Twelve hundred truckers fired abruptly by Jevic Transportation Inc. were unable to bend the Bankruptcy Code to their aid Thursday, when a U.S. appeals court approved a priority-toppling settlement that favored banks and private equity firms while leaving the truckers, and their $12.4 million wage claim, in the cold.
Aramark, which provides concessions services at sports arenas and other entertainment venues, said Thursday that a group of private equity backers that took the company private in 2007 are selling up to $909.65 million in shares in a secondary offering following its 2013 return to the public markets.
Private equity firms Bain Capital and Japan Industrial Partners Inc. will sell 45.8 million shares in Japanese restaurant chain Skylark Co Ltd. in a secondary offering, Skylark said Thursday.
Blackstone is said to be seeking roughly $525 million for the top 12 floors of a Manhattan tower, while Goldman has reportedly sold 149 hotels to Moody National REIT for $1.73 billion and Raymour & Flanigan is said to have inked a deal for 40,000 square feet of space in Harlem.
A professed entrepreneur and venture capitalist was charged Thursday in New Jersey with cheating investors in CrossFit exercise businesses out of more than $2 million, as part of an alleged fraud that began after his legal woes over an unrealized film about the New York Yankees and other projects.
Two e-commerce companies — venture capital-backed Shopify Inc. and Alibaba Group Holding Ltd.-backed Baozun Inc. — priced their initial public offerings and listed in the U.S. on Thursday, together raising $241 million as the market warms up for technology debuts.
The U.S. Securities and Exchange Commission on Thursday accused an Atlanta-based investment adviser and two top executives of breaching their fiduciary duty to pension fund clients, suing the very firm that sued it in an attempt to block the agency from bringing its in-house court claim.
French rental car company Europcar, backed by private equity investor Eurazeo, said Thursday it is seeking approval from French regulators for a €475 million ($527.8 million) initial public offering on the Euronext Paris.
Burr & Forman LLP has recruited a former Roetzel & Andress partner experienced in advising banks and private equity clients on commercial real estate and asset-based lending matters to bolster its banking and real estate group in Fort Lauderdale, Florida, the firm announced Thursday.
Massachusetts-based Press Ganey, a private equity-backed health care analytics company guided by Latham & Watkins LLP, rumbled onto the New York Stock Exchange on Thursday after raking in $223 million in an initial public offering that beat out expectations.
In a recent ruling on challenges to interested-party buyouts, the Delaware Supreme Court clarified and strengthened a liability shield for independent directors, holding that shareholders can't sue the directors over business decisions without pleading non-exculpated claims against them.
Pacific Rubiales Energy Corp. said Wednesday that it will accept a takeover bid from Mexico's Alfa SAB de CV and private-equity backed Harbour Energy Ltd. in which the companies will pay approximately CA$1.7 billion ($1.4 billion) to gobble up the shares in the oil producer they don't already own.
United Technologies Corp. is exploring a potential sale of Sikorsky Aircraft, which could be worth $10 billion, while call-center software provider Genesys Telecommunications Laboratories Inc. is seeking buyers and hoping to find one to agree to a deal valuing it at more than $3.5 billion including debt.
Chassix Inc. creditors on Wednesday urged a New York federal bankruptcy judge to delay the confirmation schedule in its Chapter 11 case, arguing the auto supplier’s financial advisers may have underestimated its worth by $150 million.
Cornerstone, a Massachusetts Mutual Life Insurance subsidiary, is reportedly buying a New York Park Avenue tower for $275 million from private equity firm Savanna, while WeWork is said to have leased 105,000 square feet in Chicago and MB Real Estate has reportedly bought 10 Chicago-area medical office buildings for $160 million.
Affinity Gaming LLC said Tuesday it has rejected a takeover offer from its largest shareholder, private equity firm Z Capital Partners LLC, which is now pushing for a sale of the casino owner.
Philadelphia-area venture capital firm Osage University Partners said Wednesday it has exceeded its $200 million target and raised $215 million for its second fund, which will invest in startups that commercialize university research, mainly in the life sciences and technology sectors.
LightSquared Inc. on Tuesday asked a New York bankruptcy judge to approve its entering into a $1.75 billion working capital facility with three lenders that is intended to get the wireless communications startup back on its feet after its reorganization plan was approved earlier this year.
New York-based GP Investments Acquisition Corp., formed by Latin American buyout specialist GP Investments Ltd., grabbed $150 million in a Wednesday initial public offering led by Skadden Arps Meagher & Flom LLP, marking the latest blank check company to go public as more asset managers turn to permanent capital vehicles.
Private equity-backed Black Knight Financial Services Inc. raked in $441 million in its initial public offering and kicked off trading Wednesday with the help of a Weil Gotshal & Manges LLP team, as the Fidelity National Financial mortgage automation and data analysis services unit looks to trim debt.
It has become all too common in transaction-related stockholder litigation for the pleading net to be cast widely, embroiling disinterested and independent directors into long and costly litigation. The Delaware Supreme Court's decision in the case of Cornerstone Therapeutics Inc. should lead to closer scrutiny of allegations against individual directors, say attorneys with Paul Hastings LLP.
In its recent guidance on forum selection, the U.S. Securities and Exchange Commission missed a golden opportunity — instead of addressing the legitimate and widespread criticism of its increasing use of the administrative forum, the SEC dodged the key issues and failed to make the forum selection process fairer to defendants, say attorneys with Crowell & Moring LLP.
The U.S. Department of Labor’s proposed rules expanding the circumstances under which a person is considered a fiduciary under the Employee Retirement Income Security Act would effectively deny sophisticated but smaller ERISA plans and individual retirement account investors the opportunity to access private investment funds as part of their portfolios, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
While parties that lobby in the United States are generally subject to mandatory lobbyist registration and reporting obligations at every level of government, parties that lobby European Union institutions traditionally have only been subject to a “voluntary” registration and disclosure regime. That gap now appears to be closing, say attorneys with Allen & Overy LLP.
There has been a rapid and robust growth in the number of companies offering electronically stored information collection, management and processing services. But a recent survey indicated that not all service providers offer the level of expertise needed in today’s world of big data, the cloud and mobile devices, says Barry O’Melia, chief operations officer at Digital WarRoom.
The Delaware Supreme Court’s recent decision in Lazard Technology Partners LLC v. Qinetiq North America Operations LLC upholds the literal meaning of an earnout provision, and suggests that a target’s reliance on the implied covenant of good faith and fair dealing to save it from “losses at the negotiating table” is a tenuous strategy, say David Healy and Douglas Cogen of Fenwick & West LLP.
Coupled with other recent developments, the Southern District of New York decision in the Chapter 11 case of MPM Silicones LLC, or Momentive, may suggest a turn toward harsher treatment of secured lenders in bankruptcy, say Ron Meisler and Christopher Dressel of Skadden Arps Slate Meagher & Flom LLP.
The Delaware Chancery Court's decision in Alliant Techsystems Inc. v. MidOcean Bushnell Holdings LP reinforces the need for practitioners to pay careful attention to the relationship between multiple “exclusive remedy” provisions in acquisition agreements, say Lisa Stark and Andrew Lloyd of K&L Gates LLP.
The Tessera Inc. patent case highlights a useful procedure seldom used in the federal court system — Federal Rule of Evidence 706, which allows for a court-appointed expert. But Rule 706 provides little guidance on when to use such an expert, how to select one or how to work with one. Here are some tips, say Philip Woo and Nathan Greenblatt of Sidley Austin LLP.
Mergers and acquisitions parties are limited in the extent of hindsight data they can apply in a purchase price dispute, but our analysis indicates that there are alternative interpretations that may suggest some very useful planning insight for party advisers, say forensic and litigation consultants at FTI Consulting.