In The News

Bonelaw Client Studio Bank Takes Steps Towards Formation

Congratulations to our client, Studio Bank (In Organization), whose incorporators this week filed notice with the Tennessee Department of Financial Institutions of its intent to apply for a banking charter.

Charles W. Bone, Trace Blankenship, and Chris Raybeck, members of Bone McAllester Norton’s Corporate and Banking/Financial Services teams, serve as corporate counsel to the new bank in organization and have been working closely with Aaron J. Dorn and the other founders for over a year on this exciting new chapter in the history of Tennessee’s banking industry. Among other things, the Bone McAllester team has provided guidance to the founders on strategic matters, board composition and governance, securities offerings and capitalization, and real estate negotiations. This is the first regulatory filing in the process of becoming a bank and opening their doors for business. Studio Bank (In Organization) would be the first true de novo headquartered in Nashville since 2008 – one that is not part of a corporate reorganization, merger or acquisition.

Bone McAllester Norton’s banking and financial services group has a diversified and comprehensive financial services practice representing all types of financial institutions and working with management on virtually any business issue that a financial institution may encounter. Our lawyers have been providing advice to banks, bank holding companies, mortgage companies, and all types of financial institutions throughout Tennessee and the southeast for some 40 years.

Learn more about our Banking and Financial Services group.

To read more about the future of Studio Bank (In Organization) click on these links:

Pat Emery and Matt Kisber among organizers of Nashville's Studio Bank", The Tennessean, August 24, 2017

It's official: Nashville's upstart bank files notice with regulators", Nashville Business Journal, August 24, 2017

Studio Bank founder rolls out big-name board", Nashville Post, August 24, 2017

Bonelaw President and CEO Charles Robert Bone Discusses Nashville Growth

Bone McAllester Norton President and CEO Charles Robert Bone spoke with NewsChannel 5 on Nashville being named by Forbes as the city with the highest job growth among the 70 largest labor markets in the United States.

Charles Robert Bone - Bonelaw President and CEOCharles Robert Bone - Bone McAllester Norton President and CEOBone noted the firm has benefited from being in the "it city" with lawyers wanting to work in Nashville, and they’ve had no problem finding people thanks to the great education provided at area universities such as Vanderbilt, and in addition to that, they say the city supports any idea that ushers in economic growth. "You go to the city with an idea or something that needs to be done, generally the answer is yes, let's try to figure out a way to make it happen" Bone explained. Bone went on to say "Nashville's been on an unbelievable run, and we've been honored and thrilled to kind of play a part of that and kind of rise with that same trajectory."

To watch the full interview Click Here

Bone Law Attorneys Selected to Nashville’s Best of the Bar list

We are honored to share that three of our attorneys have been selected to Nashville’s Best of the Bar list, published by the Nashville Business Journal.

The publication took nominations from the public for two months. Eligible nominees then participated in private voting, allowing the nominees to vote on each other. This process is designed to find out which nominees truly are the best of the bar, according to their peers. Our own Best of the Bar lawyers are:

Trace Blankenship Attorney At Law - Bone McAllester NortonTrace Blankenship Attorney, Bone Law

Will Cheek Attorney, Bone LawWill Cheek Attorney, Bone Law

Anne Martin Attorney, Bone LawAnne Martin Attorney, Bone Law
Learn more about Bone McAllester Norton legal services here:

 

Tennessee’s Business Court is Back in Business

Many of our clients will be happy to know that Tennessee’s Business Court is back in business as of May 1, 2017, after the Tennessee Supreme Court lifted an embargo on the filing of new cases. Clients with sophisticated business disputes and intellectual property disputes based in Tennessee can once again avail themselves of a forum whose primary function is dedicated to resolving complex cases.

Officially, the Tennessee Business Court is just a “Pilot Project,” but most attorneys and clients hope it is here to stay. (Tennessee is one of 28 states with a dedicated Business Court). Phase 1 was established by the Tennessee Supreme Court in March 2015 and was set to expire in December 2017, but it was so popular that an embargo had to be imposed earlier than that to give the presiding judge, Chancellor Ellen Hobbs Lyle, some relief. Over 90 business cases were transferred to the Business Court prior to the embargo.

Phase 1 of the Business Court was celebrated by attorneys (and judges) across the state as a huge success. It unclogged the dockets of other courts in the state. And while many courts in Tennessee function at a high caliber, Phase 1 of the Business Court gave clients access to a tribunal where judicial involvement was specifically tailored to the demands of each case, and where the presiding judge operated at the highest levels of competence, flexibility and efficiency.

Although Phase 2 of the Business Court is still in its infancy, here are five takeaways from what we know already:

1. To qualify now, a party must seek at least $250,000 in damages, compared with $50,000 under Phase 1. (If the case seeks primarily injunctive or declaratory relief, it may still qualify even if it doesn’t seek damages of that amount.)

2. If your case involves any of the following claims, it no longer automatically qualifies for transfer unless your lawyer can persuade Chancellor Lyle and the Chief Justice how those claims present “sufficiently complex commercial issues that would have significant implications for the larger business community”: breach of contract; fraud; misrepresentation; shareholder derivative actions; real property disputes; claims between business entities/owners as to their business or relationship; construction disputes; and violations of non-compete, non-solicitation or confidentiality agreements.

3. Unlike previously, cases involving trademark law now are explicitly included as qualifying for transfer, assuming the other criteria are met.

4. Where you previously had 60 days from service of the complaint to seek a transfer, you now have only 30 days.

5. Finally, as our firm has learned through experience, even if your case otherwise qualifies for transfer to the Business Court, the Supreme Court will refuse to transfer it if the complaint was filed prior to May 1, 2017. This means, unfortunately, that some clients will miss out on the opportunity for specialized resolution of their dispute in Tennessee’s Business Court.

Bonus! To read the Court’s “Guide to the Business Court” or examine past Business Court decisions, click here. If you believe your case could use a proactive approach from a hands-on judge who sets meaningful deadlines and who adapts procedures to meet the needs of your case for a customized outcome, we would be happy to discuss your case with you and see if it might qualify.

Sean Kirk, Chris Raybeck will Serve as Faculty at The Southeastern School of Banking

Bone McAllester Norton attorneys Sean C. Kirk and Chris Raybeck have been selected to serve on the faculty of The Southeastern School of Banking, held by the Tennessee Bankers Association, this year. Both attorneys are members of the firm’s Banking and Financial Services practice. Their session is in the second-year track and will focus on ethics in banking, covering ethical norms in the financial services industry, including legal standards and conflicts of interest.

Their session will take place at 9:15 a.m. on Tuesday, July 22nd in McWhorter Hall on the campus of Belmont University.

The Southeastern School of Banking (TSSB) is an intensive general banking school consisting of two one-week resident sessions over two years. The first- and second-year sessions are held concurrently. Serving bankers since its organization in 1939, the school’s 80-hour, intermediate-level curriculum focuses on critical banking functions, their interrelationships and determinants of profitability. Analytical skills and management techniques are developed, along with an understanding of the commercial bank’s role in the changing financial services industry. The school’s rigorous admission criteria ensure that students will be able to keep pace with the level of instruction. TSSB’s honor program recognizes students in the top 10 percent of the class and notifies their chief executive officers of their exemplary work. Each year, students receive a comprehensive school manual which serves as a convenient reference after graduation when practical issues or questions arise.

For more, click here.

 

 

Bone McAllester Norton PLLC is a full-service law firm with 38 attorneys and offices in Nashville and Sumner County, Tennessee. Our attorneys focus on 17 distinct practice areas, providing the wide range of legal services ordinarily required by established and growing businesses and entrepreneurs. Among our practices, we represent clients in business and capital formation, mergers and acquisitions, securities matters, commercial lending and creditors’ rights, commercial real estate and development, governmental regulatory matters, commercial litigation and dispute resolution, intellectual property strategy and enforcement, entertainment and environmental matters. Our client base reflects the firm’s deep understanding and coverage of today’s leading industry and business segments. For more information, visit www.bonelaw.com.

“Making Sense of a Tennessee Bank Director’s Legal Responsibilities in Changing and Challenging Times” with Trace Blankenship

Bone McAllester Norton attorney Trace Blankenship will speak at this week’s Tennessee Bankers Association (TBA) Bank Directors College 2013. His presentation, entitled “Making Sense of a Tennessee Bank Director’s Legal Responsibilities in Changing and Challenging Times,” will provide an overview of foundational legal issues for directors, such as why Tennessee law requires a bank to have a board and what exactly are a director’s core legal duties and liabilities when making decisions. It also will include a director’s obligations from the regulator’s perspective, as well as the business benefits of an effective board and what directors can do to help integrate newly-acquired banks successfully. The presentation will take place at 10:45 a.m., Thursday, October 3, at the TBA’s Barrett Training Center in Nashville.

The second annual Bank Directors College was developed in conjunction with the Tennessee Department of Financial Institutions. Attendees are eligible for CPE credit.

For more, click here.

 

Bone McAllester Norton PLLC is a full-service law firm with 36 attorneys and offices in Nashville and Sumner County, Tennessee. Our attorneys focus on 17 distinct practice areas, providing the wide range of legal services ordinarily required by established and growing businesses and entrepreneurs. Among our practices, we represent clients in business and capital formation, mergers and acquisitions, securities matters, commercial lending and creditors’ rights, commercial real estate and development, governmental regulatory matters, commercial litigation and dispute resolution, intellectual property strategy and enforcement, entertainment and environmental matters. Our client base reflects the firm’s deep understanding and coverage of today’s leading industry and business segments. For more information, visit www.bonelaw.com.

 

 

Attorney Sam J. McAllester Presents Banking Seminar to local Banks

Sam J. McAllester III recently presented to numerous banking executives on the topics of: "Knowing Your Borrower," "Enforcing Loan Documents," and "Security Interests in Personal and Real Property."

The seminars were done over a span of 4-6 weeks allowing all attorneys from the banking and financial practice to share their expertise.