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Asset Management

  • 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.

  • January 15, 2015

    Real Estate Rumor Mill: Travelers, Children's Aid, Temasek

    The Travelers Cos. is reportedly in discussions to sell its iconic Saint Paul, Minnesota, tower, while Children's Aid is said to have leased 26,000 square feet in Harlem and Temasek is reportedly teaming up with the Singapore Tourism Board on a project to turn a part of northern Singapore into a natural heritage area.

  • January 15, 2015

    Bridgepoint Investors Win Cert. In Failed Accreditation Suit

    A California federal judge on Thursday certified a class of Bridgepoint Education Inc. shareholders who claim the company misled them about the chances that its largest university would remain accredited, saying investors likely relied on the alleged misrepresentations during trading.

  • January 15, 2015

    RadioShack Faces Cash Deadline, May Soon Hit Bankruptcy

    RadioShack Corp. on Thursday hit a deadline to come up with $100 million to keep in compliance with its reworked credit facility, amid new reports that the troubled electronics retailer may file for bankruptcy protection as soon as early February.

  • January 15, 2015

    FINRA To Raise Heat On Firms In Broker Disclosure Push

    A dark chapter in a stockbroker's life could end up haunting his firm now that the Financial Industry Regulatory Authority has announced plans to probe compliance with rules on reporting things like convictions and liens that are disclosed in a public database about the industry's roughly 640,000 registered representatives.

  • January 15, 2015

    Ralph Nader Slams Credit Suisse Bid For ERISA Exemption

    Former presidential candidate Ralph Nader led the charge against Credit Suisse AG brass over whether the banking giant should be allowed to continue to manage roughly $2 billion in pension funds after pleading guilty to federal tax evasion earlier this year.

  • January 15, 2015

    JPMorgan Insurers' Public Policy Claim Revived In $200M Suit

    A New York appeals court on Thursday affirmed a lower court's ruling that a group of insurers can't invoke a fraud exclusion to avoid responsibility for $200 million that JPMorgan Securities Inc. paid regulators over market-timing trades, but the panel said the insurers can argue that public policy disfavors covering intentionally harmful conduct.

  • January 15, 2015

    Market Rumors: JPMorgan, 1MDB, ICBC

    JPMorgan Chase is said to have launched a $7.15 billion offering of senior notes, the largest since Bank of America's offering in March 2014, while Malaysia's second-richest man is mulling becoming a cornerstone investor in the planned $3 billion initial public offering of 1MDB's power assets.

  • January 15, 2015

    Freeport Pays $138M In Derivative Suit, Including Dividend

    Freeport McMoRan Copper & Gold Inc.'s board has reached a $137.5 million settlement in a derivative suit over $20 billion worth of energy company acquisitions that shareholders such as the Boston retirement system said were rife with conflicts of interest.

  • January 15, 2015

    Ex-CalPERS Exec. Kills Himself Before $3B Pay-To-Play Trial

    Ex-California Public Employees Retirement System board member and former Los Angeles Deputy Mayor Alfred Villalobos, who was accused in a notorious $3 billion pay-to-play investment scheme, died of an apparent suicide roughly five weeks before he was due to stand trial, authorities confirmed Thursday to Law360.

  • January 15, 2015

    Blackstone Drops $166M On 22-Story NY Office Tower

    Blackstone Real Estate Advisors LP has purchased a 22-floor Midtown Manhattan office tower that includes ground-floor retail for $165.7 million from L.H. Charney Associates Inc., according to a New York deed recorded on Wednesday.