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Private Equity
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November 27, 2023
SEC's High Court Opponent Is A Supreme Court Newcomer
The U.S. Securities and Exchange Commission on Wednesday will battle for the future of its administrative court with the help of a seasoned high court litigator, while the agency's challenger is placing his hopes on a loyal attorney who has yet to argue a case before the justices.
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November 27, 2023
Investment Co. Can't Send Coverage Suit Back To State Court
A Connecticut federal court refused to send an investment firm's suit seeking coverage for an employment discrimination action back to state court, finding that the firm's insurer satisfied the requirements for removal.
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November 27, 2023
SEC Can't Get More Time To Fix 'Defects' In Buyback Rules
A panel of the Fifth Circuit has denied the U.S. Securities and Exchange Commission's bid for additional time to rework its share-repurchase rules, meaning the agency's new disclosure requirements will remain suspended unless regulators craft a solution by a Thursday deadline.
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November 27, 2023
Elliott Slams Crown Castle For 'Profound Lack Of Oversight'
Activist investor Elliott Investment Management LP on Monday took a jab at telecommunications company Crown Castle Inc., saying the company suffers from a "profound lack of oversight" and a "breathtaking magnitude" of underperformance, and calling for an executive shake-up if the company does not make significant changes.
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November 27, 2023
Crypto Game Co. Neon Says Investor Is 'Raiding' Its Coffers
Six founders of blockchain gaming studio Neon Machine Inc. filed a derivative lawsuit on the company's behalf in Delaware's Court of Chancery on Monday, seeking to stop its controlling stockholder and new self-appointed CEO from destroying the company and "raiding or attempting to raid Neon's coffers."
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November 27, 2023
Proterra Pauses Bus Biz Sale After Customer Objections
Electric bus company Proterra told a Delaware bankruptcy court it is delaying a hearing on the sale of its bus-building business in the wake of complaints that its chosen buyer doesn't have the ability to fulfill its customer contracts.
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November 27, 2023
Catching Up With Delaware's Chancery Court
Delaware's Chancery Court stuffed a lot into a shortened Thanksgiving week, with new cases involving wrestling promoter Vince McMahon, billionaire Howard Lutnick and activist investor Carl Icahn.
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November 27, 2023
Sullivan & Cromwell Guides $800M L3Harris Aviation Unit Sale
Sullivan & Cromwell-advised L3Harris Technologies said Monday it has agreed to sell its commercial aviation business to New York-based private equity firm TJC LP for $800 million.
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November 27, 2023
Beard Energy Transition SPAC Axes Tie-Up With Solar Biz
Blank-check company Beard Energy Transition Acquisition Corp. and solar and home energy solutions company Suntuity Renewables jointly announced Monday they have called off their planned merger that would have taken Suntuity public at a pro forma enterprise value of $249 million.
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November 27, 2023
Latham-Led PE Firm Clinches $1.1B Infrastructure Credit Fund
Latham & Watkins LLP-advised alternative asset manager DigitalBridge Group Inc. announced Monday that it clinched its inaugural digital infrastructure credit fund with more than $1.1 billion of aggregate commitments, including related co-investment commitments.
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November 27, 2023
Gowling Guides VC Molten's £41M Tech Investor Buyout
Molten Ventures PLC said Monday it has agreed to buy technology investment specialist Forward Partners in a £41.4 million ($52.2 million) deal as it seeks to benefit from a "buyer's market" in venture capital.
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November 27, 2023
Paul Hastings Hires NY Investment Funds Atty From Skadden
Paul Hastings LLP has continued its investment funds and private capital practice growth by adding an investment funds partner in New York from Skadden Arps Slate Meagher & Flom LLP.
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November 24, 2023
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Glencore face a claim from collapsed hedge fund Eton Park in the wake of its bribery scandal, the ex-CFO of Peppa Pig and Teletubbies toymaker bring data protection proceedings against the employment barrister who represented him at tribunal, and Delta Airlines check in to fresh trademark proceedings against hotel chain Marriott. Here, Law360 looks at these and other new claims in the U.K.
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November 23, 2023
CMA Blows Cold Air On Wolseley's Deal For Aircon Biz
Britain's antitrust authority said Thursday that a proposed bid by Wolseley Group Ltd. for Kooltech Ltd. could result in higher prices and lower quality services for customers in the Scottish city of Aberdeen.
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November 22, 2023
Icahn Investor Sues In Del. Over Alleged Ponzi Scheme
A unitholder and limited partner of Icahn Enterprises LP has sued the partnership and affiliate Icahn Enterprises GP Inc. in Delaware's Court of Chancery, seeking to inspect the company books in response to an analyst's report that it is operating a "Ponzi-like economic structure."
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November 22, 2023
IPO Market Still Kicking As End Of 2023 Draws Near
Several companies have filed paperwork for potential initial public offerings in December that could generate a bump in new listings before a choppy 2023 ends, though experts say most IPO prospects have shifted attention to 2024.
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November 22, 2023
PE Shop To Buy Canadian Arcade Game Biz For $112.8M
Canadian entertainment and media company Cineplex, advised by Goodmans LLP, has agreed to sell its arcade game company Player One Amusement Group to Paul Hastings LLP-led private equity shop OpenGate Capital for CA$155 million ($112.8 million) in cash, the parties announced Wednesday.
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November 22, 2023
Simpson Thacher Guides Blackstone On $2.5B Civica Deal
Simpson Thacher has advised Blackstone Inc. on a deal disclosed Wednesday that will see the private equity powerhouse acquire public sector software maker Civica from Partners Group in a deal reportedly worth about $2.5 billion.
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November 22, 2023
PE Firm New Mountain To Scoop Up Music Rights Giant BMI
New Mountain Capital will purchase BMI in a deal that New Mountain has said will allow it to bolster the music rights giant's long-term growth at a time when the music infrastructure supporting artists has failed to keep pace with rapid digitization.
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November 22, 2023
The Events That Have Shaped M&A Through A Volatile 2023
Economic and geopolitical turbulence in 2023 have led to a slow year for mergers and acquisitions, as inflation, heightened interest rates and a more difficult financing environment dampened excitement for, and the ability to make, deals. Here, Law360 reviews some of the key M&A-related events that have played out amid this volatile year.
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November 21, 2023
GenesisCare Gets OK For Ch. 11 Plan To Slash $1.5B In Debt
KKR-backed health care company GenesisCare got the approval of a Texas bankruptcy judge Tuesday for its Chapter 11 reorganization plan, which it says will wipe $1.5 billion off its balance sheet.
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November 21, 2023
Jurisdiction Woes Kill Claims In Fugees Fraud Suit
A Georgia federal judge on Monday cut a New York law firm from a lawsuit alleging it helped ex-Fugees rapper Prakazrel Samuel "Pras" Michel fraudulently sell his music catalog and warned the entire case may be dismissed if plaintiffs can't show it belongs in his courtroom.
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November 21, 2023
Twelve Below Announces $108M Across 2 New Funds
New York-based venture capital firm Twelve Below announced Tuesday that it has closed two funds, the second early stage fund and the opportunity fund, at $80 million and $28 million, respectively.
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November 21, 2023
Covington, Morgan Lewis Lead OneMain $115M Foursight Buy
Covington & Burling-advised OneMain Holdings Inc., which offers customers with less than stellar scores access to credit, will acquire automobile financing company Foursight Capital LLC for $115 million in cash from Morgan Lewis-guided Jefferies Financial Group Inc., according to a Tuesday announcement.
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November 21, 2023
PE Firm Faces 2nd Antitrust Suit Over Texas Anesthesia Biz
New York-based private equity firm Welsh Carson Anderson & Stowe has been hit with new antitrust claims over its Texas anesthesia physicians group, this time by a Houston workers benefit fund in a proposed class action alleging the firm has effectively monopolized hospital anesthesia services in Texas to drive up costs.
Expert Analysis
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Series
ESG Around The World: Mexico
ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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SEC Whistleblower Action Spotlights Risks For Private Cos.
The U.S. Securities and Exchange Commission’s recent whistleblower action against Monolith Resources holds important implications for private companies, who could face unprecedented regulatory scrutiny amid the agency's efforts to beef up environmental, social and governance reporting and enforcement, say attorneys at Wiley.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
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Cross-Market Implications In FTC's Anesthesia Complaint
The Federal Trade Commission's recent complaint against a private equity firm's acquisition of anesthesiology practices highlights the controversial issue of cross-market harm in health care provider mergers, and could provide important insights into how a court may view such theories of harm, say Christopher Lau and Dina Older Aguilar at Cornerstone Research.
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Why The Debt Maturity Wall Is Still A Figment, For Now
While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.
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Are CCOs Really In The SEC's Crosshairs?
U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal recently gave a speech to address the concerns of chief compliance officers in light of recent enforcement actions taken against them, but CCOs need to understand when to push back against management, quit, or report issues to the board or to regulators, say Brian Rubin and Adam Pollet at Eversheds Sutherland.
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Breaking Down The SEC's 2024 Examination Priorities
The U.S. Securities and Exchange Commission’s recently released examination priorities for the year ahead signal a steady course from prior years, but they also include some specific new concerns and important twists on perennial risk areas, say Kurt Gottschall and Kit Addleman at Haynes Boone.
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Preparing Law Students For A New, AI-Assisted Legal World
As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.
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SEC Fines Mean Cos. Should Review Anti-Whistleblower Docs
The Securities and Exchange Commission’s expanding focus on violations of whistleblower protection laws — as seen in recent settlements where company contracts forbade workers from reporting securities misconduct — means companies should review their employment and separation agreements for language that may discourage reporting, says Caroline Henry at Maynard Nexsen.
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Series
ESG Around The World: South Korea
Numerous ESG trends have materialized in South Korea in the past three years, with impacts ranging from greenwashing prevention and carbon neutrality measures to workplace harassment and board diversity initiatives, say Chang Wook Min and Hyun Chan Jung at Jipyong.
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General Counsel Need Data Literacy To Keep Up With AI
With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.
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Navigating Discovery Of Generative AI Information
As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.
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Finding Focus: Strategies For Attorneys With ADHD
Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.