Verbatim bits: Shareholders could move to enjoin the deal, but thats a tough hurdle, said Michael Kelly, a partner at law firm McCarter & English in Wilmington, Delaware, who specializes in defending corporations in litigation. Im sure the board is going to say this is the best option in our judgment. Another lawyer, Ira Press of class-action firm Kirby McInerney, said there is a possibility that investors will challenge the fairness of the deal, though I would suspect that at this point, Bear Stearns must be in dire straits and thats why it agreed to the buyout. The company is being sold for just $236 million. The deals value is more than 90 percent below the companys Friday closing share price of $30.85. But [Dimon’s] JPMorgan said the price tag would total about $6 billion to account for litigation and severance costs. 90% under Friday’s March 14, 2008 - Closing 180% Under Thursday, March 13, 2008 - Closing I direct you to the fact that over the March 15th 2008 weekend, forecasted class action litigation, before anyone filed, was calculated by Mr. Dimon (JP Morgan Chase), Mrrs. Swartz and EMC’s Tucci, knowing their mammoth liability: The company is being sold for just $236 million. The deals value is more than 90 percent below the companys Friday closing share price of $30.85. But JPMorgan said the price tag would total about $6 billion to account for litigation and severance costs. Mr. Lerach said: According to Fortune magazine, he once told a corporate lawyer: I dont care who your clients are. Im going to make their bones bleach in the desert. Lerach started the firms San Diego office in 1975, and worked tirelessly and aggressively to expand the use of class-action shareholder lawsuits. Over time, he built a volume business in shareholder litigation. Lerachs colleagues say he has been brilliant at identifying corporate wrongdoing by scrutinizing insider [stuff] … and analyzing … statements. He found new ways to include related parties in his suits, among them accountants, bankers, lawyers and others. And he developed innovative ways to apply existing law, such as federal anti-racketeering statutes, to his shareholder cases. The ensuing settlements and judgments have been in the tens of billions of dollars. nobleinvestment/portfolio Steven Nicholas, CHAPrincipal & Executive Vice President Asset Management E-mail: steven.nicholas@nobleinvestment Mr. Nicholas is a principal with responsibility for maximizing value at both the property level and fund level by providing senior asset management leadership. Mr. Nicholas has more than 19 years of hospitality industry experience and joined Noble as a partner in 1997. Mr. Nicholas received a B.A. Hotel Administration from Cornell University and an M.B.A from the Goizuetta Business School at Emory University. He serves as the Vice President of the Hotel Asset Manager Association and on the executive board of the Tourism Development Authority of Georgia. Mr. Nicholas is also a member of the Marriott International Rooms Advisory Committee and is a former president of the Cornell Hotel Society.
Posted on: Mon, 12 Jan 2015 06:28:46 +0000
Trending Topics
Recently Viewed Topics
© 2015