<em>The Hedge Fund Law Report</em> quotes David Shapiro on the stimulus bill permitting deferral of debt income arising out of repurchases by issuers of their distressed debt.

The Hedge Fund Law Report quotes David Shapiro on the stimulus bill permitting deferral of debt income arising out of repurchases by issuers of their distressed debt.

The Hedge Fund Law Report quotes New York tax partner David Shapiro in an article on the stimulus bill permitting deferral of debt income arising out of repurchases by issuers of their distressed debt. Says Shapiro, "If the relevant debt instrument is considered to be publicly traded, as specifically defined under the OID regulations, the issue price of the new debt instrument is set at what the instrument is trading at, and in periods such as the present, a deemed exchange of publicly traded debt will often result in a material amount of CODI for the debtor.

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