Posted On: July 12, 2010

Scott L. Silver, Esq. Selected for Florida Trend’s 2010 Florida Legal Elite

Blum Law Group is pleased to announce that Managing Partner, Scott L. Silver, was named to Florida Trend magazine’s 2010 Florida Legal Elite, a select group comprising of the top 1.8% percent of lawyers practicing in Florida. The lawyers listed exemplify a standard of excellence in their profession and by doing so have received endorsement from their colleagues in voting for the 2010 Florida Legal Elite.

All in-state members of the Florida Bar were invited to participate in the selection of the Legal Elite. These lawyers were asked to name attorneys whom they hold in the highest regard or would recommend to others.

Each lawyer was given a score based on the number of votes received: one point for votes from within their firm or three points for votes from outside their firm. The list of top vote recipients was further examined using membership status and histories provided by the Florida Bar. A panel of previous Legal Elite winners, representing different practice areas in cities across the state, reviewed the selection process and the list of finalists.

For more information, the entire report is available at:

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Posted On: July 6, 2010

SEC Looking at the Sale of Principal Protected Notes

The Securities and Exchange Commission (SEC) is reviewing how financial companies market principal protected notes (PPNs), according to Bloomberg news. The SEC's inquiry is focused on how companies describe the products' risks and whether the term "principal protected" is misleading and implies that the investment is guaranteed not to fall in value.

UBS had sold more than $1 billion of PPNs, described as safe investments backed by Lehman Brothers that were "guaranteed" against loss of principal. Au contraire, following Lehman Brothers' bankruptcy filing on September 15, 2008, the PPNs are now in default causing the holders of these PPNs to become senior unsecured creditors in the Lehman bankruptcy proceeding. Practically speaking, these investors are left with virtually worthless investments.

PPNs have reemerged after losing much of their appeal during the time of the Lehman Brother collapse. The SEC's delve into the sales and marketing practices of PPNs is a likely an attempt to ensure that investors are not lulled again with a false sense of security associated with these products.

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