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Private Equity
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June 27, 2024
High Court Liberals Warn Jarkesy's Reach Will Be Widespread
The U.S. Supreme Court's decision to limit the U.S. Securities and Exchange Commission's use of its in-house courts will have "momentous consequences" for dozens of agencies tasked with overseeing the electric grid, environmental regulations and consumer protection laws, the court's liberal wing has warned.
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June 27, 2024
B. Riley-Linked SPAC To Settle Del. Class Action For $8.5M
The co-chairman of B. Riley Financial Inc. and others have agreed to pay $8.5 million to settle a class action in Delaware's Court of Chancery accusing them of making misleading and inadequate disclosures leading up to a $320 million special-purpose acquisition company deal for battery storage venture Eos Energy Storage LLC.
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June 27, 2024
Ch. 7 Can't Free PE Firm From Suit, Diamond Polisher Says
A Canadian diamond polisher urged a Michigan federal judge to keep alive its suit alleging that a lab-grown diamond company's private equity owner knew it couldn't make good on its promise to fund new facilities to process the gemstones, saying the fact that the company is going through bankruptcy can't shield the PE firm from liability for using its alter ego to make fraudulent statements.
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June 27, 2024
Deals Rumor Mill: Boeing, Blackstone, Bosch
Boeing offers $4 billion for parts maker Spirit AeroSystems, Blackstone could sell Legence at up to $5 billion value, and Bosch mulls a bid for Whirlpool. Here, Law360 breaks down the notable deal rumors from the past week.
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June 27, 2024
Boeing Settles Suit Claiming NC Fund Ransomed Plane Parts
The Boeing Co. and the private investment firm it accused of forcing a new supply contract under false pretenses before raising prices for aircraft parts by more than 300% have agreed to settle their dispute, according to a new notice filed in North Carolina federal court.
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June 27, 2024
Sichenzia Ross Guiding Fuel Cell Co. On $130M SPAC Merger
Sichenzia Ross Ference Carmel LLP is advising Infintium Fuel Cell Systems Inc. on a newly inked blank-check company consolidation deal that values the hydrogen fuel cell technology provider at $130 million.
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June 27, 2024
Kirkland, V&E Build $2.55B Sale Of Uinta Basin Assets
SM Energy Company, advised by Kirkland & Ellis LLP, on Thursday unveiled plans to acquire the Uinta Basin oil and gas assets from private equity-backed XCL Resources LLC, led by Vinson & Elkins LLP, for an unadjusted purchase price of $2.55 billion, then sell an undivided 20% of those assets to Kirkland-led Northern Oil and Gas for $510 million.
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June 27, 2024
Cannabis Co. Settles Lender Suit After Regulator Delays
Troubled cannabis company Parallel settled a suit with three lenders who alleged a "self-dealing scheme" within the company after spending about a year trying to finalize the agreement and clear regulatory hurdles in various states.
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June 27, 2024
Vista Delays Czech Deal Vote In Light Of $3.2B MNC Bid
Vista Outdoor Inc. said Thursday it will postpone a special meeting of stockholders to vote on the sale of part of its business to a Czech defense group in light of a new $3.2 billion buyout offer from Dallas-area private equity shop MNC Capital Partners LP.
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June 27, 2024
Justices Limit SEC's Use Of In-House Courts
The U.S. Supreme Court on Thursday curtailed the U.S. Securities and Exchange Commission's use of its in-house court system, saying the accused have a right to a jury trial when financial penalties are on the table.
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June 26, 2024
BlackRock Can't Escape Saba Capital's Voting Bylaws Suit
A New York federal judge Tuesday refused to toss Saba Capital Management's lawsuit claiming a BlackRock Inc. environmental, social and corporate governance trust has illegal shareholder voting bylaws, but also refused to block BlackRock from applying the bylaws at issue to the current election.
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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.
Expert Analysis
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Navigating SPAC Market Challenges For Microcap Issuers
For microcap issuers, the special-purpose acquisition vehicle market tells a cautionary tale in which few targets attain the advantages they seek, and important considerations for companies with market capitalization of under $300 million include negotiating costs and expenses upfront to avoid becoming saddled with debt, say attorneys at Lucosky Brookman.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Banks Have Won Syndicated Loan Battle, But Not The War
Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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SEC Off-Channel Comms Action Hints At Future Enforcement
Although the U.S. Securities and Exchange Commission’s recent enforcement action against Senvest does not shed light on how the agency will calibrate penalties related to off-channel communications violations, it does suggest that we may see more cases against standalone investment advisers, say attorneys at Sidley.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.
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Behind Indiana's Broad New Healthcare Transactions Law
The high materiality threshold in Indiana's recently passed healthcare transaction law, coupled with the inclusion of private equity in its definition of healthcare entities, makes it one of the broadest state review regulations to date, say attorneys at DLA Piper.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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Highlights From The 2024 ABA Antitrust Spring Meeting
U.S. merger enforcement and cartels figured heavily in this year's American Bar Association spring antitrust meeting, where one key takeaway included news that the Federal Trade Commission's anticipated changes to the Hart-Scott-Rodino form may be less dramatic than many originally feared, say attorneys at Freshfields.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.