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Bidders Beware
The aggregate value of private equity acquisitions worldwide in 2006 exceeded $660 billion. If this number seems mind-boggling, consider that this record-breaking volume of transactions appears well on the way to being eclipsed in 2007. Even with corporate financing for leveraged buyouts harder to come by as a consequence of the sub-prime mortgage fallout, there is, by some estimates, $300 billion sitting globally in private-equity funds.
Already on tap or completed in 2007: a $32 billion takeover of energy company TXU Corp. by Kohlberg Kravis Roberts (soon to go public) and Texas Pacific Group; Blackstone Real Estate Advisors' acquisition of Equity Office Property Trust, a national network of office buildings, in a transaction valued at up to $38.7 billion (the largest private equity buyout of all time); the $7.4 billion acquisition announced on May 14, 2007 of an 80.1% stake in Daimler Chrysler and its related financial services business by Cerberus Capital Management; the acquisition announced on June 30, 2007 of Bell Canada by Ontario Teachers Pension Plan, Providence Equity Partners and Madison Dearborn Partners LLC for $48.8 billion in the largest leveraged buyout ever; and most recently, newly public Blackstone Group's $26 billion dollar offer for Hilton Hotels. More deals are on the way.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.