Asset Management

  • December 16, 2014

    FINRA In No Playing Mood With Toys R Us Research Case

    The Financial Industry Regulatory Authority sent Wall Street on an unpleasant trip down memory lane last week when it sanctioned 10 banks for breaking research analyst rules put in place after a scandal a decade ago, but some attorneys say the enforcement actions go beyond what many thought were the rules of the road.

  • December 16, 2014

    PREPA Offers Snapshot Of $9B Restructuring Project

    Restructuring professionals charged with finding a way forward for Puerto Rico’s hopelessly indebted electric utility reported progress Tuesday on new revenue-boosting measures connected to a creditor agreement that staves off defaults until the spring.

  • December 16, 2014

    Head Of CFTC Swap Oversight Heads To Senior Role At SEC

    Gary Barnett, the director of the U.S. Commodity Futures Trading Commission’s swap dealer and intermediary oversight division, will be leaving the agency in January to take on a senior position at the U.S. Securities and Exchange Commission, the CFTC announced Tuesday.

  • December 16, 2014

    SEC Charges Equity Research Firm With Market Manipulation

    The U.S. Securities and Exchange Commission on Tuesday filed charges in administrative court against a Phoenix-based equity research firm owner who allegedly manipulated the market for a publicly traded stock he was soliciting investors to buy.

  • December 16, 2014

    Major BT Investor Encourages $20B EE Acquisition Play

    Woodford Investment Management LLP, a sizable minority investor in BT PLC, on Tuesday aligned itself with the deal-hungry cable provider's $19.6 billion push to acquire U.K. mobile phone operator EE Ltd., saying the tie-up makes plenty of strategic sense.

  • December 16, 2014

    Merrill Lynch Fined $1.9M Over Bankrupt GM Debt Sales

    The Financial Industry Regulatory Authority on Tuesday said it has fined Merrill Lynch Pierce Fenner & Smith Inc. $1.9 million and ordered it to pay more than $541,000 in restitution after Merrill Lynch bought up distressed debt of the then-bankrupt General Motors Corp. from retail customers at unfairly discounted prices.

  • December 16, 2014

    Repsol Inks Buzzed-About $13B Deal For Canada's Talisman

    Talisman Energy Inc., under activist pressure to restructure, said Tuesday it would sell itself to Spanish oil giant Repsol SA in a much-anticipated $13 billion deal that could be the beginning of a new wave of deal-making in the sputtering oil sector.

  • December 15, 2014

    SEC To Drop Insider Trading Case Over Herbalife Stock

    The U.S. Securities and Exchange Commission on Monday moved to dismiss insider trading charges against a man accused of using tips to illegally profit from the $1 billion short sale of Herbalife Ltd. by activist investor Bill Ackman, saying that “critical witnesses” were unavailable to testify.

  • December 15, 2014

    Caesars Skips $225M Payment As Workout Talks Continue

    Caesars Entertainment Corp. elected Monday not to make a scheduled $225 million interest payment to junior bondholders, putting a clock on the overleveraged casino operator to sew up a restructuring deal before its biggest unit defaults.

  • December 15, 2014

    Hedge Funds Fail To Block $1.1B EDMC Restructuring

    A New York federal judge on Monday ruled against two hedge funds that sued to stop Education Management Corp. from executing a restructuring plan that extinguishes $1.1 billion in debt and turns creditors of the for-profit education company into shareholders.

  • December 15, 2014

    Madoff Account Manager JoAnn Crupi Gets 6-Year Sentence

    JoAnn Crupi, who worked at Bernie Madoff's crooked firm for 25 years until its 2008 collapse, was sentenced to six years in prison Monday for crimes of greed, including tax and securities fraud, but a federal judge said she did not know her former boss was running a Ponzi scheme.

  • December 15, 2014

    Segro Nets $178M In UK Industrial Portfolio Sale

    Segro PLC has sold six industrial properties in the southeast United Kingdom to real estate investment management firm Orchard Street Investment Management LLP for £113.8 million ($177.9 million), London-based Segro announced on Monday.

  • December 15, 2014

    American Realty Advisors GC Says EU Regs Slow Investor Bid

    Real estate investment manager American Realty Advisors is actively looking to reach foreign investors, but doing so is complicated by evolving rules and regulations in the European Union, Kristin Adrian, the firm’s general counsel and chief compliance officer, told Law360 in a recent interview.

  • December 15, 2014

    Canadian Regulator Warns Brokers About US Internal Trades

    A Canadian securities watchdog on Monday reminded Canadian investment dealers to avoid routing trades to certain so-called off-marketplace U.S. broker dealers and promised price discovery improvements as the country looks to make its markets more appealing to its traders.

  • December 15, 2014

    PetSmart Marks Activist's 2nd Large-Cap Buyout Coup In 2014

    Tweaks to Jana Partners LLC's investment approach meant to capitalize on a surge in shareholder activism paid off yet again this week when PetSmart Inc. agreed to go private in the biggest leveraged buyout of the year — the second marquee deal advanced by the hedge fund in 2014.

  • December 15, 2014

    Gibson Dunn Nabs 2nd Kirkland Corporate Atty This Month

    Gibson Dunn has landed a second partner this month from Kirkland & Ellis LLP with the addition of a finance attorney as part of the continued expansion of its London office, the firm said Friday.

  • December 15, 2014

    The 5 Biggest M&A Failures Of 2014

    An overall increase in deal-making and bolder plays brought the value of failed mergers and acquisitions this year to a high mark untouched since 2008, underpinned by a handful of blockbuster transactions that could have ranked among the year's biggest deals. Here, Law360 runs down five high-profile collapses that rocked the red-hot M&A marketplace in 2014.

  • December 15, 2014

    Riverbed Agrees To $3.6B Buyout Amid Activist Pressure

    Riverbed Technology Inc. on Monday agreed to go private in a $3.6 billion sale to private equity firm Thoma Bravo LLC, the second big-ticket buyout in as many days driven mainly by pressure from an activist investor.

  • December 15, 2014

    Activist Orange Compromises With Bellatrix After Sale Push

    Canadian oil and gas outfit Bellatrix Exploration Ltd. on Monday unveiled a settlement that will give Orange Capital LLC a seat on its board in exchange for the activist hedge fund dropping its push for a strategic shakeup.

  • December 14, 2014

    Senate Passes $1.1T Spending Bill

    The U.S. Senate on Saturday passed a $1.1 trillion omnibus spending bill for 2015, averting a government shutdown despite significant pushback against a contentious measure repealing much of the Dodd-Frank Act’s “swaps push-out” rule.