BLACK DIAMOND Capital Management, a hedge fund based in Lake Forest, Ill., was on a buying spree in 2002, making investments and snapping up struggling companies.
Then it ran up against Tim Pohl, a bankruptcy lawyer who blocked one of its bids. The defeat got the fund’s attention. For its next deal, Black Diamond hired Pohl, an attorney at Skadden, Arps, Slate, Meagher & Flom’s Chicago office.
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