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Private Equity
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June 26, 2024
5th Circ. Says SEC Must Reconsider Axing Proxy Regulations
The Fifth Circuit on Wednesday vacated the U.S. Securities and Exchange Commission's decision to rescind a portion of Trump-era rules requiring proxy advisory firms to notify companies about their advice to investors, ruling that the agency didn't adequately explain the abrupt change.
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June 26, 2024
Chamber Backs 9th Circ. Call To Nix SEC's 'Gag Rule'
The U.S. Chamber of Commerce is among those calling on the Ninth Circuit to overturn a long-standing U.S. Securities and Exchange Commission policy that settling parties not be allowed to deny the allegations against them, saying that the so-called gag rule threatens the free speech rights of the accused.
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June 26, 2024
Online Comic Platform Leads 2 IPOs Raising $390M Total
Online comic platform Webtoon Entertainment Inc. and Australian natural gas producer Tamboran Resources Corp. on Wednesday priced initial public offerings, raising a combined $390 million under the guidance of four law firms.
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June 26, 2024
Talc Co. Barretts' Creditors Push To Dismiss Ch. 11 Case
Unsecured creditors of Barretts Minerals have urged a Texas bankruptcy judge to dismiss its bankruptcy following the debtor's sale of its talc business, arguing that Barretts remains in bankruptcy only to get its fully solvent parent company out of its talc liability.
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June 26, 2024
Conn. Insurance Chief Can Limit Struggling Insurer's Payouts
A Connecticut state court imposed a temporary moratorium on certain benefits that a private equity-owned life insurer can pay out to policyholders until a rehabilitation plan can be confirmed for the failing carrier, granting the state insurance department's petition for a rehabilitation order.
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June 26, 2024
Judge Denies ConvergeOne Lenders' Bid To Halt Ch. 11 Plan
A Texas federal judge has rejected a request by a group of ConvergeOne lenders to stay a bankruptcy court's order approving an equity rights offering included in the information technology company's Chapter 11 plan, ending the spurned lenders' challenge to a deal they claimed ran afoul of bankruptcy rules.
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June 26, 2024
Greenberg Traurig Adds 3-Atty Team From Schulte Roth In NY
Greenberg Traurig LLP has hired a three-attorney private wealth services team, comprising two shareholders and an associate, from Schulte Roth & Zabel LLP in New York.
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June 26, 2024
Latham, Goodwin Lead Cold Storage Giant's IPO Filing
Real estate investment trust Lineage Inc., a large owner of cold-storage warehouses, filed plans on Wednesday for an initial public offering, represented by Latham & Watkins LLP and underwriters counsel Goodwin Procter LLP.
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June 26, 2024
Akerman Adds Foley Hoag Corporate Atty In DC
Akerman hired a competition counsel from Foley Hoag LLP in Washington who spent the past four and half years representing clients in a range of antitrust matters.
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June 26, 2024
$10B AIR-Blackstone Deal Set To Close After Investor Nod
Denver-based Apartment Income REIT Corp.'s shareholders have approved an agreement to sell off the real estate investment trust to private equity giant Blackstone for $10 billion, paving the way for its close within the next several days.
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June 26, 2024
Warburg Pincus Plugs $350M Into Data Connectivity Co.
Data connectivity solutions company CData Software on Wednesday announced that it secured a roughly $350 million growth capital investment led by private equity giant Warburg Pincus in a deal built by three firms.
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June 26, 2024
A Picture Of Office Sector Distress
This five-part series from Law360 Real Estate Authority explores distressed office buildings in Chicago, San Francisco, Miami, Dallas and New York City in an illustration of how the stressors facing the asset class are playing out across the country.
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June 26, 2024
MNC Capital Makes 'Final' $3.2B Offer For Vista Outdoor
MNC Capital Partners LP said Wednesday it has bumped up its all-cash offer to buy Vista Outdoor Inc. to $42 per share, or about $3.2 billion, in its final bid to scoop up the sporting goods maker.
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June 25, 2024
Tuna Buyers Settle $1B Price-Fixing Claims Before July Trial
Tuna buyers seeking $1 billion in damages over allegations that StarKist, its parent company and a private investment firm that put money into Bumble Bee Foods conspired to hike the price of the tinned fish have reached settlements just ahead of trial, according to a California federal judge's order Tuesday.
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June 25, 2024
Adviser, Firm Owe SEC $425K For Mishandling Crypto Assets
A Florida federal judge on Tuesday approved approximately $425,000 in settlements in a suit by the U.S. Securities and Exchange Commission against an investment adviser and its owner, alleging they hid investment strategies and lost control of the firm's recordkeeping, preventing them from accessing crypto assets possibly worth $10 million.
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June 25, 2024
Chancery Tentatively OKs $15.5M Lordstown SPAC Suit Deal
A $15.5 million class settlement for a stockholder suit that challenged the special-purpose acquisition company deal that took Lordstown Motors Inc. public won tentative Delaware Court of Chancery approval Tuesday, conditioned on confirmation of one expense claim.
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June 25, 2024
Rocket Co. Shareholders Sue For Info On Take-Private Deal
Two Astra Space Inc. shareholders sued the satellite launch company seeking records concerning a take-private deal that has valued company stock at a discount, voicing suspicions that the merger was approved to squeeze out minority shareholders.
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June 25, 2024
UK Billionaire's Pilot Avoids Prison For Insider Trading
A Manhattan federal judge sentenced a former private jet pilot to house arrest Tuesday for insider trading on stock tips from his billionaire boss Joe Lewis, finding that a prison term would be unfair in comparison to Lewis' non-incarceratory sentence.
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June 25, 2024
Reed Smith, Willkie Lead PE Firm's Investment In Music Biz
Music and entertainment company Create Music Group, advised by Willkie Farr & Gallagher LLP, on Tuesday announced that it banked a $165 million minority investment led by Reed Smith LLP-advised private equity shop Flexpoint Ford.
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June 25, 2024
Meadow Partners Raises $530M For Latest Real Estate Fund
Real estate investment manager Meadow Partners announced Tuesday it raised $530 million for the sixth installment of its flagship real estate fund, with capital commitments from a mix of new investors and longtime partners.
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June 25, 2024
Troutman Pepper Gets Restructuring Pro From Sidley Austin
Troutman Pepper Hamilton Sanders LLP has hired a seasoned attorney for its finance and restructuring practice who previously worked at Sidley Austin LLP for more than 20 years.
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June 25, 2024
Indian AI Data Center To Go Public In $2.75B SPAC Merger
India's Nidar Infrastructure Ltd., an artificial intelligence-focused data center, has agreed to go public through a merger with special-purpose acquisition company Cartica Acquisition Corp. in a deal that values Nidar at $2.75 billion.
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June 25, 2024
Squire Patton Guides PE Shop's Insurance Platform Deal
European private equity shop Perwyn has said it will acquire specialist insurance platform Atec Group from rival buyout business Kester Capital to strengthen its stable of niche and non-standard products.
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June 24, 2024
Anaplan Beats Chancery Suit Over $10.4B Thoma Bravo Deal
A Delaware vice chancellor has tossed a consolidated suit alleging that former officers of Anaplan Inc. "squandered" roughly $400 million in shareholder value when agreeing to the company's $10.4 billion sale to private equity firm Thoma Bravo, saying the suit fails because the stockholders approved the transaction through an informed and uncoerced vote.
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June 24, 2024
Mortgage Co. Fights To End Borrowers' RICO 'Smear' Suit
United Wholesale Mortgage has urged a Michigan federal judge to toss a putative class action claiming it violated the Racketeer Influenced and Corrupt Organizations Act by forcing brokers to originate loans through UWM, arguing the suit is an illegitimate "smear" attempt to tarnish UWM's reputation to benefit hedge fund short-sellers.
Expert Analysis
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A Difficult Year For CRE, But Future May Be Brighter
2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.
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In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
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What WeWork's Ch. 11 Filing Means For Landlords
WeWork’s recent Chapter 11 filing in New Jersey has the potential to be one of the most consequential cases in the real estate industry in many years, and presents a number of issues for landlords, including unexpired leases, assumption, assignment and more, say attorneys at Mayer Brown.
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
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Understanding Advance Notice Bylaws Is Key For All Parties
Recent developments in Delaware case law show that advance notice bylaws will be strictly construed and that Delaware courts will generally uphold clear, unambiguous bylaws adopted and applied reasonably, a lesson for both companies and stockholders alike as the number of companies rejecting director nominations by dissident stockholders has increased, say attorneys at MoFo.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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4 Key Ways CFIUS Affected Private Equity In 2023
Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
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Series
ESG Around The World: Singapore
Singapore is keen to establish itself as a leading international financial center and a key player in the sustainable finance ecosystem, and key initiatives led by its government and other regulatory bodies have helped the Asian nation progress from its initially guarded attitude toward ESG investment and reporting, say attorneys at Morgan Lewis.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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How 'As Such' Changes LPs' Self-Employment Tax Exposure
In light of the U.S. Tax Court’s recent Soroban Capital Partners decision hinging on "as such" to define the statutory limited partners exemption, state law limited partnerships should consider partners' roles and responsibilities before determining whether they are obligated to pay self-employment income tax, say attorneys at Morgan Lewis.
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The SEC's Cooled Down But Still Spicy Private Fund Rules
Timothy Spangler and Lindsay Trapp at Dechert consider recently finalized U.S. Securities and Exchange Commission rules, which significantly alter the scope of obligations private fund advisers must meet under the Investment Advisers Act, noting the absence of several contentious proposals and litigation that could result in implementation delays.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.