Private Equity

  • November 17, 2017

    Don't Miss It: Hot Deals & Firms We Followed This Week

    With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Dechert and Sullivan & Cromwell. Here, Law360 recaps the ones you might have missed.

  • November 17, 2017

    Deals Rumor Mill: Bain Capital, Comcast, Vale

    Bain Capital may buy a bankrupt Italian shipping company, Comcast is interested in buying a significant portion of 21st Century Fox, and Brazilian mining company Vale is hitting the brakes on plans to sell a significant stake in its New Caledonia nickel mine.

  • November 17, 2017

    Legacy Raises $300M In IPO To Buy Consumer Co.

    Legacy Acquisition Corp., a blank check company led by former Procter & Gamble Co. executives and private equity veterans who aim to acquire a consumer-oriented company, listed shares Friday after raising $300 million through an initial public offering.

  • November 17, 2017

    Lack Of SEC Enforcement Doesn't Mean PE Is Off The Hook

    The storm of U.S. Securities and Exchange Commission enforcement actions against private equity firms seems to have calmed, but industry players should beware that the regulator is still intent on policing improper practices throughout the financial world, meaning it could refocus on PE at any moment.

  • November 17, 2017

    Taxation With Representation: Andrews, Mayer, Jones, Delaby

    In this week’s Taxation With Representation, Marathon Petroleum dropped down $8.1 billion in assets to its master limited partnership, Caesars Entertainment acquired Centaur for $1.7 billion, Shanghai Pharma snapped up the China business of Cardinal Health for $557 million, and OMERS bought Trescal in a $788.6 million deal.

  • November 17, 2017

    3 Firms Guided Largest CMBS Loan In October

    Simpson Thacher & Bartlett LLP, Dechert LLP and Orrick Herrington & Sutcliffe LLP scored work on the largest commercial mortgage-backed securities loan in October, and that $955 million deal was one of numerous nine-figure loans that got done during the month.

  • November 16, 2017

    2 PE-Backed Cos. Unveil Secondary Offerings Worth $1B

    The market for secondary offerings was active Wednesday, with two private equity-backed companies — a window and door manufacturer and an industrial equipment company — announcing the pricing of secondary offerings that, combined, are worth just over $1 billion.

  • November 16, 2017

    ChinaCast Ch. 11 Confirmation Delayed Over Filing Issues

    The judge presiding over the bankruptcy case of ChinaCast Education Corp. abruptly adjourned the company's Chapter 11 plan confirmation hearing on Thursday, finding the debtor’s last-minute request for approval of a shareholder settlement and a post-petition financing adjustment troubling.

  • November 16, 2017

    PE Firm In Cartel-Linked Mexico Property Row Loses Fee Bid

    A California federal court on Thursday denied a private equity firm’s request for attorneys’ fees after arbitration in a dispute with a Mexican industrial real estate buyer who claimed the firm sold it a $15 million facility overrun by a drug cartel.

  • November 16, 2017

    Avenue Capital $6M MagnaChip Fraud Deal Tossed Again

    A California federal judge on Thursday refused for the second time to grant preliminary approval to a $6.2 million deal between MagnaChip Corp.'s majority shareholder Avenue Capital and the semiconductor products maker's common stock investors who sued for an alleged fraud scheme in which Avenue sold its shares at inflated prices.

  • November 16, 2017

    3rd Circ. Won't Revive RICO Claims Over Allied Bankruptcy

    The Third Circuit on Wednesday found that investment firm Yucaipa Cos. Ltd. had no standing for its $170 million RICO suit claiming two hedge funds conspired to wipe out its debt claim against bankrupt car hauler Allied Systems Holdings Inc.

  • November 16, 2017

    Aster Brings In €240M For Energy, Digital Investments

    Aster Capital, a venture capital investment firm focused on industries including consumer, digital and energy, has raised €240 million ($282.36 million) from investors, according to a Thursday statement.

  • November 16, 2017

    1Sharpe Capital Collects $500M From Investors

    Recently formed investment manager 1Sharpe Capital said on Thursday that it has raised $500 million from a group of private investors for an investment strategy focused on real estate-related loans that the Piedmont, California-based firm believes can deliver attractive returns.

  • November 16, 2017

    PE-Backed MPM Delays $350M IPO, Citing Adverse Markets

    Private equity-backed silicone producer MPM Holdings Inc. withdrew an estimated $350 million initial public offering late Wednesday, citing adverse market conditions, becoming the second company this week to pull an IPO because of market jitters.

  • November 16, 2017

    HFF Nabs $289M In Construction Funds For Calif. High-Rise

    Real estate developer and investment firm Bayview Development Group scored $288.8 million in construction financing from a private equity fund managed by Goldman Sachs Merchant Banking Division to be used for a pair of luxury apartment towers in San Jose, California, borrower-side broker Holliday Fenoglio Fowler LP said Thursday.

  • November 16, 2017

    Why More M&A Deals Are Being Canceled Before They Close

    Increased complexity in the dealmaking process and more intense regulatory scrutiny have led to a spike in the proportion of deals that end up falling apart, and legal advisers who can come up with novel solutions for these issues are in demand from companies that want their mergers to succeed.

  • November 15, 2017

    Chinese Companies Inject Life Into US IPO Market

    A sudden surge in Chinese initial public offerings is spilling over to the U.S., providing a shot in the arm to the IPO market and keeping deals lawyers who work on China-related offerings busy.

  • November 15, 2017

    Barclays Beats Employee's Sex, Race Bias Suit

    Barclays does not have to face claims it paid a Latina employee less than similarly situated men and laid her off because of her sex and race, a New York federal judge ruled Wednesday, finding that the bank presented legitimate explanations for each of the employment actions it took against her.

  • November 15, 2017

    CST Industries' $92M Stalking Horse Sale Gets Go-Ahead

    After more than a day of negotiations among bankrupt steel tank maker CST Industries Holding Inc., its creditors and its proposed buyers, a Delaware judge gave his approval Wednesday for a $92.9 million sale transaction that resolved objections from unsecured lenders.

  • November 15, 2017

    Ex-WL Ross Execs Want Answers On $48M Fund-Related Fees

    Three former WL Ross & Co. Inc. investment managers launched a lawsuit in New York court Wednesday alleging that the company hid the presence of more than $48 million in management fees charged to a trio of general partner companies established to oversee certain WL Ross private equity funds.

Expert Analysis

  • GP-Led Secondary Deals Are A New Way To Achieve Liquidity

    Michael Hong

    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.

  • Series

    Judging A Book: Kozinski Reviews 'The Judge'

    Judge Alex Kozinski

    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

    New Post-Recession Metrics For BigLaw Partner Success

    Peter Zeughauser

    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.

  • Opinion

    Time To Lift Student Loan Counseling Restrictions

    Christopher Chapman

    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.

  • Why You Should Consider Hyperlinking Your Next Brief

    Christine Falcicchio

    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 Facing Challenges In The Legal Industry

    Goodwin Liu

    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.

  • A BigLaw Ladies’ Guide To Becoming A 1st-Chair Trial Lawyer

    Sarah Rathke

    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.

  • Using Powers Of Attorney In Fund Financing Transactions

    Zachary Barnett

    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.

  • SEC's Pay-To-Play Universe Continues To Expand

    Zachary Parks

    Because capital acquisition brokers may act as placement agents in the sale of certain securities, the U.S. Securities and Exchange Commission is now proposing to expand its pay-to-play rules to include CABs. The rule may also encourage investment advisers to take certain steps, says Zachary Parks of Covington & Burling LLP.

  • 5 Tips To Ensure Proper Deposition Behavior

    Brian McDermott

    If conducted properly, depositions can be a powerful tool. At times, though, opposing counsel employ tactics to impede the examiner’s ability to obtain unfiltered, proper testimony from the deponent. By knowing and effectively using applicable rules and case law, however, deposing attorneys can take specific steps to combat these tactics, say attorneys with Ogletree Deakins Nash Smoak & Stewart PC.