Biofuel Plant Ownership as a Game of Poker

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In an article published by Biofuels International, Stoel Rives attorney Mark Hanson discusses how poker tactics apply to biofuel plant ownership. Using the "know when to hold 'em or fold 'em" analogy, Hanson outlines the considerations for an exit strategy or business restructuring for biofuel plant executives.

Hanson notes that a business sale or merger should be considered when a biofuel business is at risk for feedstock volatility, operator efficiency, and inadequate capitalization levels or lack of access to capital. He also argues that management should consider transition where there is investor or owner fatigue. Hanson then outlines the characteristics of a typical biofuels merger or acquisition, including deal structure, representations and warranties, covenants and indemnities and holdbacks.

Read the full article (PDF)

"Know when to hold 'em or fold 'em" was published by Biofuels International, June 2012.

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Mark J. Hanson
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