A letter between Wachtell and a former client obtained by The American Lawyer shows that the blue-chip law firm uses an unusual billing structure for deals work: being paid a percentage of any resulting transaction, rather than billing by the hour.
The deal, if approved by shareholders, would bolster XL’s property and casualty insurance and reinsurance portfolio, and create a combined company worth more than $12 billion.
Under a complex deal, the property company Cheung Kong will take over Hutchison Whampoa, a holding company for a network of global businesses including ports and utilities; the enlarged group would then be split into two new companies.
With about a week remaining before its operating unit expects to file for Chapter 11 bankruptcy, Caesars is trying to rally support among bondholders for a plan to streamline the bankruptcy process.
Fed officials are encouraged by the strength of the economy. | Lenders are engaging with upstart rivals. | Standard Chartered will close its equities business. | William H. Gross helps fuel his new fund with his own cash.
The bond giant has removed from its website the quarterly investment reports of two large mutual funds that were managed by William H. Gross before he was forced to leave the firm last year.
It is the first time the Financial Conduct Authority of Britain has issued a fine against financial sponsors that act as advisers on initial public offerings and other stock listings.