Three collateralized loan obligation funds created by Patriarch Partners LLC magnate Lynn Tilton have gone after their founder, accusing her in a fraud suit filed Monday in New York federal court of mismanaging the Zohar funds and stealing more than $1 billion from them, putting them at risk of default.
Seven companies launched initial public offerings totaling $1.7 billion on Tuesday, led by an estimated $650 million IPO from private-equity-backed oil and gas explorer Jagged Peak Energy, joined by two manufacturers and a bevy of smaller biotechs in the year's first burst of deals.
German nursing home operator Vitanas could sell for up to €550 million; India's Tata Group intends to increase the stakes it owns in a number of its own listed companies, including an automaker; and emerging economy-focused private equity shop Abraaj Group is interested in buying a stake in Barclays' South African business.
Claire’s Inc., a jewelry and accessories retailer for girls and young women, said that it would pull its planned initial public offering on Tuesday, marking the latest setback for the specialty retailer and its thousands of stores around the world, in what has been a tenuous environment for retailers.
Mobile app Letgo, which allows users to buy and sell items locally, has received $175 million in growth equity from a group of private investors that includes Accel Partners and South Africa-based Naspers Ltd., the companies said Tuesday.
Elliott Management and Bluescape Energy revealed Tuesday that they together hold a 9.4 percent stake in NRG Energy and are considering nominating directors, marking the first time a hedge fund and a private equity firm joined forces on an activist campaign.
SkyBridge Capital has been sold, and founder Anthony Scaramucci, an adviser to President-elect Donald Trump who recently met with the head of Russia’s sovereign wealth fund to discuss potential future business relations, has severed all ties with the New York private investment firm.
Rev Group Inc., a private equity-backed maker of emergency and specialty vehicles, set terms Tuesday for an initial public offering expected to bring in around $250 million, with guidance from Davis Polk & Wardwell LLP.
An Illinois federal judge on Tuesday signed off on a plan that lifts Caesars’ underwater operating unit out of Chapter 11 bankruptcy two years after the subsidiary filed for the court’s protection, saying it couldn’t keep up with its $18 billion in debt.
Houston, Texas-based private equity firm Rock Hill Capital Group LLC said Tuesday that it has closed its third fund after raking in $150.6 million from limited partners, with plans to invest in lower middle market companies within the industrial products and service sectors.
The newest deal team to join Dechert LLP’s Hong Kong office clocked a busy first two weeks, with the team of former Cadwalader Wickersham & Taft LLP attorneys sealing five separate transactions.
Deals lawyers say they emerged from JPMorgan’s annual health care conference energized for an uptick in activity — in stark contrast to last year’s gloomier vibe — despite the uncertainty that looms regarding the fate of Obamacare and the Trump administration’s drug pricing policies.
An Iowa farm cannot be held liable for a California state tax on businesses operating in the state on the grounds of a small stake in an investment fund, a California appeals court ruled Thursday, saying the investment does not constitute doing business in the state.
A shareholder of online diamond retailer Blue Nile Inc. filed a challenge to the $500 million take-private bid of Bain Capital Private Equity LP in Delaware’s Chancery Court Friday, saying the proxy statement outlining the deal failed to disclose important information about financial projections.
A blank check company formed by private equity firm The Gores Group priced a $375 million initial public offering on Thursday, with guidance from Weil Gotshal & Manges LLP, as it looks to make acquisitions in industries within its management's expertise.
Canadian energy infrastructure company AltaGas could pay up to $6 billion for Washington, D.C.-based natural gas utility WGL Holdings, telecommunications equipment manufacturer Arris International is in talks to buy Brocade Communications’ networking equipment business and private equity-owned ski resort operator Intrawest Resorts is on the chopping block.
Blackstone’s energy-focused private equity business and Sanchez Energy Corp. said Wednesday they’ve teamed up in a 50-50 partnership to buy Anadarko Petroleum Corp.’s working interest in a South Texas oil and gas shale play for $2.3 billion in a deal guided by Kirkland & Ellis LLP.
In this week’s Taxation With Representation, The Williams Cos. Inc. is undertaking an $11.4 billion repositioning of its financial relationship with its master limited partnership, Japanese pharmaceutical company Takeda is purchasing an oncology-focused firm in Massachusetts for $5.2 billion, and a new partnership will buy controlling stakes in McDonald’s in China and Hong Kong for $2.08 billion.
The U.S. Securities and Exchange Commission announced on Thursday that a New York venture capital fund manager agreed to pay it $8 million in disgorgement for allegedly operating a $5 million Ponzi scheme involving fake purchases of Twitter and Uber shares.
A private fund affiliated with Brookfield Asset Management Inc. committed to a $400 million investment in American Realty Capital Hospitality Trust Inc. on Friday, addressing the real estate investment trust’s short-term financing needs and aligning it for future growth, the REIT said.
After a full year in effect, the amended Federal Rule of Civil Procedure 37(e) has been tested in a variety of district courts. A sampling of these decisions reveals that courts seem to be adhering closely to the amended rule and ordering adverse inference instructions only where there was intent to deprive another party of access to relevant information, say Carrie Amezcua and Samantha Southall of Buchanan Ingersoll & Rooney PC.
Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.
When acquiring and investing in companies, it is critical to evaluate and mitigate the risk of both previous and future violations of the Foreign Corrupt Practices Act. Mark Mendelsohn and Peter Jaffe of Paul Weiss Rifkind Wharton & Garrison LLP discuss unique challenges for investors and essential considerations for mergers and acquisitions.
As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.
Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.
The natural tendency of Democrats will be to criticize President-elect Donald Trump's nominee for U.S. Securities and Exchange Commission chairman as a “Wall Street insider” who won’t be sensitive to regular working-class Americans. I’m a registered Democrat and would enjoy being able to criticize Trump’s selection, but I’ve known Jay Clayton since 1995 and he is no ideologue, says Kevin Lavin of Arnold & Porter Kaye Scholer LLP.
The Delaware Chancery Court relied entirely on the merger price to determine “fair value” in Merion Capital v. Lender Processing Services, confirming that an appraisal award likely will not exceed the merger price in a nonaffiliated transaction where there was a pre-signing market check with “meaningful competition,” say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Aerial tramways have been used in a number of U.S. cities for public transport in recent years. Now, aerial gondola lifts are being considered for moving commuters and tourists in New York City, Miami, Philadelphia, Chicago and elsewhere, and the public-private partnership model is emerging as a favored way of delivering and maintaining these green and cost-efficient systems, says Frank Rapoport of Peckar & Abramson PC.
The contours and terms of an M&A transaction are as important as the question of whether there is a “controlling” stockholder to a court’s determination of whether — and to what extent — the more onerous entire fairness standard will be applied, say Daniel Wolf and Gilad Zohari of Kirkland & Ellis LLP.
The April 2016 leak of "Panama Papers" documents from law firm Mossack Fonseca removed any doubt that the threat of cyberattacks against the legal industry is more than hypothetical. While the case law on law firm data breach litigation has largely yet to be written, there are certain fundamental tenets worth reviewing, say Scott Vernick and Peter Buckley of Fox Rothschild LLP.