Women’s footwear maker and marketer Aerogroup International Inc. and key lenders cobbled together a proposed $21 million interim financing blueprint in the company’s Delaware Chapter 11 late Thursday, heading off an end-of-week cash crunch and debtor-in-possession loan fight.
MongoDB Inc., a software startup that ranks among the so-called "unicorns," has raised $192 million by offering 8 million shares at $24 per share in an initial public offering that priced above its range, the software startup said late Wednesday as IPOs pick up this month.
The American arm of the Benihana restaurant chain asked the Second Circuit on Wednesday not to revive a suit alleging it tried to force its international counterpart into handing over that counterpart's franchises, arguing that a lower court properly held the America arm was acting in its economic best interest.
Ride-hailing service Lyft Inc. scored $1 billion in a financing round led by Google affiliate CapitalG, lifting its valuation to $11 billion with an investment that also added a board member to the California-based company, according to a Thursday statement.
Multiple private equity firms are vying for Unilever's multibillion-dollar margarine and spreads business, U.K.-based easyJet Airline will buy assets from bankrupt Air Berlin, and China's Sinochem is readying a Hong Kong initial public offering of shares in its main oil assets.
The law firm that represented Ybrant Media Acquisition Inc. in its now-dismissed Chapter 11 case does not have to return payments from an unauthorized Ybrant subsidiary, a New York bankruptcy judge ruled Thursday, saying a mistake was made but it’s clear the company just wants to pay its legal fees.
Riordan Lewis & Haden Equity Partners on Thursday said it has closed its new fund at $510.6 million after strong interest from new and existing limited partners prompted the California-based private equity firm to increase the fund's original hard cap.
A Delaware bankruptcy judge on Wednesday shot down a $25 million Chapter 11 debtor-in-possession loan deal sought by bankrupt Aerogroup International Inc., telling an attorney for the shoe producer and retailer that “the terms proposed are a nonstarter for me.”
A private equity fund sitting on a $66 million class action judgment against now-bankrupt ChinaCast Education Corp. may be able to sue the debtors’ insurers for payment without stepping on the toes of the company or other creditors, a New York bankruptcy judge observed Wednesday, encouraging the sparring parties to negotiate.
An Italian private equity infrastructure fund manager is seeking to raise at least $3.5 billion, Advent International is selling its stake in a Spanish explosives maker that was founded by the inventor of dynamite, and Canadian retailer Roots raised $160 million in its IPO.
Private equity-backed water treatment systems and services company Evoqua Water Technologies launched an estimated $500 million initial public offering on Wednesday, advised by Fried Frank Harris Shriver & Jacobson LLP.
Software-as-a-service company Duo Security Inc. said Wednesday it has raised $70 million in a new round of funding that pushes the venture-backed cybersecurity firm into so-called “unicorn” territory at a valuation of $1.17 billion.
Canadian retail software company Lightspeed POS said Wednesday it had closed a $166 million Series D investment, led by Caisse de Dépôt et Placement du Québec, bringing the total amount the company has raised to $292 million.
New York-based Assurant Inc., led by Willkie Farr & Gallagher LLP, said in a Wednesday statement it will snap up private-equity-backed The Warranty Group for $1.9 billion, as the insurance company looks to expand its global reach.
Investment manager Investcorp said Wednesday it will acquire Kee Safety Ltd., a U.K.-based supplier of guardrail and other safety products, from private equity firms Dunedin LLP and Lloyds Development Capital Ltd. for $370 million (£280 million) as Investcorp aggressively pursues a new growth strategy.
Spectrum Equity, a tech-focused growth equity shop with offices in Boston and San Francisco, has closed its latest fund after raising $1.25 billion from investors, with plans to invest in information services, software and internet companies, the firm said Wednesday.
The investment advisory affiliates of BlackRock and other financial services firms have blasted a push by Wells Fargo to make them help pay any judgments that the bank may be found to owe the firms’ funds in a suit over its handling of 12 residential mortgage-backed securities trusts, saying the bank is bogging down an already-complicated case.
Pharmaceutical giant Impax Laboratories Inc. has agreed to combine with privately held Amneal Pharmaceuticals LLC in an all-stock deal that will create in New Jersey the nation’s fifth-largest generics maker, which the duo said will rake in at least $1.75 billion in net revenue this year.
After winning a $66 million judgment against now-bankrupt ChinaCast Education Corp., private equity fund Jayhawk continued fighting Monday for payments from ChinaCast insurers, telling a New York bankruptcy judge its pursuit is not an “asset grab” but the logical outcome of the situation.
Insurer Confie Seguros Holding II Co. is urging an Illinois federal court to greenlight its securities fraud suit against the owners of an auto insurance network, brushing aside motions to dismiss and calling the $100 million scheme “so blatant” that Hollywood would reject it as "too outrageous" if it were a movie script.
Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.
Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.
Until recently, general partner-led secondary transactions have generally been associated with “zombie funds” with lingering, hard-to-sell assets. But recent headline-grabbing deals signal a sea change of transactions with broader purposes and broader acceptance, says Michael Hong of Paul Weiss Rifkind Wharton & Garrison LLP.
In their new book, "The Judge: 26 Machiavellian Lessons," do Ronald Collins and David Skover prove their thesis that hypocrisy is the key to judicial greatness? Some of the examples they present are hard to dispute, says Judge Alex Kozinski of the Ninth Circuit.
Financial Crisis Anniversary
After nearly a decade of recession-accelerated change in the legal industry, “merit-based” compensation has largely come to mean measuring attorney success using some combination of origination and working attorney hours metrics. However, there are signs that the real impact of the recession is still around the corner, and that building a book isn’t enough, says Peter Zeughauser of Zeughauser Group.
While it lends more than $100 million each year to our nation’s college students — including law students — the U.S. Department of Education surprisingly limits loan counseling to one-time entrance counseling for first-time student borrowers. Is this rational? asks Christopher Chapman, president of AccessLex Institute, a nonprofit focused on access to legal education.
The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.
Asian-Americans are the fastest-growing minority in the legal profession, but recent studies confirm their underrepresentation among partners, prosecutors, judges and law school administrators. We must take action, say Goodwin Liu, associate justice of the California Supreme Court, and Ajay Mehrotra of the American Bar Foundation.
Judge Shira Scheindlin recently published an op-ed in The New York Times discussing the statistical truth that law firms have poor representation of female attorneys as first-chair trial lawyers. Backed by data collected by the New York State Bar Association, Judge Scheindlin’s observation is not merely anecdotal. But it doesn’t have to be inevitable, says Sarah Rathke, a partner and trial lawyer at Squire Patton Boggs LLP.
Powers of attorney offer lenders rights in connection with a fund’s ability to call capital contributions from investors. Drafted properly, POAs can provide a lender with the ability to take immediate action after a triggering event, such as an event of default, say attorneys with Mayer Brown LLP.