Asset Management

  • May 22, 2014

    SEC Settles Insider Trading Suit Over Carlyle Group Buyout

    A former director at vitamin company NBTY Inc. and four members of his family circle have agreed to pay more than $500,000 to settle claims they benefited from insider trading tips ahead of the company's 2010 sale to The Carlyle Group. 

  • May 22, 2014

    Hess Slimdown Continues With $2.9B Retail Gas Sale

    Hess Corp. said Thursday it would sell its sprawling gas station network to rival Marathon Petroleum Corp. in a $2.9 billion deal, one of the largest to date in an ongoing slimdown set in motion by activist hedge fund Elliott Management Corp. last year.

  • May 22, 2014

    CORRECTED: Cadwalader Didn't Snub 'Red Flags' On Loan Appraisal: Suit

    Cadwalader Wickersham & Taft LLP asked a New York state court on Monday to rule in its favor in a long-running suit brought by Nomura Asset Capital Corp., saying the company failed to show the law firm had ignored potential “red flags” in issuing an opinion on securitized mortgage loans.

  • May 21, 2014

    Fund Manager Wants Negligence Claims Revived Against PwC

    The founder of Lipper & Co. Inc. on Wednesday urged a New York appeals court to revive claims that PricewaterhouseCoopers LLP’s negligence contributed to harm suffered by the hedge fund manager after the funds' portfolio manager was convicted of securities fraud, saying the claims are not derivative in nature.

  • May 21, 2014

    2nd Circ. Mulls Voiding Fairfield's Sale of $230M Madoff Claim

    Attorneys for a hedge fund that wisely bought a $230 million claim in the Bernard L. Madoff liquidation urged the Second Circuit on Wednesday to uphold the transaction, saying the Chapter 15 representative of a bankrupt Madoff feeder fund can't void the sale based on "seller’s remorse."

  • May 21, 2014

    Filene's Basement Trustee Seeks Fried Frank Docs In Ch. 11

    A U.S. trustee on Tuesday asked a Delaware federal bankruptcy judge to force clients of Fried Frank Harris Shriver & Jacobson LLP including Vornado Realty Trust to cough up documents related to the firm's role representing them as creditors in Massachusetts-based clothing retailer Filene's Basement's Chapter 11 case.

  • May 21, 2014

    Butler Snow Adds Tax, Licensing Pro In Memphis

    Butler Snow has bolstered its tax, estate planning and software licensing practices with the addition of former Adams and Reese LLP counsel Joseph B. Walker as the newest partner in its Memphis office, the firm announced Wednesday.

  • May 21, 2014

    Edison Mission To Pay $23M To Settle Retirees' Claims

    Edison Mission Energy on Tuesday announced a settlement with its retirees that allows the company to pay off their claims for $22.9 million, less than a third of what the retirees have demanded, and unload obligations to pay their benefits.

  • May 21, 2014

    11th Circ. Told Bad Evidence Tainted $7M Stock Fraud Trial

    An asset protection company owner convicted of defrauding investors in a $7 million pump-and-dump scheme on Wednesday told the Eleventh Circuit that the trial court should not have allowed improperly obtained evidence from the company's offices in Costa Rica.

  • May 21, 2014

    McKesson Hit With Suit Over Celesio Shareholder Payout

    Hedge fund Magnetar Financial LLC has launched a suit in Germany alleging McKesson Corp. unfairly offered a higher per share proceed to a single Celesio AG shareholder in McKesson's takeover of Celesio, Magnetar said Wednesday.

  • May 21, 2014

    No Easy Win For IRS In Madoff Account Tax-Refund Dispute

    A U.S. Tax Court judge on Wednesday rejected the Internal Revenue Service’s attempt to net a quick win in a case over how the IRS should value a Bernie Madoff-managed account that allegedly wasn't worth what the account owner had reported to the agency.

  • May 21, 2014

    Harman International Pays $365M For Tech Automation Co.

    Harman International Industries Inc. will shell out $365 million to take over Texas-based technology control and automation company AMX LLC from family-owned investment firm The Duchossois Group Inc., further broadening the Connecticut-based automotive audio technology company's product offerings to the hospitality industry, Harman said Wednesday.

  • May 21, 2014

    Ackman Prods Allergan For Outside Review Of $46B Takeover

    Activist investor Bill Ackman on Wednesday continued his assault on the governance practices at Allergan Inc., urging the drug company to hire independent counsel and advisers to evaluate a contested $46 billion takeover proposal from Valeant Pharmaceuticals International Inc.

  • May 21, 2014

    Goodwin Procter Reps Carlyle In Buying Talent Services Co.

    Carlyle Group LP said Wednesday that it has agreed to acquire a majority stake in Talent Partners from its longtime owner, private equity firm Abry Partners LLC, for an undisclosed amount.

  • May 21, 2014

    Ex-Weil Banking Head Joins Kirkland in London

    Kirkland & Ellis LLP has snagged the former head of Weil Gotshal & Manges LLP’s London banking practice to work as a partner on its debt financing team, the firm announced Tuesday.

  • May 21, 2014

    CalPERS Plans New Cuts To Private Equity Allocation

    The California Public Employees' Retirement System approved an interim plan to cut its private equity strategic asset allocation for the second time in three months on Monday, also greenlighting cuts to its real estate and infrastructure and forestland allocations. 

  • May 21, 2014

    Brookfield Expands Hotel Presence With Thayer Lodging Buy

    Making a major play to expand its exposure to the hospitality arena, property investor Brookfield Asset Management Inc. picked up hotel-focused private equity investor Thayer Lodging Group Inc. in a deal with undisclosed terms, Brookfield announced Wednesday.

  • May 21, 2014

    Quantum Foods' Ch. 11 Stays Afloat With Revived $60M DIP

    A Delaware bankruptcy judge on Wednesday gave Quantum Foods LLC the OK to revive its $60 million debtor-in-possession loan and find so-called turnkey buyers, allowing the meatpacker to keep its Chapter 11 case alive after a $54 million stalking horse sale to an Oaktree Capital Management LP unit collapsed.

  • May 21, 2014

    Hot London Hotel Market Forces Deal Makers To Sweeten Pot

    Private equity, foreign wealth and institutional investors are all jostling for a piece of London's hot hotel market, creating a tough negotiation space where deal sweetening — with all-cash offers, transactional insurance and more — is now a common bargaining tool, attorneys say.

  • May 21, 2014

    American Realty Scores $2B In Sale Of Shopping Centers

    American Realty Capital Properties Inc. on Wednesday said it would sell its entire multitenant shopping center portfolio for nearly $2 billion to Blackstone Real Estate Partners VII, partly to fund a $1.5 billion sale-leaseback of Red Lobster restaurants' real estate, as well as other future deals.