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"Piggy-Backer" Falls at GAO

Client Alert | less than 1 min read | 06.01.05

In VSE Corp; Johnson Controls World Svs. Inc. (May 23, 2005 http://www.gao.gov/decisions/bidpro/2904523.pdf), GAO held that Johnson Controls could not circumvent GAO's strict timeliness rules by "piggy-backing" an untimely protest of a sole source award by the Department of Homeland Security onto a timely protest previously filed by VSE. Nonetheless, GAO found the sole source bridge construction contract was improper because DHS failed to prepare a required written justification and approval, and it expressly held that Johnson Controls, as well as VSE, must be given an opportunity to demonstrate an ability to satisfy DHS' requirement.

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Client Alert | 6 min read | 08.11.26

Lending Against Digital Assets: Five Key Takeaways for Lenders After a Year of Regulatory and UCC Change

Over the past 18 months, the federal banking agencies have clarified supervisory expectations for banks’ crypto-asset activities, and several of the largest U.S. banks have announced programs accepting Bitcoin and Ether as loan collateral. Separately, on June 3, 2026, New York’s enactment of the 2022 amendments to the Uniform Commercial Code took effect, changing the rules governing the perfection of a security interest in digital asset collateral in New York, the jurisdiction whose law governs most institutional credit documentation. Together, these developments may create significant opportunities for lenders navigating the complexities to comply with the newly enacted statutes. This alert surveys the current landscape, from regulatory permissibility and perfection through custody, structuring, and compliance, for institutions active in this market or considering entering it....

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