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Private Equity
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July 26, 2024
Shareholder Litigation To Watch: A Midyear Report
A pair of anticipated U.S. Supreme Court arguments, the fate of a new wave of lawsuits against special purpose acquisition companies and the future of shareholder claims of artificial intelligence malfeasance are among the issues that securities practitioners are following as the second half of 2024 unfolds in the courts.
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July 26, 2024
Assa Abloy Resolves DOJ Merger Monitor Dispute
Assa Abloy told a D.C. federal judge that it's agreed "in principle" on how a monitoring trustee will review its compliance with a U.S. Department of Justice merger lawsuit settlement, resolving a simmering dispute over its complaints of an open-ended multimillion-dollar investigation.
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July 26, 2024
Online Education Group 2U Gets Interim OK For Ch. 11 Loan
Remote learning and accreditation group 2U Inc. received interim approval on Friday to access $60 million of a $64 million debtor-in-possession financing package to fund its Chapter 11 case.
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July 26, 2024
Activist Short Seller Accused Of $16M Securities Fraud
Federal prosecutors in California announced the indictment Friday of the founder of popular trading advice website Citron Research, accusing Andrew Left of exploiting his platform to manipulate stock prices and earn $16 million through securities fraud.
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July 26, 2024
Gas Co. Can't Wheedle Out Of Jury's Decision, Trader Says
A former trading director has told a Colorado state judge that the natural gas marketing company he worked for has no grounds to escape a Denver jury's $3.3 million damages award over his unpaid bonus, arguing that the jurors clearly found in his favor.
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July 26, 2024
Winston Structured Finance Co-Chair Joins Reed Smith
Reed Smith has added the co-chair of Winston & Strawn's structured finance practice as a New York-based partner in its financial industry group.
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July 26, 2024
NFL Leads Sports & Betting Cases To Watch For Rest Of 2024
Significant cases involving major American pro sports organizations have earned extra attention as the second half of 2024 begins, as have cases involving young professional athletes, college recruits and youth sports participants. Still, the NFL remains king with its footprint all over the list of must-follow cases for the rest of the year.
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July 26, 2024
Taxation With Representation: Wachtell, Polsinelli, Kirkland
In this week's Taxation With Representation, T-Mobile partners with KKR to acquire Metronet, Exclusive Networks gets a takeover offer, KKR buys Instructure Holdings Inc., and Bally's Corp. merges with The Queen Casino & Entertainment Inc.
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July 26, 2024
Apollo Buys And Merges IGT Gaming, Everi In $6.3B Deal
Funds managed by private equity giant Apollo will simultaneously buy International Game Technology PLC's Gaming and Digital business and gambling machines company Everi Holdings Inc. in an all-cash deal, crafted by five law firms, that values the two companies at $6.3 billion, according to a Friday statement.
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July 25, 2024
Fla. Judge Will Consider Coordination Of Truth Social Suits
A Florida judge said Thursday he would not formally consolidate two lawsuits related to the special purpose acquisition company deal that took Donald Trump's Truth Social public but said he would consider setting up some coordination for judicial efficiency.
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July 25, 2024
AIP Buys AGCO's Grain & Protein Biz In $700M Cash Deal
Agricultural machinery company AGCO Corp., advised by Simpson Thacher & Bartlett LLP, on Thursday announced plans to sell the majority of its grain and protein business to industrial investor American Industrial Partners, led by Sidley Austin LLP, in an all-cash deal valued at $700 million.
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July 25, 2024
Ackman Sets $4B IPO Target For New Pershing Square Fund
Hedge-fund giant Bill Ackman expects the initial public offering of his new closed-end fund to raise $2.5 billion to $4 billion as he seeks to shore up investor support just days before the IPO's anticipated pricing, according to a securities filing Thursday.
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July 25, 2024
Hertz Tells Chancery Warrant Holders Are Misreading Contract
A pair of investment funds that acquired 9 million warrants from Hertz after its bankruptcy and later sued the car rental company for breach of contract misinterpreted the warrant agreement, and their lawsuit should be dismissed, Hertz said in a response to the complaint brought before Delaware's Court of Chancery.
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July 25, 2024
Simpson Thacher, Kirkland Lead KKR's $4.8B Instructure Buy
Educational software company Instructure Holdings Inc., advised by Kirkland & Ellis LLP, on Thursday revealed that it has agreed to be bought by private equity giant KKR, led by Simpson Thacher & Bartlett LLP, in an all-cash take-private deal with an enterprise value of roughly $4.8 billion.
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July 25, 2024
8 Firms Guide Pair Of IPOs For Health Provider, Airline Giant
Occupational health services provider Concentra Group Holdings Parent Inc. and South American air travel giant Latam Airlines Group SA debuted in trading Thursday after pricing listings that nearly raised $1 billion combined, guided by eight law firms total.
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July 25, 2024
Rising Star: Cooley's Matt Smith
Matt Smith of Cooley LLP advised Silicon Valley-based venture capital firm Andreessen Horowitz as it raised $7.2 billion across five funds with differering strategies, including one focusing on companies supporting "American dynamism," earning him a spot among the fund formation attorneys under age 40 honored by Law360 as Rising Stars.
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July 25, 2024
Bally's OKs Standard General's Takeover Valuing It At $4.6B
Bally's Corp. announced on Thursday its plans to merge with Standard General-owned The Queen Casino & Entertainment Inc., a regional casino operator, in a deal that values Bally's at $4.6 billion and was crafted by five law firms.
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July 25, 2024
Deals Rumor Mill: Wiz-Google, Daily Telegraph, Medline IPO
Cybersecurity startup Wiz has rebuffed a buyout offer from Google, former British finance minister Nadhim Zahawi is preparing a $773 million bid for the Daily Telegraph, and medical supplies giant Medline is preparing an initial public offering for 2025. Here, Law360 breaks down these and other notable deal rumors from the past week.
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July 25, 2024
Online Education Group 2U Hits Ch. 11 With Over $944M Debt
2U Inc., a remote learning and accreditation group, and a handful of affiliates filed for Chapter 11 protection in New York on Thursday with plans to cut some $486 million in debt from its balance sheet and exit bankruptcy by September.
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July 24, 2024
FTC Chair Wary AI Tools Can Be Used For Corporate Collusion
Federal Trade Commission Chair Lina Khan weighed in on a host of topics during a discussion Wednesday at the Ninth Circuit Judicial Conference, expressing concerns about the agency's high legal bills for expert witnesses and describing AI price-setting tools as a potential loophole for collusion.
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July 24, 2024
SEC Unlikely To Relitigate Loss On Hedge Fund Regs
The U.S. Securities and Exchange Commission appears ready to accept defeat in its efforts to require more detailed disclosures from private fund managers, with attorneys saying the agency's continued silence since last month's Fifth Circuit loss likely indicates it will not press the issue any further.
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July 24, 2024
Paramount Defaulted On Co. Sale Doc Demand, Chancery Told
Paramount Global has "completely defaulted" on obligations to provide documents sought by a shareholder investigating controller Shari Redstone's alleged self-interested "usurpation" of the media company's sale opportunities, a stockholder attorney told a Delaware Court of Chancery magistrate Wednesday.
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July 24, 2024
Latham-Led Warehouse Giant Lineage Inks Year's Largest IPO
Cold-storage warehouse giant Lineage Inc. on Wednesday priced an upsized $4.4 billion initial public offering within its range, represented by Latham & Watkins LLP and underwriters counsel Goodwin Procter LLP, marking the year's largest IPO to date.
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July 24, 2024
Intelsat Insider Trading Claims Don't Connect, 9th Circ. Rules
The Ninth Circuit on Wednesday affirmed a lower court's dismissal of claims accusing satellite company Intelsat stakeholders of insider trading, saying the suing hedge funds did not properly plead that the shareholders possessed material nonpublic information at the time of their trades.
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July 24, 2024
Vanta Hits $2.45B Valuation After $150M Funding Round
Trust management platform Vanta, advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP, on Wednesday announced that it reached a $2.45 billion valuation after the successful close of its $150 million Series C funding round.
Expert Analysis
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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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.