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Private Equity
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March 25, 2024
Pilot For UK Billionaire Says Stock Tips Case Is Too Vague
A pilot charged with trading on insider stock tips from U.K. billionaire Joe Lewis told a New York federal judge Friday that prosecutors had failed to identify a piece of information that he knew was non-public, urging the court to toss the case.
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March 25, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's Court of Chancery, litigants battled as Truth Social went public, Carl Icahn and Tripadvisor hit a roadblock, and more shareholders wailed about "invasive" bylaws. Oil drilling and pharmaceutical mergers sparked new lawsuits, and a sewing machine trademark owner sued to end a contract.
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March 25, 2024
Trian, Blackwells Double Down On Disney Activist Campaigns
As The Walt Disney Company's annual shareholder meeting approaches, two activist investors are ramping up their campaigns against the storied entertainment company and imploring fellow shareholders to vote for their separate slate of director candidates at the April 3 gathering.
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March 25, 2024
MNC Capital Ups Vista Outdoor Takeover Bid To $3B
Dallas, Texas-based investment firm MNC Capital Partners on Monday upped its proposed takeover bid of Vista Outdoor Inc. by approximately $1 billion after the company rejected its initial offer, now offering roughly $3 billion to purchase the sporting and outdoor products company.
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March 25, 2024
Amex GBT To Buy CWT In Deal Valued At $570M
American Express Global Business Travel announced Monday that it has agreed to purchase CWT in a transaction that values the global business travel and meetings solutions provider at about $570 million.
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March 25, 2024
Northwind Breaks Office Lending Drought With $65M Loan
Northwind Group announced Monday it has loaned $65 million to the new owner of a 33-story Class A office building in Jersey City, New Jersey, known as Harborside 5, marking the first office loan the private equity firm has extended in three years.
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March 25, 2024
Kirkland Guides Ingersoll Rand On $2.3B ILC Dover Buy
Kirkland & Ellis LLP is representing Ingersoll Rand on a new agreement to buy ILC Dover from private equity firm New Mountain Capital for more than $2.3 billion, part of Ingersoll's plan to bolster its life sciences business, the industrial products company said Monday.
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March 25, 2024
FTX Clawbacks Unlikely To Help Bankman-Fried At Sentencing
FTX founder Sam Bankman-Fried probably won't find much success in arguing for a shorter prison term based on the billions of dollars recovered by the shuttered crypto exchange's bankruptcy estate, experts told Law360 ahead of this week's much-anticipated sentencing hearing.
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March 25, 2024
KKR To Complete £1.3B Takeover, Delist Smart Metering Co.
Private equity giant KKR said Monday that it will complete its £1.3 billion ($1.6 billion) takeover of a British energy infrastructure company and take its shares off the London Stock Exchange.
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March 22, 2024
Cheerleading Giant Varsity Spirit Must Face Antitrust Suit
A Texas federal court has refused to toss a suit accusing Varsity Spirit of working with competitive cheerleading governance bodies to boycott potential rivals and maintain its dominance over the sport.
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March 22, 2024
Trump Media SPAC CEO Accused Of Misleading Investors
A sponsor of the special-purpose acquisition company approved to take Donald Trump's social media website public has sued its CEO in Florida federal court, saying a "coup d'etat" was orchestrated to oust the former leader and mislead investors in an effort to assume control over the enterprise.
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March 22, 2024
Reddit's Robust Debut Bodes Well For Tech IPOs
Social media platform Reddit Inc.'s strong debut following its $748 million initial public offering could provide fresh momentum for a sizable pipeline of venture-backed technology companies exploring IPO plans, capital markets advisers say.
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March 22, 2024
Starboard Value Eyes Board Seats At Algonquin Power
Canadian utility company Algonquin Power & Utilities Corp. on Friday said its board of directors will review director nominees submitted by activist investor Starboard Value LP, who said the company's current board has a "long history of making value-destructive decisions" and needs to be refreshed.
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March 22, 2024
Legal Tech Execs Can't Arbitrate ESOP Valuation Fight
A legal technology company's executives and related entities can't arbitrate a proposed class action alleging they undervalued the company's shares when shutting down its employee stock ownership plan, thereby costing participants $35.4 million, a Georgia federal judge ruled, finding the plan's arbitration clauses blocked remedies allowed by federal benefits law.
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March 22, 2024
Lewis Brisbois Accused Of Filing 'Sham' Suits To Avert Fault
A group of 185 Chinese investors have accused Lewis Brisbois Bisgaard & Smith LLP attorneys of filing numerous lawsuits — and collecting $3.8 million in legal fees — to cover for failing to read "draconian" contract terms that led the investors to lose their $92.5 million stake in a $2.5 billion Los Angeles mixed-use development.
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March 22, 2024
87-Year-Old Billionaire Lewis Seeks No Jail For Insider Trading
Lawyers for British billionaire Joe Lewis have asked a Manhattan federal judge not to impose any prison time after his plea to insider trading, saying a term of probation is appropriate because the 87-year-old is "nearing the end of life in declining health."
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March 22, 2024
Galderma Starts Trading In Switzerland After Pricing IPO
Private equity-backed Swiss skincare company Galderma Group AG began trading publicly Friday after pricing its $2.4 billion initial public offering, marking the next stage of its growth trajectory.
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March 22, 2024
Trump Wins Investor Approval Of Truth Social SPAC Deal
Digital World Acquisition Corp. shareholders on Friday approved a proposal to acquire former President Donald Trump's social media platform, setting in motion long-delayed plans to take Trump's startup public despite unresolved litigation tied to the merger.
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March 22, 2024
KKR Becomes Controlling Shareholder In Smart Meter Co.
KKR said Friday that it has "significant control" over a British energy infrastructure company after more than 60% of shareholders tendered their shares to the U.S. private equity giant under a £1.3 billion ($1.6 billion) takeover offer.
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March 21, 2024
Burford, Sysco Get OK To Swap Bid In Price-Fixing Cases
An Illinois federal judge on Thursday agreed to allow an affiliate of legal investment firm Burford Capital to substitute for food giant Sysco in price-fixing litigation against broiler chicken producers, a ruling that comes a month after a Minnesota federal judge refused to allow the same Burford unit to substitute for Sysco in similar pork and beef price-fixing litigation.
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March 21, 2024
Chief Of Bogus PE Firm Gets 6 Years For $10M Affinity Fraud
The Colorado-based CEO of a purported investment firm faces nearly six years in prison after pleading guilty to securities fraud in connection with a $10.4 million scheme targeting West Point grads and involving claims he planned to invest in a trio of Italian cycling companies.
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March 21, 2024
Developer Says Partner Mishandled Funds In Denver Project
A real estate developer and a related online platform have accused a hedge fund in Colorado state court of misusing grant money and owing fees for a Denver commercial housing project.
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March 21, 2024
Varsity Cheer Victim Sees Claims Cut In NC Sex Abuse Suit
Two North Carolina cheer coaches and the U.S. All Star Federation have escaped claims they flouted federal law by failing to report the sexual abuse of a young athlete, with a judge finding they can't be held liable for "aiding and abetting" the alleged abuse.
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March 21, 2024
UpHealth Claims $110M Win In Glocal Control Fight
Global digital health company UpHealth Inc. says an arbitral panel has awarded it more than $110 million following a dispute that arose out of its subsidiary's acquisition of Glocal Healthcare Systems in 2020 — even as Glocal decried the award as "one-sided and perverse."
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March 21, 2024
Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties
The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.
Expert Analysis
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Steps To Success For Senior Associates
Excerpt from Practical Guidance
Adriana Paris at Rissman Barrett discusses the increased responsibilities and opportunities that becoming a senior associate brings and what attorneys in this role should prioritize to flourish in this stressful but rewarding next level in their careers.
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Legal Profession Must Do More For Lawyers With Disabilities
At the start of Disability Pride month, Rosalyn Richter at Arnold & Porter looks at why lawyers with disabilities are significantly underrepresented in private practice, asserting that law firms and other employers must do more to conquer the implicit bias that deters attorneys from seeking accommodations.
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Opinion
The Supreme Court Can't Fix The SEC's In-House Court Issue
The U.S. Supreme Court agreed to hear an appeal of the Fifth Circuit's decision in Jarkesy v. U.S. Securities and Exchange Commission that, if upheld, could shutter the in-house courts used by the SEC to litigate many of its enforcement cases, but a constitutional challenge to these courts is probably too blunt an instrument for the job, says David Slovick at Barnes & Thornburg.
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Opinion
Appellate Funding Disclosure: No Mandate Is Right Choice
The Advisory Committee on Appellate Rules' recent decision, forgoing a mandatory disclosure rule for litigation funding in federal appeals, is prudent, as third-party funding is only involved in a minuscule number of federal cases, and courts have ample authority to obtain funding information if necessary, says Stewart Ackerly at Statera Capital.
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How NY Law Affects Scrutiny Of Health Care PE Transactions
A recently passed New York law will strengthen pretransanction notification requirements for health care entities — particularly those backed by private equity — but contains several ambiguities that will hopefully be clarified before the law takes effect in August, say attorneys at Norton Rose.
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Case Law Is Mixed On D&O Coverage For Gov't Investigations
As the Fourth Circuit’s recent decision in Brown Goldstein v. Federal Insurance Co. demonstrates, federal appeals courts take different approaches to determine whether government investigations are covered by directors and officers liability insurance, so companies and individuals must review their policy language, say Chloe Law, Jan Larson and Caroline Meneau at Jenner & Block.
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Using Agreements To Cover Gaps In Hydrogen Storage Regs
The Inflation Reduction Act's incentives for energy storage have spurred investment in hydrogen storage and production, but given the lack of comprehensive regulations surrounding the sector, developers should carefully craft project and financing agreements to mitigate uncertainties, say Omar Samji and Sarah George at Weil, and attorney Manushi Desai.
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What To Know About FTC's Merger Filing Proposal
Attorneys at Simpson Thacher dissect the Federal Trade Commission's recent proposal to overhaul the premerger notification process — discussing the proposal's requirements, comparing peer jurisdictions' premerger regimes, and reviewing the implementation process for a final rule change.
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Financial Cos. At Risk In Feds' Off-Channel Messaging Sweep
With the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission taking an increased interest in off-channel communications in the financial services industry, it is imperative that regulated companies ensure that employees understand and follow proper protocols for business-related messages, say attorneys at Sheppard Mullin.
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How Attys Can Avoid Exposing Their Firms To Cyberattacks
Attorneys are the weakest link in their firms' cyberdefenses because hackers often exploit the gap between individuals’ work and personal cybersecurity habits, but there are some steps lawyers can take to reduce the risks they create for their employers, say Mark Hurley and Carmine Cicalese at Digital Privacy & Protection.
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Foreign Investment In Real Estate Is Getting More Complicated
Increasing federal scrutiny and a proliferation of new state laws targeting foreign investment in real estate may complicate or prevent transactions even by U.S. companies or funds that have shareholders or limited partners from China and other countries of concern, say attorneys at Akin.
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Virginia 'Rocket Docket' Slowdown Is Likely A Blip
After being the fastest or second-fastest federal civil trial court for 14 straight years, the Eastern District of Virginia has slid to 18th place, but the rocket docket’s statistical tumble doesn't mean the district no longer maintains a speedy civil docket, says Robert Tata at Hunton.
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Home Equity Option Contracts Appear Ripe For Rating
Given that home equity option contracts share similarities with evolving asset types like litigation funding, and that courts continue to characterize them as real estate option contracts, it seems they are poised to be rated in the near future, say Darius Horton and Holly Spencer Bunting at Mayer Brown.
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Broadcast Deal Parties, Beware In-House FCC Hearings
Potential buyers and sellers in the telecom space should take note of the recent collapse of Standard General's attempted takeover of Tegna, which could not find its way out of a procedural maze created by the Federal Communications Commission's administrative law judge review, says Dennis Corbett at Telecommunications Law Professionals.
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'Varsity Blues' Reversal May Inform Conspiracy Defenses
The First Circuit’s recent decision vacating the convictions of two “Varsity Blues” defendants provides potential support for creative arguments against conspiracy charges, particularly where defense counsel can show competition or indifference among alleged co-conspirators, say Cormac Connor and Emily Mikes at Husch Blackwell.