King & Spalding no longer is in the running to acquire the substantial portion of Thacher Proffitt & Wood that it had pursued in recent weeks, according to a lawyer familiar with the negotiations.
Altanta-based King & Spalding has been reported to be in talks for weeks to acquire some or all of beleaguered Thacher, whose once-thriving structured finance practice has been eviscerated by the ongoing financial meltdown. But now King & Spalding is out after another firm entered into talks with Thacher lawyers, a partner at a firm involved in the negotiations says.
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