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Private Equity
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May 01, 2024
Trump's Truth Social Stake Expands To Nearly 65%
Former President Donald Trump's stake in his social media platform rose to 65%, according to a securities filing, valuing his stake at more than $5 billion based on current trading, though Trump is barred from selling shares for several months.
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May 01, 2024
PG&E, KKR In Exclusive Talks For Partial Sale Of Power Biz
Pacific Gas & Electric Corp. is in exclusive talks with private equity giant KKR to sell a minority interest in its subsidiary, Pacific Generation LLC, to KKR's infrastructure strategy in a deal that would reduce customer rates by more than $100 million over the next two decades.
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May 01, 2024
Crowell & Moring Adds 2 More Neal Gerber Attys In Chicago
Crowell & Moring LLP announced Wednesday that it has hired two more attorneys from Chicago-based Neal Gerber & Eisenberg LLP to bolster its corporate services.
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April 30, 2024
Skadden, Latham Lead Travel Firm Viking's Upsized $1.5B IPO
Private equity-backed cruise operator Viking Holdings Ltd. on Tuesday priced an upsized $1.5 billion initial public offering within its price range, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters counsel Latham & Watkins LLP, marking the largest IPO of 2024.
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April 30, 2024
Where VLSI-Intel's High-Stakes Patent Battle Stands Now
Intel has managed to turn the tide on litigation where it had faced the daunting possibility of owing VLSI Technology more than $3 billion for infringing microchip patents, with the tech company winning patent invalidations and a large verdict do-over. Here's a look at where the multifaceted litigation between the companies stands.
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April 30, 2024
Vice Media Gets OK For Ch. 11 Liquidation Plan
A New York bankruptcy judge said at a hearing Tuesday he would confirm Vice Media's Chapter 11 liquidation plan, following a $350 million sale last year.
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April 30, 2024
Chancery Partially Vacates Trump Media Suit Fast-Track Order
A Delaware vice chancellor pulled the plug Tuesday on a bid to fast-track part of a suit brought by two co-founders of Trump Media & Technology Group against former President Donald Trump's Truth Social media company before it went public.
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April 30, 2024
Truth Social Investor Had No Criminal Intent, NY Jury Told
Counsel for a Florida investment pro accused of insider trading on advance knowledge of a deal to take public former President Donald Trump's media concern Truth Social argued to a Manhattan federal jury Tuesday that he acted in good faith.
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April 30, 2024
Alden Newspapers Allege OpenAI, Microsoft Rip Off IP
Eight regional newspapers owned by private equity giant Alden Global Capital sued OpenAI and Microsoft in New York federal court Tuesday, accusing the tech companies of ripping off the newspapers' copyrights and misappropriating news articles to train AI chatbots that also allegedly spread fake news falsely attributed to the newspapers.
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April 30, 2024
Goodwin Private Funds Partner Joins Fried Frank In NY
Fried Frank has announced it hired a New York-based asset management attorney who spent more than a decade at Simpson Thacher & Bartlett LLP and was most recently a partner at Goodwin Procter LLP.
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April 30, 2024
Morrisons, MFG Close £2.5B Petrol Station Deal
Morrisons said Tuesday it has closed the sale of its 337 petrol station forecourts and 400 electric vehicle charging points to an independent forecourt operator in a £2.5 billion ($3.18 billion) transaction advised by five law firms including Pinsent Masons LLP.
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April 30, 2024
Don't Miss It: McDermott, Paul Weiss Lead Month's Hot Deals
A lot can happen in the world of mergers and acquisitions over the course of a month. Here, Law360 recaps the deals you may have missed, including transactions helmed by McDermott and Paul Weiss.
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April 30, 2024
Golub Capital Amasses $2B For 6th Credit Opportunities Fund
Private credit-focused asset management firm Golub Capital on Tuesday announced that it clinched its sixth credit opportunities fund after amassing $2 billion of capital from investors.
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April 30, 2024
PE-Backed Medline Buying Ecolab's Surgical Unit For $950M
Private equity-backed medical supply company Medline said Tuesday it has agreed to acquire the global surgical solutions business of Ecolab Inc. for $950 million in cash.
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April 30, 2024
Backing For Concord's $1.5B Hipgnosis Bid Falls
Support for music rights company Concord Chorus' $1.5 billion bid for rival Hipgnosis Songs Fund Ltd. dropped among the latter's shareholders on Tuesday, after private equity giant Blackstone swooped in with an improved $1.6 billion offer.
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April 30, 2024
UAE-Backed Firm Walks Away From Telegraph Deal, Eyes Sale
RedBird IMI said Tuesday that it will ditch its takeover of Telegraph Media Group and sell the business as the Abu Dhabi-backed private equity firm added that its plans are "no longer feasible," citing a push to ban foreign ownership of British media groups.
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April 29, 2024
Amazon Files $200M Countersuit Over Solar Projects' Fallout
Amazon claims a California-based private equity firm reneged on a pair of 15-year deals to sell it power from two new solar developments, launching a suit in Washington state court following competing allegations in California that the retail giant tried to sabotage the projects after signing the deals.
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April 29, 2024
Cyber Co. ZeroFox Investor Sues In Del. For Sale Docs
A ZeroFox Holdings Inc. stockholder sued in Delaware's Court of Chancery Monday for books and records on the cybersecurity intelligence company's $1.14 per share, $350 million sale to private equity firm Haveli Investments, citing questions about a pre-closing reduction in the company's value estimate.
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April 29, 2024
Catching Up With Delaware's Chancery Court
A multibillion-dollar Tesla trust proposal, a Truth Social bond, power plays over Prince's estate, and three in the ring for World Wrestling Entertainment. All of this and much more came up in Delaware Chancery Court dockets last week.
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April 29, 2024
Paramount CEO Departs As Rumors Of Skydance Deal Swirl
Paramount Global said Monday that CEO Bob Bakish is stepping down and will be replaced by three senior company executives, as the company is said to be closing in on a merger deal with Skydance Media.
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April 29, 2024
WeWork Wins Conditional OK Of Ch. 11 Plan Disclosures
A New Jersey bankruptcy judge gave conditional approval Monday to bankrupt flexible office space company WeWork Inc.'s reorganization plan disclosure statement over the objection of WeWork's former owner Adam Neumann, finding the disclosure contained adequate information.
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April 29, 2024
No Need To Delay $811M Immigrant Bond Co. Fine, CFPB Says
The Consumer Financial Protection Bureau told a Virginia federal judge that there is no need to hold off fining a bonding company $811 million for predatory bonding practices, saying the company's fear of collapse is mooted by a recent sale.
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April 29, 2024
StarKist Looks To Block Guilty Plea From Price-Fixing Trial
StarKist and its South Korea-based owner are urging a California federal judge to reject a bid by packaged tuna buyers to bring evidence of the tuna company's guilty plea into the civil litigation, arguing that the plea agreement with the U.S. Department of Justice is irrelevant to a trial over claims that major tuna brands conspired to keep prices high.
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April 29, 2024
Kirkland Adds 2nd Funds Group From Goodwin This Year
Kirkland & Ellis LLP has hired a group of four attorneys specializing in investment funds from Goodwin Procter LLP, the firm said Monday, following its addition of five investment funds lawyers from the same firm in February.
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April 29, 2024
Bruin Capital Buys Turf Management Co. PlayGreen
Sports-focused private equity shop Bruin Capital, advised by Simpson Thacher & Bartlett LLP, announced on Monday that it is acquiring a majority stake in PlayGreen BV Inc., the Netherlands-based holding company that owns turf management company Stadium Grow Lighting.
Expert Analysis
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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.
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How Fla. Bankruptcy Ruling May Affect Equity Owners
A Florida bankruptcy court’s recent ruling in Vital Pharmaceuticals — which rejected the Third Circuit’s Majestic Star decision that determined a bankrupt corporation’s flow-through status was not protected by the automatic stay — may significantly affect how equity owners can mitigate the impact of flow-through structures in bankruptcy, say Eric Behl-Remijan and Natasha Hwangpo at Ropes & Gray.
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How Shareholder Activists Are Targeting Insurers
As shareholder activists take a closer look at the insurance industry, they are pushing insurers to take value-enhancing and climate-related measures — but insurers can prepare by anticipating activist concerns, maintaining robust shareholder engagement, and considering changes in response to the universal proxy rules, say attorneys at Debevoise.
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Unlocking Value In Carve-Out M&A Transactions
Some of the largest mergers and acquisitions in 2023 were carve-out transactions, and despite their unique intricacies and challenges, these transactions offer both buyers and sellers the opportunity to generate outsized returns in an otherwise vigorously competitive landscape, when carefully planned and diligently executed, say Kevin Crews and Rami Totari at Kirkland.
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Attorneys, Law Schools Must Adapt To New Era Of Evidence
Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.
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Why Public Cos. Should Also Comply With SEC's Names Rule
While the U.S. Securities and Exchange Commission's updated Names Rule specifically clarifies that funds must consider ESG factors in their investment strategies if their names so imply, public companies should also heed the message and conduct business consistent with the way they market or advertise themselves, says Spencer Feldman at Olshan Frome.
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Series
ESG Around The World: The UK
Following Brexit, the U.K. has adopted a different approach to regulating environmental, social and governance factors from the European Union — an approach that focuses on climate disclosures by U.K.-regulated entities, while steering clear of the more ambitious objectives pursued by the EU, say attorneys at Dechert.
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Best Practices For Cos. Navigating US-China Investigations
Given recent enforcement trends and the broad jurisdictional reach of U.S. laws, companies with operations in China must enhance their compliance programs in order to balance new corporate enforcement expectations with Chinese data protection and privacy requirements, say attorneys at Paul Hastings.
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Tips For Litigating Against Pro Se Parties In Complex Disputes
Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.
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Planning Compliance For Updated FinCEN Reporting Rules
Although the Financial Crimes Enforcement Network's reporting deadline for beneficial ownership information may seem far off, companies should act now to determine which corporate entities must report and what information must be collected, given the potential time, resources and legal questions involved, say attorneys at Crowell & Moring.
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.