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  • March 18, 2008 |

    JP Morgan sets aside $6bn to combat Bear Stearns claims as Wachtell secures trophy mandate

    JP Morgan Chase is setting aside $6bn (£2.9bn) to cover potential litigation as it agrees to buy stricken Wall Street giant Bear Stearns for just $240m (£119m). Following the announcement on 16 March that it is buying the bank for a fraction of its previous value, JP Morgan said it is estimating the cost of the transaction at around $6bn - taking into account the potential of litigation stemming from the drop in Bear Stearn's stock value and severance costs.

    1 minute read

  • March 14, 2008 |

    Skadden's Mallon in for Carlyle Capital collapse

    Skadden Arps Slate Meagher & Flom has landed a lead advisory role on the liquidation this week of Carlyle Capital Corporation. City-based restructuring partner Chris Mallon (pictured right) is leading the team for Skadden advising Carlyle Capital, which has defaulted on debts worth $16bn (£7.8bn). The company reported earlier this week that it had failed to reach an agreement with its lenders, which include Deutsche Bank and JP Morgan Chase.

    1 minute read

  • March 14, 2008 |

    Reed Smith, Herbies in as AOL buys $850m Bebo

    The City arm of Reed Smith Richards Butler has picked up a profile-raising mandate on the $850m (£420.6m) acquisition of social networking website Bebo by AOL. The firm's London arm advised longstanding client Bebo on UK aspects of the deal, with senior associate Gregor Pryor leading a team that also included associates Krista James and Daniel Barnett.

    1 minute read

  • March 13, 2008 |

    Lehman cost-cutting seals panel place for Simmons

    US investment bank Lehman Brothers has extended its main UK legal roster, adding top 10 City firm Simmons & Simmons to its list of preferred advisers.Simmons, which has been doing an increasing amount of work for the bank over the last 12 months, joins Lehman's established UK advisers - Linklaters, Allen & Overy, Ashurst, Lovells, Freshfields Bruckhaus Deringer and Weil Gotshal & Manges - following a review that also saw the bank crack down on fee arrangements with outside counsel.

    1 minute read

  • March 13, 2008 |

    Charman divorce deadlock looms as top Cayman judge issues rallying call for trusts

    A leading Caribbean judge has launched a staunch defence of trusts, fuelling expectations that there will be an unprecedented stand-off between offshore and onshore judges over the landmark Charman v Charman divorce ruling.In a keynote speech at the Legal Week Trust and Estates Forum, Mr Justice Smellie, chief justice of the Cayman Islands, railed against what he described as the "entirely misguided" criticism of offshore trusts by onshore authorities.

    1 minute read

  • March 12, 2008 | International Edition

    Commentary: Pressure is on for Kirkland as McKeeve heads for the exit

    For many in the private equity community it was only a matter of time, but last week's announcement that one of its most-trumpeted signings, Raymond McKeeve, had resigned leaves Kirkland & Ellis facing awkward questions about its UK strategy. Rumours, which partners had conceded internally were not baseless, had been circulating for months that all was not well with the firm's private equity team. Even ignoring claims that McKeeve's informal style was not playing well within a conservative partnership and judging the team purely on performance, the situation did not look good, with many questioning whether McKeeve and his ex-Linklaters colleague Graham White had delivered

    1 minute read

  • March 12, 2008 |

    Commentary: Pressure is on for Kirkland as McKeeve heads for the exit

    For many in the private equity community it was only a matter of time, but last week's announcement that one of its most-trumpeted signings, Raymond McKeeve, had resigned leaves Kirkland & Ellis facing awkward questions about its UK strategy. Rumours, which partners had conceded internally were not baseless, had been circulating for months that all was not well with the firm's private equity team. Even ignoring claims that McKeeve's informal style was not playing well within a conservative partnership and judging the team purely on performance, the situation did not look good, with many questioning whether McKeeve and his ex-Linklaters colleague Graham White had delivered

    1 minute read

  • March 12, 2008 |

    Dealmaker: Will Rosen

    Private equity specialist Will Rosen is one of the star recruits to DLA Piper's City corporate team

    1 minute read

  • March 5, 2008 |

    Freshfields' Paris arm leads trio on €800m Eurotunnel funding

    The Paris offices of Freshfields Bruckhaus Deringer, Shearman & Sterling and Sullivan & Cromwell are advising Eurotunnel on its plans to secure €800m (£612m) of funding. Last month's issue of deferred equity securities is part of a planned €1.7bn (£1.3bn) refinancing and is being fully underwritten by a Goldman Sachs infrastructure fund.

    1 minute read

  • March 5, 2008 |

    Kirkland, Sidley win €216m bank buy-out roles

    Kirkland & Ellis and Sidley Austin have advised on Allied Irish Bank's acquisition of a 49.99% stake in Bulgarian American Credit Bank (BACB) for €216m (£166m). The deal, which is set to close over the next few months, has seen Sidley London corporate partner Thomas Thesing lead the team advising Allied Irish.

    1 minute read