Sealing The Deal: Akin Offers Choice In Zombie Fund Buyout

Law360, New York (October 24, 2012, 6:18 PM EDT) -- Willis Stein & Partners LLC was in a tight spot. Its third buyout fund, a 2000 vintage, was underwater, worth more on paper than it could reasonably sell its three remaining portfolio companies for. It had already gotten two one-year extensions from investors, but by early 2012, patience was waning.

The firm wanted a comprehensive fix, one that would hand its portfolio off to a new majority owner and cash out antsy investors, while keeping Willis Stein as general partner. It needed a deep-pocketed backer with...
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