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Companies Attempt Merger Through Chapter 11 Reorganization Plans
Paging companies WebLink Wireless Inc. and Metrocall Inc. will attempt to become the first companies to merge by simultaneously filing for bankruptcy protection with interlocking reorganization plans. The merger scheme depends on the ability of both companies to convince their bondholders to exchange debt paper for equity in the new combined entity.Practitioners Need Broader Expertise
Shelby D. Green and John R. Nolon, professors at Pace Law School, write that Real Estate Law has undergone radical change in the past decade, not just with the ascendancy of environmental concerns, developments due to the subprime mortgage crisis and the effects of public opposition to development projects, but even in traditional areas, such as contract drafting and the recording of instruments.Apollo Sues EGL, Claiming Auction Was Rigged
Private equity firm Apollo Management has raised its offer for global logistics company EGL and in an unusual twist, filed a suit Tuesday against the target and its directors, claiming the bidding process was rigged. EGL agreed March 18 to go private in a deal led by its chairman and CEO James Crane and private equity firms Centerbridge Partners and Woodbridge Co. In a complaint filed in state court in Houston, Apollo alleges that EGL and Crane unfairly tipped the bidding process in Crane's favor.Circuit City files for bankruptcy protection
RICHMOND, Va. AP-Circuit City Stores Inc. filed for bankruptcy protection on Monday heading into the busy holiday season as analysts question whether the nation's second-biggest electronics retailer will be able to survive.The company said it decided to file for bankruptcy protection because it was facing pressure from vendors who threatened to withhold products during the holiday period.View more book results for the query "Deutsche Bank"
Debevoise, Willkie Advise on $1.06 Billion Sale of AXA Life Insurance Unit
AXA Financial said Thursday that it has agreed to sell MONY Life Insurance Company, as well as a closed book of life insurance policies, to Protective Life Corporation in a deal worth $1.06 billion.Pfizer Suffers Setback as Company Halts Development of Anti-Cholesterol Drug
After spending about $800 million developing a new cholesterol treatment, Pfizer Inc. says it is halting work on the product, torcetrapib, in the wake of an independent board's recommendation that the drug trial end due to an unexpected number of deaths and other complications. One industry critic says the trial should not present liability issues for the world's largest drug maker because the company acted swiftly, adding, "I have to give Pfizer credit. They did everything the right way."DOL's Probes of Investment Advisers Decrease; Official Hopeful for Newest Program
Investigations of investment advisers by the U.S. Department of Labor are decreasing, but the investigations that are launched are much more likely to find violations, an official in the agency's Pension and Welfare Benefits Administration announced. Therefore, the appearance of investigators should send warning signals, according to Virginia C. Smith, director of PWBA enforcement. "We are there because we believe something is going on," she said.VCs Reconsider Tough Terms for Entrepreneurs
The highly dilutive terms in venture financing for startups desperate for capital have become a disincentive for entrepreneurs -- some of whom stand to lose ownership of their companies. As a result, some investors are crafting ways to keep management motivated, such as offering bonus pools of cash, stock options or recapitalizations, to give management a sufficient stake.Trending Stories
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