Asset Management

  • January 20, 2015

    LightSquared Cleared For Voting On Falcone-Backed Plan

    The judge presiding over LightSquared Inc.’s bankruptcy gave stakeholders the go-ahead Tuesday to vote on a restructuring plan but implored its proponents to make peace with Dish Network Corp. chairman Charlie Ergen, the wireless venture’s largest creditor and fiercest opponent.

  • January 20, 2015

    SIFMA Blasts FINRA, MSRB Bond Price Transparency Plan

    The Securities Industry and Financial Markets Association urged the Financial Industry Regulatory Authority and the Municipal Securities Rulemaking Board on Tuesday to drop their plans for boosting price transparency in the retail bond market and urged them to focus on getting more people to take advantage of existing online resources.

  • January 20, 2015

    BGC Hikes GFI Offer To $777M, Blows Past CME Bid

    Brokerage firm BGC Partners Inc. on Monday boosted its all-cash hostile bid for interdealer broker GFI Group Inc. to $777.75 million, shooting past rival CME Group Inc.'s $745.9 million offer, also made on Monday, as the bidding war for GFI continues to heat up.

  • January 20, 2015

    RI's $594M Tobacco Revenue Bonds Survive Oppenheimer Suit

    A Rhode Island state judge has shot down a challenge to a $594 million bond issue, saying the state's plan to sell the tobacco revenue bonds isn't unfair to OppenheimerFunds Inc. because the payouts on 2007 bonds don't constitute impermissible “amendments” to the agreements.

  • January 20, 2015

    Infrastructure Investor John Laing Eyes $198M London IPO

    Hedge-fund backed infrastructure investor John Laing Group PLC is seeking to raise £130 million ($197.5 million) in an initial public offering on the London Stock Exchange to fund new investments supporting global expansion, eight years after the storied British firm went private.

  • January 20, 2015

    Real Estate Rumor Mill: Blackstone, Mirach, Cammeby's

    Blackstone has inked a $1.7 billion apartment portfolio deal, while Mirach Capital is said to be banking that Sahara Group will default on $1.5 billion — giving the fund control of several prized hotels — and Cammeby's is said to have come out on top of a heated Manhattan tower bidding fight with a $90 million offer.

  • January 20, 2015

    Electricity-Focused InfraREIT Lines Up $400M IPO

    Electric transmission-focused InfraREIT Inc. set terms on Tuesday to raise $400 million in its initial public offering, as the Texas-based firm looks to tap into the need for electric infrastructure investment in the U.S. and weighs offers on four projects currently in the pipeline.

  • January 20, 2015

    Starboard Escalates Staples-Office Depot Merger Campaign

    Activist hedge fund Starboard Value LP on Tuesday pressed Staples Inc. to consider a takeover of Office Depot Inc., one of the company's biggest rivals, and said it could launch a proxy fight if the company doesn't pursue a deal.

  • January 20, 2015

    Ackman Poaches Kirkland M&A Veteran For Activist Fund

    Stephen Fraidin, a veteran mergers and acquisitions attorney with five decades' experience, said Tuesday he's leaving Kirkland & Ellis LLP to work full time for longtime client Bill Ackman's Pershing Square Capital Management LP hedge fund.

  • January 16, 2015

    Retail FX May Face New Rules, Inspections After Swiss Shock

    U.S. and European regulators on Friday responded cautiously to the financial havoc that hit foreign exchange dealers after the Swiss franc shock, but these watchdogs likely will be out examining firms' risk controls and looking for ways to tighten regulations to safeguard customer assets and boost company capital, attorneys say.

  • January 16, 2015

    Top Restructuring Firms Face Off In $10B Caesars Battle

    The long-awaited bankruptcy of Caesars Entertainment Corp.’s debt-laden operating unit has turned into a feeding frenzy for the nation’s top restructuring firms that tees up a rematch of the two that fought to the finish in the city of Detroit’s controversial Chapter 9.

  • January 16, 2015

    3rd Circ. Won't Reconsider Remand Of Short-Sale Suit

    The Third Circuit has declined to reconsider its decision to remand to New Jersey state court a racketeering and securities fraud suit alleging Merrill Lynch & Co. Inc., Knight Capital Americas LP, UBS Securities LLC and others engaged in manipulative naked short-selling, according to an order filed Thursday.

  • January 16, 2015

    Real Estate Rumor Mill: Georgetown, Donahue Schriber

    Georgetown Co. has paid $64 million for a Chicago mall, while Donahue Schriber is said to have bought a San Jose, California, shopping center for $111 million and Moishe Mana has dropped $35 million on a Miami redevelopment site.

  • January 16, 2015

    Credit Suisse Fight Will Shape Future Bank Penalties

    The question of whether Credit Suisse AG should get a waiver to manage roughly $2 billion in pension funds despite its guilty plea for aiding tax evasion has become a battle over how deep bank punishments should cut and could complicate future U.S. Department of Justice settlement negotiations.

  • January 16, 2015

    Arden, TPG Dodge Class Action Over $394M Gelson's Buy

    A California state judge has axed a consolidated shareholder class action alleging TPG Capital LP’s $394 million purchase of Delaware corporation Arden Group Inc.’s luxury supermarket chain Gelson's stiffed shareholders to enrich Arden's board, ruling the transaction appeared to be entitled to safe harbor protection under Delaware state law.

  • January 16, 2015

    As Deal Makers Sniff Out Insurance, One Segment Shines

    The first major insurance acquisition of 2015 landed on the books earlier this month, spotlighting a buzzing marketplace that in recent weeks planted the spotlight on rising interest in the property and casualty segment — one deal-making attorneys say will buoy activity for the foreseeable future.

  • January 16, 2015

    American Realty Accounting Woes Spark NY Securities Suit

    Four shareholders of American Realty Capital Properties Inc. lobbed a New York state court securities suit against the company on Thursday over its accounting irregularities in recent earnings reports, knocking ARCP for allegedly not revealing the full extent of the issue in its initial disclosure.

  • January 16, 2015

    Top Momentive Bondholders Again Fail In Collateral Suits

    A New York bankruptcy judge on Friday again rejected lawsuits accusing Momentive Performance Materials Inc. bondholders of stepping on higher-ranking creditors’ collateral rights, finding no impropriety in the junior group’s receipt of $7.1 million in legal fees from the debtor.

  • January 15, 2015

    Caesars Can't Duck Bondholders' Suit Over $155M Refi Deal

    A New York federal judge on Thursday declined to dismiss lawsuits brought by Caesars Entertainment Operating Co. Inc. noteholders challenging a $155 million refinancing deal they say ensured their debts will be wiped out in bankruptcy, ruling that the transaction was exactly what the Trust Indenture Act was designed to prevent.

  • January 15, 2015

    Caesars Ch. 11 Gambit Pits Creditors Against Apollo

    Years of creative financial engineering by the private equity firms that acquired Caesars Entertainment Corp. in 2008 will test if buyout sponsors can get away with extracting as much value as possible from a bad bet while leaving creditors unpaid in bankruptcy.