Media Mentions
2008
Den White was interviewed for the June 2008 edition of Mergers & Acquisitions Magazine regarding how he became involved in M&A transactions, recent trends and challenges in the transactions industry as well as common pitfalls in M&A transactions. The interview also addressed Mr. White's history with the Association for Corporate Growth, an 11,000 member organization focused on corporate growth and M&A. He is currently Vice Chairman of ACG's Global Board of Directors.
Link to: Den White, Corporate, Mergers & Acquisitions
Dennis J. White, Corporate, Mergers & Acquisitions
Joel Rubinstein was quoted in a May 29 article published by Dow Jones Financial News regarding the postponement of the Goldman Sachs sponsored Liberty Lane SPAC IPO due to flat market conditions. Rubinstein stated that besides flat market conditions, the SPAC unsuccessfully appealed to long-term investors and typical SPAC audience. "They were trying to do something different. Every SPAC would love for [long-term] buyers to buy shares from the beginning," he said. He further added that the market continues to be focused on the SPACs which have priced but have yet to complete deals.
Joel Rubinstein was quoted in a May 22 article published by The SPAC Report regarding SPAC market conditions, in particular the increase in liquidations and issues relating to shareholder approval. Mr. Rubinstein commented on recent SPAC filings which have proposed to offer units with less than a single warrant per unit and a promote of less than 20 percent. "People have to feel confident that dilution can be overcome," Mr. Rubinstein said. "And to the extent you have a deal structure where there's less dilution in the form of fewer warrants and a lower promote, then those people who would be buying at the time of the deal potentially feel more comfortable about not suffering the dilution."
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
Barbara A. Jones was quoted in a May 19 article published by Boston Business Journal regarding Acusphere Inc., a specialty pharmaceutical company, and their current cash crunch while they wait for FDA approval on Imagify, a blood imaging agent. Ms. Jones noted that many companies awaiting FDA approval often find it difficult to obtain funding, but eventually find success through a variety of strategies.
Barbara A. Jones, Corporate, Life Sciences & Medical Devices
James H. Wilson was quoted in a May 15 article published by San Antonio Express News regarding Clear Channel Communications Inc.'s leveraged buyout that required the company, its buyers and the banks financing the deal to make some big concessions in order to avoid a costly and protracted litigation. Mr. Wilson commented that had the litigation moved forward, one or more of the parties probably would have walked away from the deal forcing Clear Channel to start over in its quest to go private. "You can never hold a deal like this together - one with this many parties - if it goes to litigation," he said.
James H. Wilson, Corporate, Mergers & Acquisitions, Securities
David Cifrino was quoted in a May 7 article published by Forbes Online regarding the increase of phone calls from proxy solicitors, which have increased this year because new SEC rules regarding electronic delivery of proxy statements have reduced voting by shareholders. Mr. Cifrino commented that shareholders registered with their brokers as objecting beneficial owners ("OBO"), should not get calls from proxy solicitors. "If you sign up as an OBO, you shouldn't be pestered regularly," he said.
David A. Cifrino PC, Corporate, Public Companies, Securities
Joel Rubinstein was featured in the in the May 2008 issue of Financier Worldwide in a roundtable style article entitled, "Alternative Public Offerings." The article discusses the growth in the APO market in recent years, in particular the SPAC IPO market.
Jeffrey Rothschild was quoted in an April 29 article published by Compliance Week regarding the utilization of the material adverse change clause (MAC clause) during the global credit crunch in order to allow potential acquirers to walk away from deals. Mr. Rothschild commented that negotiating MACs is perhaps [one of] the most contentious and time consuming part of merger talks. "A certainty in life is that people won't agree on [the definition of] MAC," he said.
Jeffrey Rothschild, Corporate, Mergers & Acquisitions
Mark J. Mihanovic was quoted on April 22 by the San Francisco Chronicle in an article regarding the fall in venture investment in start-ups in the first quarter of 2008. The article specifically discusses the impact in Silicon Valley despite its unique market. "The dynamics of Silicon Valley are different from elsewhere in the country because it has so many life sciences and technology companies that can merge with each other for strategic gain and wait out tough times," said Mr. Mihanovic. He continues, "If we had a more vibrant market, even an average market, I'd be doing two or three (life sciences) IPOs right now."
Mark J. Mihanovic, Corporate, Emerging Companies/Venture Financing, Life Sciences & Medical Devices
Howard Steinberg was quoted in an April 21 article published by Investment Dealers Digest regarding shareholders voicing their opinions on executive compensation. Mr. Steinberg noted that there is a rigorous decision making process by the board compensation committee regarding appropriate executive pay. "There is a high level of sensitivity in terms of what the committee is doing, and they realize that they are dealing with a hot button issue that concerns shareholders," he said.
Howard E. Steinberg, Corporate, Public Companies
John P. Cogan was quoted in an April 14 article published by Energy Law360 regarding his recent move to McDermott's Houston office. As a new partner in McDermott's global Projects and Infrastructure Practice Group, Mr. Cogan discussed his reasons for joining the Firm. "I'm a builder, I love to build things. McDermott presented me with an irresistible opportunity to start something locally and apply my life's work to their first-rate global platform. I look forward to helping lead McDermott to the forefront in the Houston market," he said. Mr. Cogan, who has worked for the last 40 years in the oil sector, also noted his taste for continuing changes and developments in the hydrocarbon field. “I once had a teacher who said change is good for people. Change is good for the industry, it leads to unforeseen opportunities, and for me personally, it keeps my batteries charged," he said.
John P. Cogan Jr., Corporate, Energy and Derivatives Markets
Peter Townshend and George Colindres co-authored an article in BioPharm International, published April 1, entitled, "Trends in Convertible Note Financing for Biotechs." The article discusses the differences between convertible note financings and traditional preferred stock financings, discusses the high stakes of note financings and highlights the complexity of their terms. To view the entire article click here.
George Colindres, Peter N. Townshend, Corporate
Howard Mulligan was quoted in the April issue of Equipment Leasing Today regarding addressing fears of a shaky market at this year’s ELFA/IMN Investor’s Conference. Mr. Mulligan recognized the shaky market, however he emphasized that the situation should not be blown out of proportion. "Something worth remembering is that there is no looming leasing crisis, per-se. What's going on in the leasing market is mainly a minor infection, largely playing out in other areas such as mortgages and residential real estate. That's not to say that there's not a good deal of uncertainty out there right now. But keep in mind that the fundamentals underlying the typical structured finance paradigm are not being called into question. There isn't really any skepticism about the fundamentals of the market or the fundamentals of the leasing transaction," he said.
Howard Mulligan, Corporate, Finance & Banking
David DeYoe was quoted in the March issue of Worth Magazine regarding the risks related to putting a private plane in an LLC. Mr. DeYoe discussed how private planes held in LLCs could be viewed as commercial aircrafts by the FAA, which could in turn invalidate insurance and legal protection. Under these circumstances "you haven't shielded anything," Mr. DeYoe said.
David P. DeYoe, Aircraft Acquisition and Operation, Corporate, Private Client
Charles E. Levin was quoted in the March issue of Hedge Fund Manager Weekly in a roundtable feature regarding the vibrant hedge fund market in Chicago. Mr. Levin discussed how the Chicago hedge fund industry developed, what gives the city's managers their edge and whether the city’s funds will continue their impressive returns despite the difficult market conditions. When asked how he accounts for the success of Chicago-based hedge funds, Mr. Levin stated, "With respect to funds we interact with in this market, we see them often being broad-based funds employing multi-strategies. We also see these funds sometimes making opportunistic investments which are not programme-driven...we expect that these tendencies have led to some significant gains that may have offset losses on portfolio assets which have been widely experienced."
Charles E. Levin, Corporate, Hedge Funds
David Cifrino was quoted in a February 14 article published by Securities Law360 regarding a set of proposed rule changes by the SEC that would accelerate the annual reporting deadline for private issuers that are publicly listed in the U.S. as well as allow U.S. investors to more easily access the disclosure documents of foreign companies that are exempt from U.S. regulation. Mr. Cifrino commented on the new rules and stated that the changes were not "earth-shattering," however they were a step in the right direction to modernize disclosure requirements. "It's making it a little bit easier for these companies to stay outside of regulation," Mr. Cifrino said.
David A. Cifrino PC, Corporate, Securities
Michael Fayhee and John Tamisiea were quoted in the January 2008 issue of the Chicago Lawyer regarding their representation of The Genlyte Group, Inc. in its definitive merger agreement with Phillips Holding USA.
Michael R. Fayhee, John P. Tamisiea, Corporate, Tax
2007
Howard E. Steinberg was mentioned in a November 10 article published by PR Newswire regarding the M&A International Media Awards 2007. Mr. Steinberg was a member of the judging panel, which was made up of senior mergers and acquisitions experts from around the world and included representatives of business, academia and the media.
Howard E. Steinberg, Corporate, Mergers & Acquisitions
Dennis J. White was mentioned in a November 8 article published by Business Wire regarding the Association for Corporate Growth’s (ACG) naming of a new chairman as well as new directors. Mr. White was elected as Vice Chairman of the ACG, which is a premier professional organization focused on corporate growth, corporate development, and mergers and acquisitions.
Dennis J. White, Corporate, Mergers & Acquisitions
Peter Townshend was quoted in the November issue of Entrepreneur Magazine regarding whether the recent viability of IPOs is an indication that boom times from past years have returned. "The market is good--it's not great, [but] it's not frothy," commented Mr. Townshend. He also added, "Good companies that make sense and are meeting their milestones are able to go public and sustain themselves."
Stephen Selbst was quoted in the October 26 article published by The Distressed Debt Wire regarding recent decisions in hedge fund manager Springfield Associates' lawsuit against Enron. Mr. Selbst commented that Judge Scheindlin's decision set off "a flurry of activity" in the market to structure trades so they will be viewed as sales. Mr. Selbst also said that as an added safeguard, he has been advising debt purchasers to obtain written indemnifications from legal liability from sellers.
Den White and Joel Rubinstein co-authored an article entitled "SPAC 2.0" that appeared in the October 1 issue of The Deal. The article focuses on the recent rapid growth for initial public offerings by special purpose acquisition companies.
Joel L. Rubinstein, Dennis J. White, Corporate
Dennis J. White was quoted in the October 1 article published by Mergers and Acquisitions Journal regarding the current rise in cross border acquisitions by executives and merger professionals and the barriers faced in this process. The biggest of these barriers are said to be inadequacies around legal environment/dispute resolutions, questionable protections around intellectual property, cultural issues, a non-conducive regulatory environment and an inability to perform due diligence. "In the U.K. and European Union, due diligence is more exhaustive than in the U.S." Mr. White said. "The European Union countries are generally less litigious societies, and in those countries it is presumed that the buyer has the responsibility to adequately kick the tires."
Miles Huges was mentioned in the September 7th issue of BNA's Corporate Accountability Report in regards to the recent affirmation by the Delaware Supreme Court that rejected the deepening insolvency theory as an independent cause of action when dealing with bad business decision from directors. Mr. Hughes told BNA that he assessed the affirmation as a positive development for directors, and also lends clarity to issues that have long been confusing. The order ratifies the chancery court's analysis of directors' fiduciary duties during times of "organizational distress."
Tim Bryant was quoted in the September 07 issue of Private Equity Europe regarding the failed attempt to draw private equity interest on the buy-out side of pharmaceuticals due to the high emphasis on R&D costs. Unlike healthcare providers, income from drug development are less visible and the model is more complex. "Historically, drug development has been a cyclical business, driven by blockbuster drug development. Growth and cashflow is uncertain," Mr. Bryant said.
Timothy R.M. Bryant, Corporate
Miles W. Hughes was quoted in the August 16 issue of BNA's Health Law Reporter, in regards to the recent federal bankruptcy court decision by a Los Angeles judge approving a settlement in one of the first cases in the country in which a hospital trustee sought to impose personal liability on hospital directors for the facility's financial failure. Mr. Hughes told BNA the settlement was notable beyond California because it appeared to signal that the business judgment rule, which most states have, was making a comeback, and would provide a protective shield for directors who act in good faith, and in the best interest of their hospitals.
Thomas Conaghan was mentioned on August 14 in Lexpert Magazine as being an integral part of the transaction team that assisted Calpine Canada Resources Company (CCRC) with the sale of their holdings to Lehman Brothers.
Helen Friedli was been recognized in the 2007/08 edition of the PLC Cross-border Mergers and Acquisitions Handbook, published by Practical Law Company, as a recommended lawyer for cross-border mergers and acquisitions.
Helen R. Friedli PC, Corporate, Mergers & Acquisitions, Securities
Stephen Selbst was quoted in the Wall Street Journal Law Blog on August 2 regarding whether the Chapter 11 filing of Bally may indicate a number of new filings. "For years, companies in trouble could tap into the debt markets pretty easily," said Mr. Selbst. He also commented on changes in the past two weeks, largely due to the sub-prime mortgage sector. "Doors are slamming shut," he said. "Things are lining up in that direction, but it hasn’t happened yet."
Konstantin Günther was mentioned in the August issue of Juve Rechtsmarkt regarding the advise of A-Tec/Mirko Kovats in connection with the acquisition od Cumerio and Affinerie shares.
Konstantin Günther, Corporate, Germany
Rick Mitchell, Uwe Goetker, Norbert Schulte, Dirk Pohl, Volker Teigelkotter, Oliver Köster, Georgia Quenby, Loyala de Silva, Kate Geraghty, Stuart Sinclair and Razia Begum were mentioned in the August issue of Juve Rechtsmarkt regarding the advise of the owner of the Group, Dr Alfred Schefenacker on all aspects of the consensual restructuring of the Schefenacker Group.
Loyala de Silva, Kate Geraghty, Uwe Goetker, Richard Mitchell, Dirk Pohl, Georgia Quenby, Norbert Schulte, Stuart Sinclair, Volker Teigelkötter, Corporate, Employee Benefits & Pensions, Germany, London, Tax
Dennis J. White was quoted in the July 17 article published by Bloomberg regarding the rise in LBO financing costs expected in 2008 and the anxiety among buyout executives as investors eject high-yield debt. "It makes people a little nervous on whether the good times are going to roll for a while, or come to an end,'' Mr. White said. "Lenders tend to act in a herd."
Uwe Goetker, Norbert Schulte, Rick Mitchell, Georgia Quenby, Dirk Pohl and Volker Teigelkotter were mentioned in the July 11 issue of Börsenzeitung regarding the representation of Dr. Alfred Schefenacker, owner of the Schefenacker Group, in connection with the Group's comprehensive financial and operational restructuring.
Uwe Goetker, Richard Mitchell, Dirk Pohl, Georgia Quenby, Norbert Schulte, Volker Teigelkötter, Corporate, Employee Benefits & Pensions, Germany, London, Tax
Robert Manger was quoted in the July issue of Commerce Germany regarding the New Electronic Commercial Register.
Peter Humphreys was quoted in Houston Chronicle on May 23 and The Philadelphia Inquirer on May 24 regarding the New Jersey toll road annually increasing tolls on some of the nation's busiest toll roads to help lure investors who would provide as much as $15 billion to help the state cut debt and pay for unmet needs. Mr Humphreys said such a plan would allow New Jersey to quickly raise money without losing control over the toll roads, as would happen if they were leased. Mr Humphreys commented in both publications by saying "The most important thing is keeping control of the asset because once it's gone, it's gone." He also said he couldn't estimate how much money New Jersey might raise by such a move, contending that it would depend on how much tolls are increased and for how long the state chooses to estimate toll revenue.
Michael Pettingill was quoted by Buyouts magazine on May 15 in regard to the stack up of management fees and how disbursements are distributed. The logic is "if the deal is in trouble then [the managers] may not get their subordinate fee, which makes sense because if a deal is not performing, the managers should take a hit, too," commented Mr. Pettingill.
Stefan Fink and Norbert Schulte were mentioned in the May issue of Juve Rechtsmarkt regarding the hire of Stefan Fink as a new partner at McDermott Will & Emery.
Stefan Fink, Norbert Schulte, Corporate, Corporate - Germany, Germany
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
Daniel Curto, Melissa Nott and Heather Sussman have been named Massachusetts Rising Stars by Super Lawyers. This list features the results of a poll determining the most highly recognized lawyers under the age of 40 and was published in the recent issue of Boston Magazine.
Daniel A. Curto, Melissa Nott Davis, Heather Egan Sussman, Corporate, Trial
Peter N. Townshend was quoted on April 24 by Reuters in an article discussing the trend of accelerated negotiations by private equity firms in the mergers and acquisitions market. In an effort to try and beat opponents in the auction process, private equity bidders are giving high offers and securing the deal well before the bidding deadlines. "The question of whether to take an early bid or go through a complete auction is really a game of chicken for both sides," said Mr. Townshend. "If you go through the whole auction, bidders run the risk that others will outbid them. Meanwhile, if the target completes the whole process and the other offers don't turn out as high as they or Wall Street had expected, the company runs the risk that the early, high bid could disappear," Mr. Townshend added.
Peter N. Townshend, Corporate, Mergers & Acquisitions, Private Equity
Tom Conaghan was quoted by MarketWatch on April 18 regarding the interrupted BlackBerry service.
Karen Dewis was profiled in the April 16 issue of The Deal in connection to her lead role in Tyco International's restructuring.
Karen A. Dewis, Corporate, Mergers & Acquisitions
Thomas Murphy was quoted in the April edition of CFO Magazine in relation to the "eProxy" ruling from the Securities and Exchange Commission that will go into effect on July 1, 2007. The new rule will allow companies to almost entirely bypass the costly process of printing and shipping proxy statements by providing information via the internet. Mr. Murphy explained that the benefit of the eProxy rules go beyond savings. They should also speed up voting and increase participation because most investors and shareholders are already comfortable using the internet.
Thomas J. Murphy, Corporate, Corporate Responsibility
Howard Steinberg was quoted in the April edition of CFO Magazine in relation to potential issues that companies encounter in divestitures. Mr. Steinberg points out, "Where you have, in the acquired firm, a well-integrated company in terms of systems, accounting and other issues, you may run into problems." He later goes on to explain the one common unintended consequence of these transactions is the difficulty retaining talented executives from the acquired company as responsibilities are shifted or removed. "An operating person, in the retained portion of the business, may have jurisdiction over a part being sold."
Howard E. Steinberg, Corporate
Stefan Fink was introduced in the March 22 issue of Immobilien Zeitung as new partner in the Corporate Department and Real Estate Practice Group, based in Düsseldorf, Germany.
Stefan Fink, Corporate, Corporate - Germany, Real Estate, Real Estate - Germany
Robert Manger was introduced in the March 22 issue of Handelsblatt as an advisor who provides carrier information to lawyers.
Robert Manger, Corporate, Corporate - Germany, M&A - Germany
Howard Steinberg was quoted by Dow Jones on March 13 regarding the recent trend in which mutual funds are starting to shake up the companies in which they invest by beginning to protest merger deals and pushing to change corporate boards. While too early to know their impact, mutual funds have a great amount of say because they tend to be the largest shareholders of the public companies' stock but it is a matter of whether or not they speak up. "Mutual fund activism is still so new and limited, when it does occur people pay attention," commented Mr. Steinberg.
Howard E. Steinberg, Corporate, Mergers & Acquisitions
Howard Steinberg was quoted in the March 13 issue of Dow Jones in an article regarding the recent trend in which mutual funds are starting to shake up the companies in which they invest by beginning to protest merger deals and pushing to change corporate boards. While too early to know their impact, mutual funds have a great amount of say because they tend to be the largest shareholders of the public companies' stock, but it is a matter of whether or not they speak up. "Mutual fund activism is still so new and limited, when it does occur people pay attention," commented Mr. Steinberg.
Howard E. Steinberg, Corporate
Uwe Goetker was quoted in the March 5 issue of Wirtschaftsbild and the February 20 issue of Stuttgarter Nachrichten regarding the regulatory framework of business e-mails.
Uwe Goetker, Corporate, Corporate - Germany
Peter Humphreys was quoted by the Associated Press on March 3 regarding an alternative to leasing New Jersey's busy toll roads to private companies. The idea is to borrow against future toll revenue to pay debt, reduce property taxes and fund unmet needs. "You could raise a lot of money here very quickly," commented Mr. Humphreys, who also said he is not aware of any other state that has done this.
Peter Humphreys, Corporate, Derivatives, Structured Finance and Financial Products, Structured Finance and Derivatives
Peter Humphreys was quoted by The New York Times on February 28 regarding the possibility of leasing the New Jersey Turnpike to a private company. In one plan, tolls would be increased by 15 percent and bonds would be issued. Assuming interest rates remain where they are today, that could bring in $1.2 billion for the state, said Mr. Humphreys.
Peter Humphreys, Corporate, Derivatives, Structured Finance and Financial Products, Structured Finance and Derivatives
Thomas Murphy was quoted in the February 13 issue of Compliance Week regarding companies taking action against No-Action Letters. Mr. Murphy commented about the issue of more proposals in proxies and said "Companies are more aggressive in keeping them out, as we have seen an increase in the level of proposals that are meaningful and can change corporate governance."
Thomas J. Murphy, Corporate, Public Companies, Securities
Christian von Sydow, David Cifrino and Paul Melot de Beauregard were mentioned in the February issue of Juve Rechtsmarkt regarding Nova Analytics in the acquisition of Ebro Electronic Instruments.
Paul Melot de Beauregard, David A. Cifrino PC, Christian von Sydow, Corporate, Employee Benefits & Pensions, Intellectual Property, Media & Technology
Den White was quoted by CFO on January 10 in regard to anticipated corporate activity in 2007. Mr. White commented that more deals were made with cash than stock in 2006, and 2007 may see more of private equity firms' growing trend of selling to each other.
Dennis J. White, Corporate, Mergers & Acquisitions
Howard Steinberg was quoted by The New York Times on January 5 in regard to the recent shake up by activist shareholders. "Activist shareholders have a power and audience beyond what they've ever enjoyed. They're developing a credible track record, and as a result, more and more managers are forced to engage with them. Activists' time has come," commented Mr. Steinberg.
Howard E. Steinberg, Corporate
James L. Sanders was quoted in a January 4 article on BusinessWeek.com regarding Steve Jobs' role in Apple Computer's recent options backdating investigation. In regards to a general trend where special committee investigations show that accounting irregularities are swiftly rectified, he commented, "I just don't think the Apple report is going to do that."
James L. Sanders, Corporate, Corporate Responsibility, Trial
Helen Friedli, Mark Harris and Ryan Harris were named in the Big Suits column of the January American Lawyer for McDermott's representation of the CBOT Special Committee of Non-Exercise Rights Members in the Chicago Mercantile Exchange Holdings Inc.'s $8 billion purchase of CBOT Holdings.
Helen R. Friedli PC, Mark A. Harris, Ryan D. Harris, Corporate, Mergers & Acquisitions
Robert Manger was quoted in the January issue of Initiativbanking regarding the consequences of the new EUHG law which provides an insight into all German commercial registers, registers of cooperatives and partner registers.
Robert Manger, Corporate, Corporate - Germany
2006
Robert Manger is quoted in the November 30 issue of Handelsblatt and Wirtschaftswoche regarding the sale of the company Duales System Deutschland.
Robert Manger, Corporate, Corporate - Germany, Germany, M&A - Germany
Rick Mitchell was quoted in a November 13 article published by Financial Times regarding the appeal of private equity firms listing in the U.S. Financial Times reports that if funds are listed in the U.S., they could take advantage of the far bigger investor base and the culture of venture capital investing. Mr. Mitchell commented, "Given that private equity funds are essentially large piles of money with a few people on top, without a large administrative staff in place, it makes send for them to list where the disclosure requirements are less onerous. But once a deal gets big enough, a couple of extra million dollars in compliance costs doesn’t bite that hard."
Richard Mitchell, Corporate, Corporate - London, Finance & Banking, London
McDermott was mentioned in the November 2 issue of the Daily Deal in regard to advising Gibraltar Industries Inc. in its acquisition of Britain's Expanded Metal Co. Ltd. and its German subsidiary Sorst Streckmetall GmbH.
Corporate, Mergers & Acquisitions
Howard Steinberg was quoted by Corporate Secretary in their November issue regarding the recent decisions of various directors who have chosen to speak to the media before they speak to their board of directors regarding various issues/problems within their company.
Howard E. Steinberg, Corporate, Corporate Responsibility
Edwin Laurenson was quoted in the October 2006 issue of Investor Relations Update in an article that questions the ongoing topic of hedge fund regulations.
Edwin C. Laurenson, Corporate, Hedge Funds
Howard Steinberg was quoted by Dow Jones on September 28 regarding the banking industry embarking on the private equity market.
Howard E. Steinberg, Corporate, Private Equity
Stephen Selbst was quoted by CFO.com on September 13 regarding the new bankruptcy law that makes it harder for companies working through Chapter 11 reorganization to award executives' retention bonuses. Mr. Selbst commented that to mitigate such risk some companies will search for a court circuit that has already approved a bonus plan similar to their own before filing a bonus petition.
, Corporate, Restructuring & Insolvency
Andew Liazos was quoted in the September 12 issue of The National Law Journal, about a sweeping tax code 409A—regulating many deferred-compensation plans favored by private companies, including stock options. Both tax and corporate attorneys feel that the new law is strewn with pitfalls and complexities that hinder corporate deal making and expose executives to penalties. He commented on the problems that this code has had on buyer and how it could have been avoided if Congress would have given "the regulators an opportunity go update the regulations as opposed to having Congress come in and change the rules of the game completely."
Andrew C. Liazos, Corporate, Employee Benefits & Pensions, Executive Compensation
Stephen Selbst was quoted on CFO.com on September 5 for his comments on the bankruptcy court ruling denying Dana Corp.'s motion to allow the company to award incentive bonuses to six top executives after filing for Chapter 11 protection in March.
, Corporate, Restructuring & Insolvency
Michael Anthony, Bobby Burchfield, Gordon Greenberg, Christopher Jedrey, Ray Lupo, Terry McMahon, Michael Pope, Richard Smith and Jeffrey Stone will be recognized in the fall edition of Lawdragon magazine on its annual survey of the top 500 lawyers in the United States, the Lawdragon 500.
Michael F. Anthony, Bobby R. Burchfield, Gordon A. Greenberg, Christopher M. Jedrey, Raphael V. Lupo, Terrence P. McMahon, Michael A. Pope PC, Richard W. Smith, Jeffrey E. Stone, Corporate, Health, Intellectual Property, Media & Technology, Trial
Edwin Laurenson was quoted in August 17 issue of HFM Week in an article that questions the longer lock-in periods that are becoming increasingly acceptable in the hedge fund industry despite the end of SEC rule. Mr. Laurenson provides perspective on still imposing these lock-ins "only managers reasonably sought-after were able to impose a two-year lock-in to get around SEC registration and will be able to keep it. They had market power to do it in the first place. They had to be someone in a considerable degree of demand."
Edwin C. Laurenson, Corporate, Derivatives, Structured Finance and Financial Products, Hedge Funds
Thomas Sauermilch was quoted by Dow Jones on July 10 regarding increased mergers and acquisitions activity in 2006. "Strategic players are back in the M&A market big time," commented Mr. Sauermilch.
Thomas Sauermilch, Corporate, Mergers & Acquisitions
Thomas Murphy was quoted in the July issue of CFO regarding Regulation Fair Disclosure. Mr. Murphy commented that Reg FD is the law that prohibits companies from selectively disclosing material non-public information about their business to analysts and stockholders, yet analysts have no liability under the law.
Edwin "Ted" Laurenson commented on the courts' rejection of an SEC hedge fund rule in the June 24 issue of The Wall Street Journal. If companies are asked to put their registration aside until it is clear on what the SEC's next steps will be in the process, Mr. Laurenson predicts that a number of hedge funds would act to de-register due to procedure and policy costs that would be incurred, which would be particularly onerous on smaller hedge fund advisers.
Edwin C. Laurenson, Corporate, Hedge Funds, Securities
Helen Friedli was recognized as one of two recommended individuals for cross-border mergers and acquisitions in Chicago in the recent edition of the Cross-border Mergers & Acquisitions: PLC Which Lawyer Handbook published by Practical Law Company.
Helen R. Friedli PC, Corporate, Mergers & Acquisitions
Helen Friedli was profiled in "McDermott partner brings plenty to the table," in the June issue of Chicago Lawyer.
Helen R. Friedli PC, Corporate
Edwin Laurenson was quoted in May 25 issue of the Market Analysis section of HFM Week in an article that questions if the SEC is making it too difficult to run a hedge fund in the United States. Mr. Laurenson provides perspective on growing regulatory issues that impact registrations here, but also indicates that US regulation is "simply catching up to what was already the case in Europe".
Joel Rubinstein was quoted by Investment News on May 22 regarding hedge funds possibly testing the waters in the public equity markets.
Howard Steinberg was quoted by Dow Jones on May 9 regarding his prediction that more banks will acquire thrifts in part because they want to be able to offer new mortgage products.
Howard E. Steinberg, Corporate, Mergers & Acquisitions
Howard Steinberg was quoted by Dow Jones on May 9 regarding his prediction that more banks will acquire thrifts in part because they want to be able to offer new mortgage products.
Howard E. Steinberg, Corporate
Joel Rubinstein was quoted by Business Week on May 3 in regard to Kohlberg Kravis Roberts & Co. (KKR) listing KKR Private Equity Investors on the Euronext exchange in Amsterdam.
Joel L. Rubinstein, Corporate, Private Equity
Howard Steinberg was quoted in the May 1 issue of Dow Jones Hedge Fund Trades on the New York Stock Exchange's investigation of a major investment bank that may have given preferential trading treatment to a hedge fund it operates. Specifically in regards to the conflict of interest in this environment, Mr. Steinberg said, "These issues have been around forever but may look more prominent today, because firms are doing more proprietary trading than ever."
Howard E. Steinberg, Corporate
Howard Steinberg was quoted in the May issue of Corporate Secretary regarding fairness opinions. "They were not unknown before then [Delaware Supreme Court ruling], but after that they became quite common," commented Howard.
Howard E. Steinberg, Corporate
Howard Steinberg was quoted in the May issue of Corporate Secretary regarding fairness opinions. "They were not unknown before then [Delaware Supreme Court ruling], but after that they became quite common," commented Mr. Steinberg.
Howard E. Steinberg, Corporate, Mergers & Acquisitions
Howard Steinberg was quoted in the May 1 issue of Dow Jones Hedge Fund Trades on the New York Stock Exchange's investigation of a major investment bank that may have given preferential trading treatment to a hedge fund it operates. Specifically in regards to the conflict of interest in this environment, Mr. Steinberg said, "These issues have been around forever but may look more prominent today, because firms are doing more proprietary trading than ever."
Howard E. Steinberg, Corporate, Mergers & Acquisitions
Howard Steinberg was quoted in the April 25 issue of Dow Jones on the NYSE investigating major broker over hedge fund conflicts and possible preferential trading treatment. "These issues have been around forever, but may look more prominent today, because firms are doing more proprietary trading than ever," commented Mr. Steinberg.
Howard E. Steinberg, Corporate
Howard Steinberg was quoted in the April 25 issue of Dow Jones on the NYSE investigating major broker over hedge fund conflicts and possible preferential trading treatment. "These issues have been around forever, but may look more prominent today, because firms are doing more proprietary trading than ever," commented Mr. Steinberg.
Howard E. Steinberg, Corporate, Mergers & Acquisitions
Mark Mihanovic was quoted in the April 17 issue of Investment Dealers Digest regarding the business climate for investment bankers earlier in the decade.
Mark Mihanovic was quoted in the April 17 issue of Investment Dealers Digest regarding the continuing slowdown of the West Coast banking market.
Howard Steinberg was quoted in the March 24 issue of The Wall Street Journal on Sovereign Bancorp Inc. and Relational's settlement deal on a 12- member board. "While having a board seat will put them [Relational] in the information flow...in terms of really affecting outcomes, it's hard to see how one director really does it," commented Mr. Steinberg. The article also ran on MarketWatch.com and on Dow Jones.
Howard E. Steinberg, Corporate, Corporate Responsibility
McDermott was mentioned in the February 1 issue of the Daily Deal as M&A counsel to X-Rite Inc. in its acquisition of Amazys Holding AG.
Corporate, Mergers & Acquisitions
Den White was quoted in the January 23 issue of Financial News regarding the surge in transatlantic M&A transactions.
Dennis J. White, Corporate, Mergers & Acquisitions
Polly Plimpton was quoted in the January 19 issue of the Christian Science Monitor on fuller disclosure of CEO compensation. This article was also picked up by ABC.com and National Public Radio.
Anne G. Plimpton, Corporate, Executive Compensation
Tom Conaghan was quoted in the January 9 issue of Investment Dealers' Digest regarding the U.S. Securities and Exchange Commission's proposed amendments to the "best-price rule" in M&A tender offers.
Massimo Trentino commented in the January 9 issue of Financial News on the continuance in 2006 of mergers between European retail groups and how the appointment of a new governor marks a change in strategy for the Bank of Italy.
Massimo Trentino, Corporate, Italy
Mark Selinger was quoted by Dow Jones MarketWatch on January 6 regarding private equity funds' interest in the technology industry.
Mark S. Selinger, Corporate, Private Equity
David Cifrino was quoted in the January 5 issue of The Boston Globe on Sovereign Bancorp's decision to delay their annual meeting until two transactions close in order to gain a large, friendly shareholder in Santander to help vote against Relational's plans to oust all of the bank's directors.
David A. Cifrino PC, Corporate, Corporate Responsibility
Thomas Conaghan was quoted in the January 1 issue of National Real Estate Investor regarding the shrinking number of REITs in the United States and how they are trying to get attention.
Thomas P. Conaghan, Corporate, Real Estate
2005
Jonathan Rochwarger was quoted in the December 13 issue of The Wall Street Journal on how increased SEC scrutiny is resulting in companies revealing relatives on their payrolls.
Jonathan P. Rochwarger, Corporate
Tom Murphy was quoted in the December issue of CFO Magazine in regard to short-selling.
Thomas J. Murphy, Corporate, Securities
Joel Rubinstein was quoted in the November 30 issue of The Wall Street Journal on the Janus Capital Group, Inc. looking at adding a dose of private-equity to pull off a buy-out by its executives and portfolio managers. "There's a general feeling that it's a good time to get into the industry," " The mutual-fund scandals are behind us, hedge funds and all types of investors are looking to invest in the sector. It makes sense for private-equity firms to be there." commented Mr. Rubinstein.
Joel L. Rubinstein, Corporate, Private Equity
McDermott is listed in the November 25 issue of Handelsblatt as in the sixth of six tiers of leading M&A law firms.
Corporate, Germany, Mergers & Acquisitions
Greg Lawrence was quoted in the November 21 issue of The Deal regarding the Federal Energy Regulatory Commission's oversight on hedge funds investing in power plants.
Gregory K. Lawrence, Corporate, Energy and Derivatives Markets, Hedge Funds
Greg Lawrence was quoted in the November 21 issue of The Deal regarding the Federal Energy Regulatory Commission's oversight on hedge funds investing in power plants.
Gregory K. Lawrence, Corporate, Energy and Derivatives Markets, Hedge Funds
Howard Steinberg was quoted by Dow Jones on November 21 in regard to the NYSE's push for a compromise in Sovereign Bancorp's three-way deal with a Spanish bank and a New York thrift.
Howard E. Steinberg, Corporate
David Cifrino was quoted in the November 9 issue of the Boston Globe in regard to relational investors accusing the directors of Sovereign Bancorp of a "breach of trust" with shareholders.
David A. Cifrino PC, Corporate
Mark Mihanovic was quoted in the November 5 issue of Entrepreneur Magazine regarding the possible risks in an earnout agreement.
Christian von Sydow was interviewed in the November issue of JUVE Rechtsmarkt about German middle-sized companies, U. S. capital and his client work for Schott Instruments and WTW.
Christian von Sydow, Corporate, Corporate - Germany, Germany
Christian von Sydow was quoted several times in the October 19 issue of Handelsblatt regarding investment in nonperforming loans and debt equity swaps.
Christian von Sydow, Corporate, Corporate - Germany, Germany
Mark Mihanovic was quoted in the October 4 issue of the Daily Deal in regard to how independent banks are turning to small acquisitions to protect their increasingly threatened core businesses.
Mark J. Mihanovic, Corporate, Corporate Responsibility
Ted Laurenson was quoted in Investment News on September 26 in an article about hedge fund managers exploiting a loophole that allows them to evade regulatory safeguards aimed at protecting investors. Faced with the prospect of registering with the Securities and Exchange Commission as investment advisers, the managers are extending their funds' lockup periods. The rule change, which is scheduled to take effect in February, allows hedge fund firms to skirt SEC audits and inspections by locking up the money of its investors for more than two years. As lockup periods are private agreements between hedge fund firms and investor, there's no way of knowing exactly how many funds are extending them. "There have been noises out of the SEC that suggest they have noticed the trend and they don't like it." said Mr. Laurenson in response to the news.
Edwin C. Laurenson, Corporate, Hedge Funds
Howard Steinberg was quoted in M&A Report on September 26 in an article about change-in-control payouts (CIC's) to executives in mergers. Due to recent acquisitions where the chairman or CEO's of companies have been given these golden parachutes of CIC's and have returned to companies, governance professionals are now revaluating the way that these payments are handled. "I think that good governance people are becoming more and more concerned with the concept of the necessity of golden parachutes, particularly as to those executives who can collect a big paycheck and continue employment," Mr. Steinberg said. In light of recent corporate scandals, corporate boards shy away from "any kind of pay package that looks like a windfall for executives," he said. "There's likely to be a moderating trend in the way parachutes are structured."
Howard E. Steinberg, Corporate, Mergers & Acquisitions
McDermott was featured in four cases and one M&A deal in the Crain's Chicago Business's list of 2005's big litigation and deals published on September 19. Lazar Raynal (Pritzker v. Pritzker), Rick Meyer (Lorillard Tobacco Co. v. Chester Wilcox & Saxbe LLP), Steven Scholes (SEC v. Calugar), Mike Pope and Christopher Murphy (Oshana v. Coca-Cola Co.), all trial partners based in Chicago were mentioned in the litigation list. John Tamisiea and Michael Fayhee were mentioned in the deal list for Gardner Denver Inc.'s purchase of Thomas Industries Inc.
Michael R. Fayhee, Derek J. Meyer, Christopher M. Murphy, Michael A. Pope PC, Lazar P. Raynal, Steven S. Scholes, John P. Tamisiea, Corporate, Mergers & Acquisitions, Trial
Howard Steinberg was quoted in the September 2 issue of Dow Jones Newswire in regard to skepticism felt over the planned acquisition of Hibernia Corp. by Capital One Financial Corp.
Howard E. Steinberg, Corporate
Konstantin Günther and Norbert Schulte were mentioned September issue of Juve Rechtsmarkt concerning their advise of Argantis, the joint private equity funds of the German banks IKB Deutsche Industriebank AG and Sal. Oppenheim, on the acquisition of Czewo Full Filling Services Group and the acquisition financing including mezzanine financing by M Cap Deutsche Mezzanine Fonds.
Konstantin Günther, Norbert Schulte, Corporate, Corporate - Germany, Germany, Private Equity, Private Equity/Venture Capital - Germany
McDermott was mentioned in the August 30 issue of the Daily Deal in regard to representing WR Hambrecht + Co. as lead manager of the initial public offering of IDT Spectrum, Inc.
Brooks Gruemmer and Nicholas Azis were mentioned as counsel to Riverlake Partners in its acquisition of a majority stake in the instruments unit of UK-auto-parts-maker Pressac plc in the August 18 issue of the Daily Deal.
Nicholas Azis, Brooks B. Gruemmer, Corporate, Corporate - London, Mergers & Acquisitions
McDermott was recommended in Legal 500 European Edition 2005 for the practice area of corporate and commercial including M&A: "McDermott Will & Emery Rechtsanwälte LLP continues to invest significantly more resources into its German operation. The firm has a good mix of mid-cap business and old economy clients such as E.ON. Martin Kock continues to handle significant restructurings and obtained a favorable settlement for Universal as one of the largest creditors in the insolvency of media giant Kirch Group. In 2003 it advised the supervisory board of Wella in the enormous takeover by Procter & Gamble, outlining its credentials in major transactions. Konstantin Günther and Christian von Sydow head the respective practices in Düsseldorf and Munich."
Konstantin Günther, Christian von Sydow, Corporate, Corporate - Germany, Germany, M&A - Germany, Mergers & Acquisitions
Stanley Meadows and Scott Williams were listed in Legal Media Group's latest Expert Guide: Leading Private Equity Lawyers. For more information and a listing of other McDermott lawyers listed in various Expert Guides, visit http://www.legalmediagroup.com/expertguides/default.asp?page=21/.
Stanley H. Meadows PC, Scott M. Williams, Corporate, Private Equity
McDermott was recommended in Der Syndikus - Jahrbuch 2005 - in the practice area corporate/M&A: "McDermott Will & Emery Rechtsanwälte LLP shows ongoing invest in their German praxis. The clients of McDermott are a very balanced mixture of middle-sized companies and international companies e.g. E.ON. Martin Kock gives ongoing advice in big restructuring transactions and negotiated a composition for Universal in the insolvency of media giant Kirch Group. McDermott advised the of Wella on the takeover by Procter & Gamble and thereby emphasized their expertise in important transactions. Konstantin Günther and Christian von Sydow are heading the offices in Düsseldorf and Munich."
Konstantin Günther, Christian von Sydow, Corporate, Corporate - Germany, Germany, M&A - Germany, Mergers & Acquisitions
Mark Mihanovic was quoted in the summer edition of BusinessWeek - Small Business on surviving earnouts from the perspective of the seller. Mr. Mihanovic commented that his general recommendation to sellers is for earn-out criteria to be based on revenue targets rather than net income.
Michael McFall was quoted in Legal Business in regard to Honda's law firm management initiative. Honda asked their four key legal advisers, of which McDermott Will & Emery is one, to take part in a 360 degree feedback process to discover more about the relationships between Honda and their lawyers and to establish ways of sustaining/improving these relationships.
Michael G. McFall, Corporate, Corporate - London, London
McDermott Will & Emery was mentioned in The Hindu, a national Indian newspaper, on May 31 in regard to Samrat Khichi, a former corporate associate based in our New York office, serving as a White House fellow.
Alexander Hirsch was quoted in the April 21 issue ofHandelsblatt in relation to the take back requirement (compulsory recycling) of old electric powered goods.
, Corporate, Corporate - Germany, Germany
James Shein's article "Trying to Match Sox: Dealing with New Challenges and Risks Facing Directors" was published in the Spring 2005 issue of The Journal of Private Equity. The article deals with the converging forces, new challenges and risks facing directors of public and private companies. These include: Federal and state enforcers, as well as plaintiffs, increasingly deciding to go after the personal assets of directors; the increased burden created by corporate governance reforms (e.g., Sarbanes-Oxley Act of 2002); and courts recently deciding that the confidentiality privilege between directors and their lawyers can be broken a lot easier than once believed.
James B. Shein, Corporate, Restructuring & Insolvency
Alexander Hirsch was quoted in the April 6 issue of Handelsblatt regarding U.S. liability law and the consequences for German companies. "The risk of being sued for damages is still not calculable" explained Mr. Hirsh "because the claim of damages is often derived from abstruse facts."
, Corporate, Corporate - Germany, Germany
McDermott Will & Emery was mentioned in the April issue of Lexpert magazine as counsel to Merrill Lynch in its acquisition of Entergy Koch and Entergy-Koch Trading. This transaction was listed among the top 15 Canada/U.S. deals of 2004.
Corporate, Energy and Derivatives Markets, Mergers & Acquisitions
Den White was quoted in the March 29 issue of the Boston Herald in an article reporting on the increase of tech mergers. Mr. White commented that private equity firms have raised billions of dollars in recent years, with few places to invest the cash amidst a lackluster IPO market. He continued by saying that the telecommunications and information technology fields have " a lot of room" for consolidation. "There's forward momentum," of mergers. "This all adds up to heightened (chances) for more consolidations."
Dennis J. White, Corporate, Securities
Thomas Sauermilch was quoted on March 16 in a Dow Jones Newswire on how corporate governance is playing out in the M&A market.
Thomas Sauermilch, Corporate, Corporate Responsibility, Mergers & Acquisitions
Rick Mitchell was quoted extensively in the March 10 issue of the Financial Times in an in-depth corporate governance feature entitled, "Long arm of the U.S. regulator." The article discusses how some overseas companies feel trapped as the U.S. Securities and Exchange Commission flexes its muscles far from home.
Richard Mitchell, Corporate, Corporate - London, London
Thomas Sauermilch was quoted extensively by Dow Jones on the March 8 in an article entitled, "Cross-Border M&A Take Off, Europeans Lead The Way." The article discusses how European companies are following consumers across the Atlantic and taking advantage of the weak value of the dollar.
Thomas Sauermilch, Corporate, Mergers & Acquisitions
Thomas Sauermilch and Susan Cooke were quoted in the February 15 issue of The Deal regarding the Kyoto treaty that calls for 5% reduction in greenhouse gas emissions below 1990 levels in the 2008-2012 commitment period from industrialized countries as a whole. Mr. Sauermilch commented that U.S.-based private equity buyers are likely to look with much interest at Kyoto, since they won't have the same flexibility as strategic investors. "Some 18 months ago, there was a greater uncertainty in the M&A market relating to valuing the impact of Kyoto," Mr. Sauermilch continued. "That uncertainty will subside as diligence efforts become more focused and emissions trading markets develop." Ms. Cooke pointed out that some unknowns regarding the Protocol still remain. "I think that over time there may be situations where American companies will think carefully about where to site a facility," commented Ms. Cooke.
Susan M. Cooke PC, Thomas Sauermilch, Corporate, Environmental
Den White was quoted in the February 13 issue of The Boston Globe in regard to New England seeing a higher share of foreign deals. "New England is a significant spawning ground for new technology," commented Mr. White. "Foreign companies view this region, along with Silicon Valley, as places where they can acquire technology they can use in their operations worldwide. Boston is also seen as the most European city in the United States and an easy segue into the American market."
Dennis J. White, Corporate, Mergers & Acquisitions
James Shein was profiled in the first issue of Forrester magazine (February 2005) in "The Turnaround Template," which looks at previous turnarounds and identifies some common themes in their approach. Recognized as the vice president of the Turnaround Management Association, Mr. Shein commented that effective turnaround leaders are "stress-junkies – they like pressure." He continued by emphasizing that turnaround specialists bring warring parties together, staying calm in the middle of emotional static.
James B. Shein, Corporate, Restructuring & Insolvency
Den White was quoted by Dow Jones News on January 18 in an article discussing the optimistic view of deal makers for the coming year. "This past year saw a real surge as lots of marquee names were bought and sold," commented Mr. White. This was a comment Mr. White made at a roundtable hosted by the Association of Corporate Growth in Boston.
Dennis J. White, Corporate, Mergers & Acquisitions
McDermott Will & Emery was mentioned in the January issue of Juve Rechtsmarkt for the Universal deal in a listing of "deals of the year 2004."
Corporate, Corporate - Germany, Germany, M&A - Germany, Mergers & Acquisitions
McDermott Will & Emery was mentioned in the January issue of Juve Rechtsmarkt in relation to advising DAB on its acquisition of the FSB FondsServiceBank GmbH, a joint venture between subsidiaries of Germany's second largest bank, HypoVereinsbank, and Germany's largest re-insurer, Munich Re. Martin Kock was listed as the leader of the transaction with Christophe Samson as his assistant. Dirk Pohl and Gero Burwitz were mentioned for tax support, with Volker Teigelkötter and Sandra Urban-Crell having responsibility for labor matters. Oliver Steffens, Wolfgang von Frentz, Antje Seitz and Andreas Boos were all included for IT and antitrust matters. Norbert Schulte was mentioned for the real estate due diligence.
Gero Burwitz, Wolfgang Freiherr Raitz von Frentz, Dirk Pohl, Norbert Schulte, Oliver Steffens, Volker Teigelkötter, Corporate, Corporate - Germany, Germany, M&A - Germany, Mergers & Acquisitions
2004
Joel Rubinstein was quoted in the December 24, 2004 issue of Mass High Tech on Atlas' sale of six life-sciences companies in its portfolio to a Swiss private equity firm. The question being asked: Was this move an example of shrewd dealing, an act of frustration or a little bit of both? The transaction " is not necessarily an indication that these companies are dogs" then commented "They're sitting there with these companies and they need to do something with them." " I can't imagine this is a 'great' event from the limited partners' perspective.", commented Mr. Rubinstein.
Joel L. Rubinstein, Corporate, Private Equity
James Shein was quoted in the October 20 issue of The Wall Street Journal in regard to the increase of turnaround professionals. Jim, who teaches a "Managing Turnarounds" class at the Kellogg School of Management at Northwestern, commented he is trying to bring real-life sensibilities to his students. He said that during the bankruptcy phase of his course he has students take positions as unsecured creditors, banks, shareholders and management. "They have to fight out how to manage the company. Then I bring in top turnaround consultants and CEOs to talk to the class," commented Mr. Shein. "One of the things we talk about in class is that there are corporations interested in hiring people who have knowledge of corporate renewal. The earlier you detect a problem, the easier it will be to fix. I believe the market will grow in that area faster than turnaround consultants themselves."