP).

United StatesStrategy
Amy Baumgardner
Amy Baumgardner
Joseph Magnas
Joseph Magnas
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On January 14, 2009, Treasury released a standard form term sheet detailing the terms and conditions for its direct investment in banking institutions organized as subchapter S-corporations (S-Corps) pursuant to the Troubled Assets Relief Program (TARP) Capital Purchase Program (CaPP). Since Treasury announced the CaPP, the program through which it intends to make capital investments in private and public banking institutions, Treasury has released term sheets detailing the terms and conditions of preferred stock and warrant offerings by both public and private institutions.

We discuss below the currently available details on the new term sheet released by Treasury regarding participation in the CaPP by S-Corps. For a detailed discussion of the TARP, recent action by the Federal Reserve and the FDIC, impact of the Emergency Economic Stabilization Act of 2008 and tax impacts and considerations, consult our recent Client Alert "TARP and the Various Federal Tent Poles:

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