A hedge fund that takes a minority equity position in a U.S. public company may encounter a variety of complex issues under the federal securities laws and other investment-related statutes.  In a guest article, Scott Budlong, a partner in the New York office of Richards Kibbe & Orbe LLP, and other RKO attorneys and an advisor to the firm, offer a comprehensive discussion of the most important of these U.S. legal issues from the perspective of an equity investment’s lifecycle: establishing, maintaining and exiting the position.