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Private Equity
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November 13, 2024
Swedish Fintech Klarna Confidentially Files US IPO Plans
Klarna Group PLC, a Stockholm-based financial technology startup, announced Wednesday it has confidentially submitted its plans for an initial public offering to the U.S. Securities and Exchange Commission, paving the way for a long-awaited listing.
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November 13, 2024
FTX Prosecutors Tout Tech Chief's 'Outstanding Cooperation'
Manhattan federal prosecutors urged a lenient sentence for former FTX technology chief Zixiao "Gary" Wang, telling the court on Wednesday that his "outstanding cooperation" was instrumental in securing the lightning-fast indictment and ultimate conviction of founder Sam Bankman-Fried for an $11 billion fraud that sank the crypto exchange.
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November 13, 2024
SEC's Uyeda Says Limits On Private Funds Need Review
Smaller private and venture capital funds could benefit from less-stringent registration requirements, a Republican member of the U.S. Securities and Exchange Commission told an advisory panel Wednesday, saying the time is ripe to review whether existing thresholds still make sense.
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November 13, 2024
Fed. Circ. Won't Send Microchip Patent Suit To NY
The Federal Circuit on Wednesday denied a bid from a Chicago tech manufacturer to transfer a Texas case brought by an ex-Microsoft executive's private equity-funded patent litigation outfit, saying the manufacturer didn't show that the lower court erred in refusing to ship the case to New York.
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November 13, 2024
Frontier Stockholders Vote In Favor Of $20B Verizon Deal
Frontier Communications stockholders approved the company's planned $20 billion sale to Verizon Communications Inc. on Wednesday, despite prior pushback from select investors and recommendations from top proxy advisory firms to abstain.
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November 13, 2024
Instant Brands Equity Owner Accused Of Lying To Lenders
The litigation trustee for bankrupt kitchenware maker Instant Brands Wednesday filed suit in Texas bankruptcy court accusing the company's equity owner of lying to lenders and sending the company into Chapter 11 in order to collect $200 million in dividends.
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November 13, 2024
Cadwalader Brings New Partner To Corp. Team From Kirkland
Cadwalader Wickersham & Taft LLP announced Tuesday that it had hired an adviser to companies and private equity funds from Kirkland & Ellis LLP, touting her experience in complex business transactions.
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November 13, 2024
7-Eleven Exec Throws Hat In Ring With Buyout Bid
The parent of 7-Eleven said Wednesday it has received a nonbinding bid from an executive and one of his companies, at a reported $11 billion premium over a prior $47 billion takeover offer from Canada's Alimentation Couche-Tard Inc.
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November 13, 2024
MVP: Paul Weiss' Marco Masotti
Over the past year, Marco Masotti of Paul Weiss Rifkind Wharton & Garrison LLP's investment funds group helped Apollo Global Management close its $20 billion Apollo Fund X and guided Oak Hill Capital through several major private equity transactions, earning him a spot as one of the 2024 Law360 Fund Formation MVPs.
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November 13, 2024
MVP: Cravath's David J. Perkins
David Perkins of Cravath Swaine & Moore LLP advised Amentum in its all-stock, reverse Morris trust merger with Jacobs' government services businesses that created a combined company with $13 billion in revenue, and also led Brookfield Renewable Partners in its $8 billion acquisition of Westinghouse, earning him a spot as one of the 2024 Law360 Private Equity MVPs.
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November 12, 2024
FTX Targets Scaramucci, PACs, Law Firm In Wave Of Suits
Bankrupt cryptocurrency exchange FTX filed roughly 30 suits in a bid to recoup millions of dollars donated to political and charitable causes, losses caused by alleged market manipulation, and funds spent on business partnerships, including with Skybridge Capital's Anthony Scaramucci and a boutique Florida law firm.
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November 12, 2024
3 Firms Guide Rare Canadian IPO Eyed By Groupe Dynamite
Canadian women's clothing retailer Groupe Dynamite Inc. has launched plans for an estimated C$300 million ($215 million) initial public offering, marking a rare Canadian listing under guidance from three law firms.
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November 12, 2024
SEC Quietly Shelves Private Fund Rules After 5th Circ. Loss
The U.S. Securities and Exchange Commission has formally withdrawn rules that would have increased agency oversight of hedge funds and private equity funds after declining to appeal a Fifth Circuit decision that vacated the rules, which would have required fund advisers to disclose detailed information about their operations.
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November 12, 2024
Peru Agrees To Pay Hedge Fund $40M To Settle Bond Dispute
A D.C. federal judge held Tuesday that the Republic of Peru must pay Gramercy Funds Management LLC $40 million, following the parties' joint motion last week saying they have settled their dispute over enforcement of a $100 million arbitral award.
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November 12, 2024
Hertz Investors Urge Chancery Not To Toss Stock Warrant Suit
An attorney for two Hertz Inc. institutional investors told a Delaware judge Monday that the vehicle rental giant relied on an impermissible reinterpretation of a warrant agreement to reject a redemption demand purportedly triggered by the company's post-Chapter 11 recapitalization.
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November 12, 2024
Truth Social Sponsor's Shares Mostly Gone, Del. Court Told
An attorney for the former CEO of a company central to the public stock listing of Donald Trump's social media platform told a Delaware vice chancellor Monday only 45,000 shares remain available from an 8.1 million share founders' stake now at the center of multiple suits in multiple courts.
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November 12, 2024
Cardinal Health, Endeavor Group Top Veterans Day M&A Deals
While banks and federal offices were closed on Monday for Veterans Day, some companies were busy at work announcing various M&A transactions, including Cardinal Health's plan to pay a total of $3.9 billion to acquire two separate companies and Endeavor Group's sale of OpenBet and IMG Arena for $450 million.
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November 12, 2024
Trump's 'Pro-Business' Agenda Could Be A Boon For M&A
President-elect Donald Trump's "pro-business" priorities and an anticipated relaxation of antitrust scrutiny are expected to boost mergers and acquisitions activity, but his tariff plan may have mixed results across sectors — and select deals could be subject to his "unpredictability," attorneys told Law360.
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November 12, 2024
Indian Food Delivery Giant Swiggy To Debut After $1.3B IPO
Shares of Indian e-commerce giant Swiggy Ltd. are set to begin trading on Wednesday after the company priced a $1.3 billion initial public offering, marking the latest test of the country's IPO market following a blockbuster listing of Hyundai's Indian unit.
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November 12, 2024
Morgan Lewis M&A Pro Jumps To Baker Botts In Palo Alto
Baker Botts LLP has hired an attorney who previously worked at Morgan Lewis & Bockius LLP, Winston & Strawn LLP and other firms to bolster its mergers and acquisitions practice on the West Coast.
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November 12, 2024
MVP: Proskauer's Christopher Robinson
Christopher Robinson, a partner with Proskauer Rose LLP, specializes in handling complex secondary transactions, such as advising Blackstone Strategic Partners as a lead investor in the purchase of $5 billion in fund interests from Kaiser Permanente, and was recently named co-head of Proskauer's secondary transactions and liquidity solutions practice — earning him a spot as one of the 2024 Law360 Private Equity MVPs.
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November 12, 2024
Elliott Reveals $5B Honeywell Holding, Calls For Change
Elliott Investment Management LP said Tuesday it has amassed a $5 billion stake in Honeywell International Inc. as the firm pushed the industrial conglomerate to separate itself into two independent companies.
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November 12, 2024
MVP: Simpson Thacher's Barrie Covit
Barrie Covit of Simpson Thacher & Bartlett LLP's fund formation practice helped Lexington Partners break the record for the largest secondaries fund ever raised, at $22.7 billion, earning him a spot as one of the 2024 Law360 Fund Formation MVPs.
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November 12, 2024
Brookfield To Sell German, Dutch Assets Of Tritax To Segro
British real estate investment trust Segro said Tuesday that it had reached a deal with Brookfield to buy parts of Tritax EuroBox PLC after Brookfield completes a £557 million ($728 million) proposed acquisition of Tritax, a logistics property investor.
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November 12, 2024
High Court Turns Away Appeal From 'Insider' Hedge Fund
The U.S. Supreme Court on Tuesday declined to take up hedge fund Raging Capital Management LLC's petition to review whether its status as a large investor in 1-800-Flowers should leave it vulnerable to a derivative suit claiming it made illegal swing-trades.
Expert Analysis
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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9 Liability Management Tips As Debt Maturity Cliff Looms
As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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Series
Being An Opera Singer Made Me A Better Lawyer
My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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Opinion
Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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Tips For Revamping Patent Portfolio Strategy In AI Deal Era
Recent data suggests patents are significantly enhancing exit valuations, particularly with cutting-edge technologies like those powered by artificial intelligence, but it is necessary to do more than simply align patent strategy with business goals, says Keegan Caldwell at Caldwell Law.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.