Bain, T.H. Lee, Clear Channel going after the bankers (CCU, WB, C, MS, CS, DB)
The firms are filing suit against against Citigroup, Morgan Stanley, Credit Suisse, The Royal Bank of Scotland, Deutsche Bank and Wachovia.
Some of the allegations are that banks inserted poison provisions, pretext and misdirection, and even a re-cut of the deal as they faced $2.65 billion in losses (that figure according to WSJ).
This one may be a done deal for sure now. When buyers and sellers have to start suing lenders, it is not all that frequent that those providing the leverage get forced into it.
But on the flip side, those banks should have to pay severe business penalties via a break-up fee for backing away.
Recent Posts
- Penn looks better off after merger called off (7/03/2008)
- Microsoft may make another run at Yahoo! (7/02/2008)
- Media M&A numbers are strong, but dollars aren't (7/02/2008)
- Blockbuster yanks Circuit City bid (7/02/2008)
- Kekst & Co: PR firm for private equity sells out (7/02/2008)
BloggingBuyouts is provided for informational purposes only. Nothing on the service is intended to provide personally tailored advice concerning the nature, potential, value or suitability of any particular security, portfolio or securities, transaction, investment strategy or other matter. You are solely responsible for any investment decisions that you make. The contributors who provide the content of BloggingBuyouts may, from time to time, hold positions in the securities discussed at the time of writing and they may trade for their own accounts. Such holdings will be disclosed at the time of writing. By using the site, you agree to abide to BloggingBuyouts' Terms of Use.