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Private Equity
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April 04, 2024
Kiss Sells Their Souls To PE Fund, Throws In Music Too
Less than a year after playing their final show, members of '70s rock band Kiss said on Thursday that they're selling off their intellectual property to a private equity outfit owned by the guitarist of ABBA who is already promising investors that "plans for a biopic, an avatar show, and a Kiss-themed experience are already in the works."
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April 04, 2024
Latham Led Firms In 1st Quarter IPOs As Outlook Brightens
Latham & Watkins LLP guided the most initial public offerings among law firms in the year's first quarter, benefiting from an improved fundraising climate that is spreading optimism for IPO lawyers at many firms as the second quarter unfolds.
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April 04, 2024
SEC Fines Adviser Senvest $6.5M In Texting Probe Case
Investment adviser Senvest Management LLC has agreed to pay the U.S. Securities and Exchange Commission $6.5 million for its failure to hold on to certain electronic communications, the SEC said, expanding the list of settlements the agency has secured with firms in recent months over off-channel texting violations.
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April 04, 2024
Brett Favre Fights To Revive Miss. Defamation Suit In 5th Circ.
Retired NFL quarterback Brett Favre is arguing to the Fifth Circuit that fellow Hall of Fame inductee Shannon Sharpe's broadcast comments about his alleged involvement with a huge Mississippi welfare fraud could not be excused as hyperbole, in an attempt to revive a defamation suit against Sharpe.
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April 04, 2024
Novo Holdings, Catalent Reset Review Clock On $16.5B Deal
Novo Nordisk Foundation has given the Federal Trade Commission more time for an initial review of Novo Holdings' plan to acquire Catalent in a deal that values the pharmaceutical services company at $16.5 billion.
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April 04, 2024
Large-Cap PE Specialist Moves To Sidley From Paul Weiss
A veteran private equity attorney has joined Sidley Austin LLP's mergers and acquisitions and private equity practice in New York from Paul Weiss Rifkind Wharton & Garrison LLP, where he told Law360 in a Thursday interview that he will continue representing large cap private equity firms amid an anticipated uptick in both platform acquisitions and exits.
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April 04, 2024
UK Billionaire Lewis Avoids Prison For Insider Trading
A New York federal judge on Thursday sentenced British billionaire Joe Lewis to three years of probation for feeding his girlfriend and private-jet pilots nonpublic stock tips about his private equity firm's portfolio companies, saying a prison term would put the 87-year-old at "serious risk" of death.
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April 04, 2024
Ex-CEO Reaches Legal Fee Agreement With Trump-Tied SPAC
A Delaware vice chancellor has signed off on an agreement between Donald Trump-tied Digital World Acquisition Corp. and its former CEO to have the venture pay his legal costs related to federal probes and litigation in multiple states.
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April 04, 2024
Top M&A Advisers Of Q1 Include Kirkland, Skadden
Global law firms Kirkland & Ellis LLP, Skadden Arps Slate Meagher & Flom LLP, Goodwin Procter LLP and Wachtell Lipton Rosen & Katz were among the most active legal counsel providers for global mergers and acquisitions in the first quarter of this year, according to a new report from the London Stock Exchange Group.
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April 04, 2024
Kirkland-Led SK Capital Raises $2.95B For 6th PE Fund
Kirkland & Ellis LLP-advised private equity shop SK Capital Partners LP announced Thursday that it closed the latest vintage of its flagship private investment strategy after securing $2.95 billion of capital commitments.
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April 04, 2024
Deals Rumor Mill: Alphabet, Honeywell, Syngenta IPO
Google parent Alphabet is exploring whether to make an offer to acquire software company HubSpot; Chinese regulators encouraged pesticides giant Syngenta to pull its $9 billion IPO over concerns it could unsettle China's volatile market, and Honeywell wants to sell its personal protective equipment unit. Here, Law360 breaks down these and other notable deal rumors from the past week.
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April 04, 2024
IT Firm ConvergeOne To Wipe $1.6B Of Debt In Ch. 11
Information technology company ConvergeOne Holdings Inc. received preliminary approval for a disclosure statement Thursday that describes its plan to slash $1.6 billion from its balance sheet in a prepackaged Chapter 11.
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April 04, 2024
Contract Tool Latch Rebrands To Ivo, Raises $4.8M Investment
Latch, a contract software company that uses generative artificial intelligence, changed its name to Ivo and secured $4.8 million in new funding on Thursday.
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April 03, 2024
UK Billionaire Lewis Agrees To $1.64M Insider Trading Penalty
British billionaire Joseph Lewis has agreed to pay $1.64 million to settle the U.S. Securities and Exchange Commission's civil claims he fed confidential tips to his personal pilots and then-girlfriend after pleading guilty to related criminal charges earlier this year.
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April 03, 2024
Investors Want $1.5B Penalty Awarded After PE Buyout
A group of investors is seeking to enforce a $1.5 billion judgment stemming from a 2005 private equity acquisition of Greece-based Tim Hellas Telecommunications SA that it claims ultimately enriched PE firms TPG Inc. and Apax Partners LLP to the detriment of other investors.
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April 03, 2024
NFL Helmet Maker Riddell Receives $400M PE Investment
NFL helmets maker Riddell Inc., advised by Lowenstein Sandler LLP, will get a $400 million infusion from King & Spalding LLP-led private equity firm BC Partners Credit, in an effort to advance the company's role in the game of football and put money in the pocket of current investors, the two announced Wednesday.
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April 03, 2024
Top 10 Deals Of Q1 Led By GE Energy Spinoff, Capital One
It may be wishful thinking to imagine that earlier hopes for a major rebound in 2024 mergers and acquisitions activity will pan out, but by many indications the year was at least off to a better start than 2023.
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April 03, 2024
Blue Owl Buying Kuvare Asset Management For Up To $1B
Alternative asset manager Blue Owl Capital Inc., advised by Kirkland & Ellis LLP, on Wednesday unveiled plans to buy Sidley Austin LLP-led Kuvare Asset Management for up to $1 billion in a cash-and-stock transaction.
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April 03, 2024
Disney Thwarts Trian Revolt, Retaining All 12 Board Members
Walt Disney Co. shareholders reelected the entertainment company's 12 current board members at a shareholder meeting Wednesday afternoon, rejecting all nominees pushed by activist investors Trian Fund Management and Blackwells Capital.
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April 03, 2024
Truth Social Investors Cop To Fraud In $23M Insider Case
Two Florida venture capitalists on Wednesday admitted to insider trading on confidential plans to take former President Donald Trump's media company public, after prosecutors charged that the Truth Social fraud netted them and a third defendant $23 million.
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April 03, 2024
Kirkland-Led Goldman Sachs Unit Buys Stake In Credit Fund
Goldman Sach's private equity unit has acquired Italian asset manager Azimut's 20% stake in private credit fund Kennedy Lewis for $225 million, the companies said Wednesday.
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April 03, 2024
Paul Hastings Adds Group Co-Chair With Finance Duo Hire
Following group hires in the finance space, Paul Hastings LLP announced Wednesday it is hiring two attorneys from Weil Gotshal & Manges LLP, one of whom will co-chair its asset-backed finance practice.
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April 02, 2024
Gas Tycoon Owes $100M To UBS, Lenders After Trial Loss
Energy titan Charif Souki owes more than $100 million to lenders, including a fund managed by a UBS division, a U.S. bankruptcy judge has ruled, rejecting Souki's claims that his lenders recklessly sold off collateral posted for the loan, including a luxury yacht, a Colorado ranch and shares of his liquefied natural gas export business Tellurian Inc.
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April 02, 2024
Receiver Looks To Claw Back $1.2M After LA Ponzi Scheme
A court-appointed receiver has urged a California court to enforce a $1.2 million arbitral award against two production companies as part of an effort to claw back funds that were the product of a $690 million Ponzi scheme perpetrated by a since-imprisoned Los Angeles actor.
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April 02, 2024
Bally's Investor Says Takeover Bid Exploiting Weakness Of Biz
Bally's Corp. investor K&F Growth Capital has urged the board of directors for the casino operator to reject a $15-per-share takeover bid from its largest shareholder, Standard General, asserting the offer from the investment firm "woefully" undervalues the business.
Expert Analysis
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Opinion
3 Ways Justices' Disclosure Defenses Miss The Ethical Point
The rule-bound interpretation of financial disclosures preferred by U.S. Supreme Court Justices Samuel Alito and Clarence Thomas — demonstrated in their respective statements defending their failure to disclose gifts from billionaires — show that they do not understand the ethical aspects of the public's concern, says Jim Moliterno at the Washington and Lee University School of Law.
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How US Investment Regulation May Shift Under Biden Order
Attorneys at Ropes & Gray explore potential prohibitions, notification requirements and covered transactions under President Joe Biden's recent executive order, which marks an unprecedented expansion of U.S. regulation of investment activity.
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Caregiver Flexibility Is Crucial For Atty Engagement, Retention
As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.
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Leveraged Finance Market May Rebound After Cruel Summer
It has been a challenging summer for the leveraged finance market due to the economic climate and tight credit conditions, but cooling inflation and signs of life in the syndicated loan market suggest brighter days ahead, say attorneys at Weil.
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FTC's Proposed HSR Changes Will Complicate Merger Filings
Attorneys at Mayer Brown explore the proposed sweeping revisions to Hart-Scott-Rodino Act premerger notification rules and what the change would mean for deal terms, including the increased cost, uncertainty and risk added to the process.
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Tax Court Ruling Provides Helpful Profits Interest Guidance
A recent U.S. Tax Court decision holding that a partnership may exclude interests in a company that it indirectly received sheds light on related IRS guidance, including the proper valuation method for such interests, though the court's application of the method to the facts of this case appears flawed, say attorneys at Kramer Levin.
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In-Office Engagement Is Essential To Associate Development
As law firms develop return-to-office policies that allow hybrid work arrangements, they should incorporate the specific types of in-person engagement likely to help associates develop attributes common among successful firm leaders, says Liisa Thomas at Sheppard Mullin.
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Private Equity Dry Powder Will Likely Spur M&A Opportunities
Despite economic uncertainty and recent headwinds, pent-up dry powder left uninvested by private equity firms may translate into pressure to invest capital and maintain high returns, possibly leading to M&A growth in the second half of the year, say attorneys at Norton Rose.
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Perspectives
A Judge's Pitch To Revive The Jury Trial
Ohio state Judge Pierre Bergeron explains how the decline of the jury trial threatens public confidence in the judiciary and even democracy as a whole, and he offers ideas to restore this sacred right.
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How SEC Money Market Fund Reform Diverges From Proposal
The U.S. Securities and Exchange Commission's final amendments to a rule that governs money market funds include several differences from the proposed rule, namely the elimination of swing pricing, the imposition of a new liquidity fee framework, and certain regulatory reporting requirements, say attorneys at K&L Gates.
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Deal-Making Strategies To Explore Amid 2023's Uncertainties
Attorneys at White & Case delve into the evolving risks deal makers face in the remainder of 2023, detailing several approaches — such as activist simulations, stock-for-stock deals and divestitures — that may deliver value in an uncertain market.
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How To Recognize And Recover From Lawyer Loneliness
Law can be one of the loneliest professions, but there are practical steps that attorneys and their managers can take to help themselves and their peers improve their emotional health, strengthen their social bonds and protect their performance, says psychologist and attorney Traci Cipriano.
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Opinion
Litigation Funding Disclosure Should Be Mandatory
Despite the Appellate Rules Committee's recent deferral of the issue of requiring third-party litigation funding disclosure, such a mandate is necessary to ensure the even-handed administration of justice across all cases, says David Levitt at Hinshaw.
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Recalling USWNT's Legal PR Playbook Amid World Cup Bid
As the U.S. Women's National Soccer Team strives to take home another World Cup trophy, their 2022 pay equity settlement with the U.S. Soccer Federation serves as a good reminder that winning in the court of public opinion can be more powerful than a victory inside the courtroom, says Hector Valle at Vianovo.
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Opinion
Merger Guidelines Should Provide For Competition Trustees
Following the U.S. antitrust agencies' release of draft merger guidelines, retired U.S. Court of Federal Claims Chief Judge Susan Braden suggests a court-appointed competition trustee would help ensure U.S. competition without impairing economic prosperity.