Private Equity

December 10, 2012
Investment Firm TPG Capital Hit With $9M OT Class Action

Investment firm TPG Capital LP neglected to pay its administrative assistants upward of $9 million in overtime, according to a class action removed to California federal court Thursday.
December 5, 2012
'Big Valley' Producer Targets Private Investors In $50M Suit

A Los Angeles production company for "The Big Valley," a film starring Richard Dreyfuss and Jessica Lange, recently filed a $50.6 million fraud and breach of contract suit against two private investment firms in New York state court, alleging the firms pledged to fund the movie and then reneged.
November 30, 2012
Investment Exec Pays $1.4M In SEC Insider Trading Suit

A Connecticut-based finance executive agreed Friday to pay $1.4 million to settle claims by the U.S. Securities and Exchange Commission that he illegally profited from trading on inside information regarding the 2009 sale of Patriot Capital Funding Group Inc.
November 29, 2012
Hellas Hit With Suits Seeking $455M In Unpaid Notes

Creditors on Thursday hit Hellas Telecommunications Sarl with two suits in New York federal court seeking €351 million ($455 million) owed on notes they say Hellas' private-equity owners profited from after acquiring the telecom and allegedly driving it into insolvency.
November 29, 2012
SEC Says Chicago Investment Firm Lied About PE Fund

The U.S. Securities and Exchange Commission on Thursday sued a Chicago-based investment firm alleging the firm illicitly raised $1.3 million by lying to investors about a failing private equity fund and used the investments to pay off other clients to whom it owed money.
November 27, 2012
Trico Lenders Seek Contempt Order In $65M Loan Dispute

A former unit of bankrupt Trico Marine Services Inc. was hit with a suit in New York state court Tuesday by a private equity firm that alleges Trico failed to respond to a subpoena for documents in a dispute in Texas court over a $65 million loan.
November 26, 2012
Weil Guides L'Oreal's Urban Decay Buy To Up Luxury Appeal

L'Oreal SA will purchase the Urban Decay makeup brand from consumer product-focused private equity firm Castanea Partners in a move to broaden its upscale offerings for younger customers, the French cosmetics giant said Monday.
November 21, 2012
JDA Software Investor Challenges $1.9B RedPrairie Buyout

A JDA Software Group Inc. shareholder launched a putative class action Tuesday alleging the company’s board rushed into RedPrairie Corp.’s $1.9 billion private equity-backed buyout, ignoring conflicts of interest and shortchanging investors in the process.
November 20, 2012
Medical Co. Says Adviser Misled It On Risks Of Going Public

A medical services provider on Tuesday launched a suit in Texas court against California-based Nobis Capital Advisors Inc., alleging it paid $3 million to the financial advisory firm and that the firm misled it about the risks and benefits of becoming a publicly traded company.
November 20, 2012
Bain, Applied Rigged Artizan Buy To Trim $22M Price: Suit

A Florida man sued private equity giant Bain Capital Partners LLC and portfolio company Applied Systems Inc. in Illinois state court Monday, claiming the companies manipulated the purchase agreement for his insurance software firm to avoid paying their full $22 million bid.
November 16, 2012
F1 Chief Faces $650M Suit Over Alleged Bribe-Tainted Deal

Bluewaters Communications Holdings LLC sued the head of Formula One and others for $650 million in New York state court Friday, claiming the defendants interfered with its bid to buy the racing empire by bribing a now-incarcerated former executive of a state-owned German bank.
November 15, 2012
Proposed $146M Sale Of Infant Formula Co. Draws Class Action

An investor in Chinese infant formula company Feihe International Inc. filed a putative class action Wednesday alleging a $146 million buyout deal proposed by the company's chairman and a private equity firm has been underpriced to benefit insiders.
November 14, 2012
Sapphire Power Trying To Skimp On $256M Deal, Suit Says

A New Jersey energy holding company on Tuesday accused Sapphire Power Finance LLC, a Texas outfit linked to The Carlyle Group LP, of fabricating indemnification claims in order to avoid paying part of the $256 million it owes for a 2011 power portfolio purchase.
November 9, 2012
Latest Cost-Benefit Suit Puts CFTC In Uncharted Waters

A suit filed Thursday attacking the U.S. Commodity Futures Trading Commission’s cost-benefit analysis of a Dodd-Frank Act swaps rule follows a well-worn path, but attorneys say the agency faces a new and potentially damaging claim this time around: that it didn’t conduct the analysis at all.
November 6, 2012
PE-Backed Big Island Carbon Files For Ch. 7 In Del.

Hawaii's Big Island Carbon LLC, a private-equity funded firm that hoped to cash in by producing premium specialty carbon from the shells of macadamia nuts, sought Chapter 7 protection in Delaware bankruptcy court Monday, listing assets and debts between $10 million and $50 million.
October 23, 2012
Sellers In $175M Iron Data Deal Say Buyers Still Owe $10M

A holding company and a private equity firm that formerly owned Iron Data Solutions LLC asked the Delaware Chancery Court on Tuesday to free the final $10 million due them from the software firm's $175 million sale, a sum they say the buyers have trapped in escrow through the filing of groundless claims.
October 22, 2012
Biz Groups Target SEC's Conflict Minerals Rule In DC Circ.

The U.S. Chamber of Commerce on Friday lodged a petition with the D.C. Circuit challenging a Dodd-Frank rule which mandates that companies reveal to the U.S. Securities and Exchange Commission if they utilize so-called conflict minerals in their products.
October 19, 2012
Union Drilling Shareholder Sues To Block $242M Deal

A Union Drilling Inc. shareholder launched a putative class action Friday seeking to block private equity-backed Sidewinder Drilling Inc. from buying all outstanding Union stock in a deal that values Union at $242 million.
October 18, 2012
Mediware Investor Sues Over $195M Thoma Bravo Tie-Up

Clinical software provider Mediware Information Systems Inc. was hit with a putative shareholder class action Thursday challenging its proposed $195 million merger with private equity firm Thoma Bravo LLC, saying the deal does not adequately compensate Mediware stockholders.
October 17, 2012
Sealy Board, KKR Again Sued Over $1.3B Tempur-Pedic Deal

Mattress maker Sealy Corp.’s board was hit Wednesday by another proposed class action filed by a disgruntled investor who claims Tempur-Pedic International Inc.'s $1.3 billion bid, approved by Sealy's directors and largest shareholder KKR & Co. LLP, stiffed its other shareholders out of a better deal.

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Expert Analysis

Penn. Picks A Peck Of Public-Private Partnerships

Pennsylvania's new Public and Private Partnerships for Transportation Act should stimulate private investment in public highways, bridges and other facilities where governments confront funding restraints. Private firms should appreciate that interest in P3 programs is high and competition for projects is likely to be intense, say Ralph Finizio and Ryan Stewart of Pepper Hamilton LLP.
More International Insolvencies Test Limits Of Ch. 15

With more cross-border insolvencies being filed, and more petitions for recognition of foreign proceedings coming before U.S. bankruptcy courts, it is clear that the outlines of Chapter 15 will continue to be limned. It is also clear that the question of comity in Chapter 15 proceedings will figure prominently in those proceedings and in the continued development of this area of the law, says Kevin Ray of Greenberg Traurig LLP.
A Path To Capital Markets For Private Entities

Rule 144A for life offerings allow private entities to enjoy many of the benefits that accrue to publicly listed entities by borrowing funds through U.S. capital market offerings without subjecting the private entity to periodic filings with the U.S. Securities and Exchange Commission or having its top executive officers attest quarterly to the adequacy of disclosure controls, says Richard Roth of Jackson Walker LLP.
Impact Of JOBS Act On 3rd-Party Marketers

The Jumpstart Our Business Startups Act that was enacted on April 5, 2012, will likely change the business of third-party marketers by expanding the scope of permitted promotional activities in connection with offering investments in hedge and private equity funds, says Richard Morris of Herrick Feinstein LLP.
How Lawyers Benefit From Early Neutral Evaluation

Early neutral evaluation usually asks a retired judge to consider one party’s case, as if preparing to rule on summary judgment or presiding over a bench trial. Effective evaluation can supply a reality check on a case — it gives the lawyer the gift of seeing the case as others see it, says James Rosenbaum, a panelist with JAMS and former U.S. district judge for the District of Minnesota.
FERC Decision Sheds Light On The Importance Of Mitigation

A recent Federal Energy Regulatory Commission decision marks a rare instance of FERC flatly rejecting a proposed sale of a power plant under Section 203 of the Federal Power Act and provides some insight as to what FERC considers to be sufficient mitigation when a proposed transaction raises horizontal market power concerns, say attorneys with Latham & Watkins LLP.
The Disappearing Act Of Ch. 11 Business Cases

While the swell in bankruptcy filings in 2009-2010 appeared to be large enough to keep practitioners busy for a number of years, certain unprecedented factors pulled the number of companies seeking Chapter 11 restructuring outside the economic malaise and the direction of the profession has obviously been changed forever. However, these changes do not mean that the day of the long, traditional bankruptcy is over, say attorneys with Arnstein & Lehr LLP.
Litigation Support At A Crossroads

Despite recession-driven cost pressures that have resulted in the downsizing of nonlawyer personnel at law firms, many litigation support departments are growing. In a recent survey, half of respondents indicated that their function has grown in size in the past three years, and more than half of respondents indicated that current staffing levels are inadequate for the projected needs of the coming year, say experts at Epiq Systems and Georgetown University Law Center.
Unregistered Brokers May Bring Aiding And Abetting Liability

A pair of related U.S. Securities and Exchange Commission settled enforcement actions recently demonstrated the potential liability of using an unregistered consultant. While these cases involve a private equity manager and its funds, they are significant to all private issuers of securities — including investment, real estate, venture capital and private equity funds, as well as operating companies, say Peter LaVigne and Elizabeth Shea Fries of Goodwin Procter LLP.
7 Reasons To Do Pro Bono Work

Research shows that helping others and cultivating social relationships makes us happier and that generous people live longer, healthier lives. These are just a few of the countless reasons to create time in our busy schedules to do pro bono and charitable work this year, says Anne Brafford of Morgan Lewis & Bockius LLP.

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