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Private Equity

  • November 28, 2018

    PE Manager To Face Contempt Hearing In Hospital's Ch. 11

    A Dallas-based private equity manager cannot delay a Texas bankruptcy court set to conduct a hearing in December on whether he should be held in contempt for wrongfully paying his firm millions after assisting in the Chapter 11 reorganization and sale of an Austin hospital, a judge said Tuesday.

  • November 28, 2018

    IRS Rules Threaten Broad Reach For Interest Deduction Cap

    A limitation that U.S. lawmakers placed on business’ ability to write off interest paid on loans may become even more restrictive under an expanded definition of interest recently proposed by the U.S. Department of the Treasury.

  • November 28, 2018

    Fairway Energy Cleared To Tap $20M Del. Ch. 11 DIP Loan

    Bankrupt Fairway Energy LP won court approval Wednesday to tap the first $6 million of a $20 million Delaware Chapter 11 loan after assuring equity holders that the oil storage company would “shop” for a better borrowing deal as it pursues a company sale.

  • November 28, 2018

    'Stock Promoter' Made Sham Trades To Lure Investors: SEC

    The U.S. Securities and Exchange Commission filed a complaint in Massachusetts federal court Wednesday alleging the founder of private equity firm Ridgeview Capital Partners LLC placed buy and sell orders simultaneously to give others a false impression of trading activity.

  • November 28, 2018

    Deals Rumor Mill: Sears, Murphy Oil, GSK

    Cyrus Capital Partners could team up with the Sears chairman’s hedge fund to bid for Sears, Murphy Oil Corp. is reportedly discussing a deal to sell Malaysian oil and gas assets, and Unilever is the leading bidder for GlaxoSmithKline’s Indian consumer health unit.

  • November 28, 2018

    Goodwin-Led Biotech Co. Moderna Sets Sights On $500M IPO

    Massachusetts-based biopharmaceutical firm Moderna Inc. on Wednesday said it expects to bring in $500 million at the midpoint of its price range for its upcoming initial public offering, led by Goodwin Procter LLP.

  • November 28, 2018

    AMCI Closes $220M IPO To Acquire Natural Resources Co.

    AMCI Acquisition Corp. on Tuesday closed on an initial public offering that raised more than $220 million, represented by Ellenoff Grossman & Schole LLP, money the blank check company will use to pursue an acquisition in natural-resources related industries.

  • November 28, 2018

    Bandera Partners Seeks Shake-Up On Luby's Board

    Bandera Partners LLC on Wednesday issued a public letter to the board of directors for Luby’s Inc., the Texas-based restaurant group behind Fuddruckers and other eateries, saying the debt-ridden company has failed to turn things around and should consider the addition of five new directors.

  • November 28, 2018

    How To Make The Most Of Impact Fund Formation

    As private equity and other investors increasingly consider the effects their investments will have on society, attorneys should spend time becoming familiar with the formation process for so-called impact funds, which aim to contribute to social good, while staying abreast of the unique legal challenges that may arise.

  • November 28, 2018

    Maverick Capital Keeps Claims In Solar Fraud Suit

    An Arizona federal judge has refused to toss the bulk of claims made by funds associated with Maverick Capital Ltd. that accused First Solar Inc. of misrepresenting the success of its solar projects in a scheme that cost investors after the problems were revealed and the stock crashed.

  • November 28, 2018

    Davies Ward, Osler Hoskin Steer $150M Plusgrade Investment

    Canadian institutional investor Caisse de dépôt et placement du Québec has agreed to make a CA$200 million ($150.7 million) investment in private equity-backed travel-software company Plusgrade, the companies said Wednesday, in a deal steered by Davies Ward Phillips & Vineberg LLP and Osler Hoskin & Harcourt LLP.

  • November 28, 2018

    Investcorp Drops $311M On 6 Properties In Fla., Texas, Utah

    Investment adviser Investcorp on Wednesday said it has bought six multifamily properties boasting a combined 2,876 units in Florida, Texas and Utah for $311 million.

  • November 27, 2018

    Body Glove Owner Put Squeeze On Asia Licensee, Jury Told

    The Asia licensee for surf brand Body Glove told a California federal jury during opening statements Tuesday that Body Glove's new private equity owner breached their deal, using "bullying tactics" in a wrongful bid to take back rights to sell in that region without paying.

  • November 27, 2018

    Tesla Tweet Suits Combined With Levi & Korsinsky At Helm

    A California federal judge on Tuesday chose a Levi & Korsinsky LLP-represented trader as lead plaintiff in a slew of class actions seeking to hold Tesla and Elon Musk accountable for two August tweets that roiled the company’s stock price.

  • November 27, 2018

    Brazil Utility Cancels Offering, Citing Market Woes

    Brazilian electric utility Light SA on Tuesday said it stopped weighing a potential share offering after its three controlling shareholders disapproved of part of the potential plans at a Monday meeting due to market conditions.

  • November 27, 2018

    Sears Gets OK For $2B In DIP Financing

    A New York bankruptcy judge Tuesday gave Sears Holding Corp. permission to take out more than $2 billion in debtor-in-place financing after last-minute talks and bidding cleared up creditor objections to a portion of the financing agreement.

  • November 27, 2018

    'Idol' Lenders Grilled Over Apollo Fraudulent Transfer Suit

    A New York bankruptcy judge on Tuesday pressed attorneys for creditors of the failed company behind “American Idol” to justify fraudulent transfer claims accusing Apollo Global Management of sinking the company by making a valid prepetition payment to cover a $93 million case judgment.

  • November 27, 2018

    Calif. Developer Tries To Dodge SEC EB-5 Fraud Claims

    A California real estate developer asked a federal court on Monday to toss allegations by the U.S. Securities and Exchange Commission that he was involved in a scheme to defraud Chinese investors out of $9.5 million through the EB-5 visa program.

  • November 27, 2018

    Deals Rumor Mill: Bain, Goodnight Midstream, Meraas

    Bain Capital is mulling a deal for German lighting maker Osram Licht, Goodnight Midstream could either sell itself or go public, and Brookfield Asset Management is considering investing in Emirati real estate company Meraas.

  • November 27, 2018

    Fairway Energy Hits Del. Ch. 11 With $100M Debt, Sale Aim

    Houston-based underground oil storage company Fairway Energy LP sought Chapter 11 protection in Delaware late Monday after hitting the edge of default on most of its $100 million debt, with an initial filing reporting plans for a bankruptcy sale.

Expert Analysis

  • Kavanaugh Cannot Be Compelled To Recuse Himself

    Donald Scarinci

    Whether Justice Brett Kavanaugh’s prior statements may be grounds for disqualification when it comes to judging certain cases is debatable, but there are no specific recusal guidelines for the U.S. Supreme Court. The justices themselves don’t even agree on where to draw the line when it comes to perceived political bias, says Donald Scarinci, a founding partner of Scarinci Hollenbeck LLC.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Rob MacAdam

    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Recent Trends In Shareholder Activism

    Warren de Wied

    Despite poor financial performance among activist funds, the number of public campaigns has increased sharply. Attorneys with Fried Frank Harris Shriver & Jacobson LLP explore the themes in this year's campaigns, the impact on M&A and board concentration, and how companies must respond.

  • Limiting The Scope Of Discovery Through Contract

    Brian Koosed

    Carefully drafted provisions in M&A and other transaction documents can be used to preemptively restrict some of the parties’ discovery rights in future litigation. There is strong reason to believe that courts will find such provisions to be enforceable, say attorneys with K&L Gates LLP.

  • Opinion

    Skip The New 'Civility Courses' And Think Like A Lawyer

    Alex Dimitrief

    As we watch what passes for political discourse in our nation’s capital, it’s understandable that universities are launching programs on how to cope with ideological disputes. But our country needs fewer people who profess to be open-minded and more people who engage in and honor the conclusions of reasoned debates, says Alex Dimitrief of General Electric Co.

  • Beware Pitfalls In Private Equity Secondary Transactions

    Katherine Ashton

    The U.S. Securities and Exchange Commission's recent settlement with VSS Fund Management shows that secondary liquidity solutions for private equity funds can be rife with conflicts of interest, say attorneys with Debevoise & Plimpton LLP.

  • Why Law Firms Should Monitor The Dark Web

    Anju Chopra

    Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.

  • Does Rule 45 Protect Nonparties From Undue Burden?

    Matthew Hamilton

    Interpretations of Rule 45 protections vary but what's clear is that "undue burden" does not mean no burden at all. To avoid the costs of compliance with a subpoena, a nonparty should be ready to demonstrate its disinterest in the litigation and the anticipated cost and burden of compliance, say attorneys at Pepper Hamilton LLP.

  • How US And EU Sanctions Clash With Russian Antitrust Laws

    Stefan Weber

    U.S. and EU sanctions on Russia are forcing many international companies to carefully evaluate and restructure their contractual relationships with Russian counterparties. In this process, Russian antitrust law provides obstacles that may be difficult to overcome in some situations, say attorneys with Noerr Consulting AG.

  • How Corporate Reputation Risk Is Exacerbating D&O Liability

    Nir Kossovsky

    At a time when the materiality of corporate reputation risk is widely recognized, but institutional safeguards against that risk are not, what are the implications for directors and officers? The current state of play is not comforting, says Nir Kossovsky of Steel City Re.