Media Mentions
2008
Ted Laurenson and Stephen Older were quoted in Law360 on September 19 regarding the order issued by the SEC which temporarily bans the short selling of the stocks of designated financial companies in order to calm markets and how this may effect hedge funds who base much of their investment strategies on short selling. "People are really annoyed when they're in certain strategies that you can't implement," Mr. Laurenson said. He added that although it is not possible to determine whether this temporary order is a good plan, it most likely would not cause much harm if it does not last long. Mr. Older commented on the vagueness of the order and the immediacy of its issuing, "I know these are desperate times, but it would have been better with more thought around it and more comment," he said. Messrs. Laurenson and Older explained that hedge funds and their clients are taking action to ensure an extension is not granted.
Edwin C. Laurenson, Stephen E. Older, Corporate, Hedge Funds, Securities
Stephen E. Older was quoted in a May 22 article published by HedgeWorld Daily News regarding hedge funds seeking protective contracts called "big boy letters" for trades. These letters are contracts between financially sophisticated parties in which one party, usually the buyer, agrees not to sue the seller for holding back certain information. Mr. Older stated that hedge fund clients will routinely want to do a trade with a big boy letter, however he would counsel caution on the use of this approach. "Big boy letters can't guarantee protection from lawsuits regarding trades by intermediaries," he said. "But…a properly drafted letter should mitigate the risk of liability."
Stephen E. Older, Corporate, Hedge Funds
2007
Stephen Older was quoted in the May issue of Corporate Secretary on the benefits of going private. "Many companies that go private have public debt, or issue new public debt in the LBO (leveraged buyout) process, so they are still required to make certain periodic filings and will be required to disclose financial information and have to deal with Sox 404. So they are not completely out of SEC or Sarbanes-Oxley requirements. Still, they have more flexibility and fewer restrictions after going private", said Stephen.
Stephen E. Older, Corporate, M&A - Private Equity
Stephen Older and Seth Goldsamt were listed as advisors to Morgan Stanley Principal Investments (MSPI) in the April 27 issue of The Daily Deal. McDermott advised MSPI on its equity commitment to Mitel Networks Corporation in its purchase of Inter-Tel Incorporated.
Seth T. Goldsamt, Stephen E. Older, Corporate, Hedge Funds, M&A - Private Equity, Mergers & Acquisitions
