Paul, Weiss Achieves Victory for Barnes & Noble Directors

LitigationCorporate

Paul, Weiss achieved a major victory for its clients, various outside directors of Barnes & Noble Corporation, when the New York Supreme Court, New York County granted its motion to dismiss plaintiff David Shaev Profit Sharing Account's amended shareholder derivative complaint with prejudice. Plaintiff claimed that the board of directors breached its fiduciary duties of loyalty, good faith, and candor by facilitating the continuance of inadequate internal controls and issuing allegedly misleading statements related to such controls, costing Barnes & Noble millions of dollars. 

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Vice Leases New Headquarters Space in Williamsburg, Brooklyn

FinanceReal EstateMedia & Entertainment

As reported in The Wall Street Journal, New York Magazine and other news sources, Paul, Weiss client Vice Media Inc. has entered into lease agreements for approximately 60,000 square feet of space for its new headquarters to be located on South 2nd Street in Williamsburg, Brooklyn. Vice plans to undertake a major renovation of the new space and to more than double its workforce with the addition of 525 employees over the next five years. One of the area's largest employers, Vice was founded as a punk magazine and currently runs a website (Vice.com), an HBO show and news, sports and music channels.

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Pfizer Wins Dismissal of Shareholder Class Action Suit

LitigationSecurities Litigation

As reported by Thomson Reuters and Law.com, Paul, Weiss client Pfizer Inc. achieved a major victory when a federal court granted the company's motion for summary judgment in In Re Pfizer Inc. Securities Litigation, a securities class action filed in the United States District Court for the Southern District of New York involving decade-old disclosures related to Celebrex and Bextra. The order dismisses the case in its entirety.

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Kohlberg Completes Acquisition of Troon Golf

Mergers & AcquisitionsTaxEmployee BenefitsEnvironmentalIP TransactionsReal EstateLitigation

Paul, Weiss client Kohlberg & Company, L.L.C., through a newly formed affiliate, announced the closing of its acquisition of a majority of the equity interests in Troon Golf, L.L.C., a leading global provider of third-party management and consulting services to golf courses and golf-related hospitality facilities. The acquisition was completed on June 30 through an equity investment complemented by a debt financing. The debt financing consisted of a first lien credit facility, comprised of a term loan and a revolving credit facility, and a second lien credit facility, consisting of a term loan.

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RSA Completes Sale of Its Majority Owned Canadian Insurance Brokerage Business

Mergers & AcquisitionsTaxCanada

Paul, Weiss client RSA Insurance Group closed its sale of its majority-owned Canadian insurance brokerage business, Noraxis Capital Corporation, to a subsidiary of Arthur J. Gallagher & Co. The aggregate purchase price for the business, including minority interests but excluding excess working capital, was approximately Cdn$500 million. After minorities, and including estimated excess working capital, RSA received cash consideration of Cdn$441 million, which is subject to post-closing adjustments. 

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Paul, Weiss Recognized by The American Lawyer “A-List”

CorporateLitigationBankruptcyReal EstateTaxEmployee BenefitsPersonal RepresentationEntertainment

The American Lawyer has recognized Paul, Weiss as one of only three firms to be named to the publication's "A-List" every year since its inception in 2003. The American Lawyer's "A-List" ranks top firms by financial performance, pro bono commitment, associate satisfaction and diversity.

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Performance Sports Group Completes IPO and NYSE Listing

Mergers & AcquisitionsTaxEnvironmental

Paul, Weiss client Performance Sports Group Ltd., formerly Bauer Performance Sports Ltd., completed its initial public offering in the United States at $15.50 per common share for aggregate proceeds of $126.5 million, including full exercise of the overallotment option. The common shares were listed on the New York Stock Exchange.

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Oak Hill Sells Controlling Interest in The Hillman Companies to CCMP

Mergers & AcquisitionsTaxEmployee BenefitsEnvironmentalIP TransactionsReal Estate

Paul, Weiss client Oak Hill Capital Partners completed the sale of a controlling interest in The Hillman Companies, Inc. to affiliates of CCMP Capital Advisors, LLC, in a transaction valuing Hillman at $1.475 billion. Founded in 1964 as a fastener and keys company, Hillman is a leader in the hardware and home improvement industry offering products for commercial and residential uses, as well as inventory management and in-store merchandising services. Oak Hill and certain members of Hillman's management have reinvested a portion of their proceeds in the transaction.

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Leading Federal Prosecutor and Senior Enforcement Official Joins Paul, Weiss

Litigation

Paul, Weiss, Rifkind, Wharton & Garrison LLP announced today that Lorin L. Reisner, the Chief of the Criminal Division of the U.S. Attorney's Office for the Southern District of New York and a former Securities and Exchange Commission senior enforcement official, will join the firm next month as a partner in its litigation department where he will focus on white collar crime and regulatory defense, government investigations and high-stakes litigation.

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The American Lawyer Recognizes Paul, Weiss for Diversity

CorporateLitigation

Paul, Weiss was ranked one of the 15 most diverse law firms in The American Lawyer's annual Diversity Scorecard based on the number of diverse attorneys. Am Law also published a related article citing Paul, Weiss as the first Am Law 100 firm to hire a black associate. In 1946, Louis Weiss hired William T. Coleman, a Harvard Law graduate and Supreme Court clerk, when no other firm would.

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