The Work: New Business

New work landed by major firms, including high-profile deals, lawsuits, and bankruptcies announced in May 2009

, The American Lawyer


 

Type of Work Law Firms Background
Bankruptcy  
General Motors Corporation filed for Chapter 11 in the largest bankruptcy of any manufacturer in U.S. history. For GM: Weil, Gotshal & Manges; Dewey & LeBoeuf; Jenner & Block; Honigman Miller Schwartz and Cohn. For the Treasury Department: Cadwalader, Wickersham & Taft For GM's board: Cravath, Swaine & Moore. For GMAC: Otterbourg, Steindler, Houston & Rosen. For the UAW: Cleary Gottlieb Steen & Hamilton. For an unofficial committee of GM dealers: Orrick, Herrington & Sutcliffe. For the unsecured creditors committee: Kramer Levin Naftalis & Frankel Weil has previously advised GM on M&A, including the sale of 50 percent of the company's stake in GMAC in 2006. Cravath had advised GM's board on the company's unsuccessful merger talks with Chrysler.
Auto parts supplier Visteon Corporation, a Ford spin-off, filed for Chapter 11 bankruptcy with $4.58 billion in assets and $5.32 billion in liabilities. For Visteon: Kirkland & Ellis; Pachulski Stang Ziehl & Jones For creditor Chrysler: Womble Carlyle Sandridge & Rice. For creditor Ford: Connolly Bove Lodge & Hutz. For other parties, including GM: Honigman Miller Schwartz and Cohn Kirkland previouslyadvised Visteon in civil securities litigation in 2006.
M&A  
Bank of America Corporation sold its stake in China Construction Bank to a consortium of investors for $7.3 billion. For investors, including China Life Insurance, Hopu Investment Management, and Temasek Holdings: Clifford Chance For Bank of America: Cleary Gottlieb Steen & Hamilton Clifford Chance counseled Temasek on its initial $6 billion investment in CCB and the Bank of China in 2005.
Johnson & Johnson acquired Cougar Biotechnology for $1 billion in cash. For Johnson & Johnson: Cravath, Swaine & Moore For Cougar: Latham & Watkins Longtime counsel Cravath helped Johnson & Johnson nab breast implants maker Mentor Corp. in December for $1.07 billion.
The FDIC sold BankUnited Financial Corporation to a group of private equity funds for an undisclosed amount. For private equity funds, including Blackstone Group: Simpson Thacher & Bartlett. For WL Ross & Co.: Wachtell, Lipton, Rosen & Katz For John Kanas, the new chief executive of BankUnited: Skadden, Arps, Slate, Meagher & Flom Simpson Thacher frequently advises Blackstone Group on investment fund matters.
Novartis International AG bought the generic cancer drug business of EBEWE Pharma for $1.2 billion. For Novartis: Shearman & Sterling For EBEWE: In-house counsel Shearman represented Novartis on its 2005 acquisition of generic drug makers Eon Labs and Hexal.
Litigation  
Craigslist sued South Carolina attorney general Henry McMaster, seeking to enjoin any prosecution for obscene adult services ads. For craigslist: Perkins Coie; Wilmer Cutler Pickering Hale and Dorr   Perkins is craigslist's general outside counsel, and Wilmer helped defend it against similar allegations in an Illinois case.
Madoff Chapter 7 trustee Irving Picard sued feeder fund Fairfield Greenwich Group to recoup more than $3 billion for investors. For Madoff investors: Baker & Hostetler For FGG: Simpson Thacher & Bartlett. For FGG founder Walter Noel: White & Case. For managing partner Andres Piedrahita: Dechert. For founder Jeffrey Tucker: Kasowitz, Benson, Torres & Friedman Baker & Hostetler's Picard has recovered more than $1.2 billion, and sued philanthropists, hedge funds, foundations, and investment advisers to claw back fraudulent Madoff returns.
IPO  
PennyMac Mortgage Investment filed for a $750 million IPO. For PennyMac: Sidley Austin For Underwriters: Sullivan & Cromwell Sidley helped break a global IPO dry spell by advising Strong Petrochemical Holdings on Hong Kong's first IPO of 2009.

 

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