Jones Day, Fried Frank Work on CBS Deal: Business of LawEllen Rosen
Jones Day represented CBS Outdoor Americas Inc., the billboard company spun off from broadcaster CBS Corp., in its deal to purchase some advertising assets from Van Wagner Communications LLC. Fried, Frank, Harris, Shriver & Jacobson LLP represented Van Wagner in the $690 million cash deal.
The Jones Day deal team was led by mergers and acquisitions partners John Hyland and Randi Lesnick and included antitrust and competition partner Kathy Fenton, banking partner Lewis Grimm, employee benefits & executive compensation partner Dan Hagen, and tax partner Ed Kennedy.
Partner Andrew Colosimo led the Fried Frank team representing Van Wagner. Also on the team were corporate partner Daniel Bursky, antitrust and competition partner Barry Nigro, executive compensation and employee benefits partner Jeffrey Ross, intellectual-property and technology partner Daniel Glazer, and tax partner Robert Cassanos.
Wells Fargo Bank NA, which provided the financing for the deal, was represented by banking and finance partner Daniel Dokos and capital markets partner Jennifer Bensch of Weil, Gotshal & Manges LLP.
The purchase gives CBS Outdoor, which had its initial public offering in March, about 1,100 large billboard displays in 11 U.S. markets, according to a statement yesterday. The deal requires regulatory approval and is expected to be completed next year.
Law Firm News
Skadden Partner named monitor for Corinthian Colleges
The U.S. Department of Education named Patrick Fitzgerald to monitor the wind-down of Corinthian Colleges Inc., the troubled for-profit owner of career schools.
Fitzgerald, a partner in the Chicago office of Skadden, Arps, Slate, Meagher & Flom LLP, was previously the U.S. Attorney for Chicago.
On July 3, Corinthian entered into an agreement with the Department of Education to sell or shut down its 107 campuses in the U.S. Appointing a monitor was part of that agreement.
In a statement yesterday, Corinthian said it would pay all costs associated with the hiring of Fitzgerald.
Fitzgerald declined to comment on his appointment.
Lateral Moves at WilmerHale, Kaye Scholer, Dechert, Duane Morris
Matthew Schnall, a tax attorney, joined Wilmer Cutler Pickering Hale and Dorr LLP as a partner in the firm’s Boston office. Schnall had been a partner at Bingham McCutchen LLP.
Glynna Christian has joined Kaye Scholer LLP as a partner in New York with a focus on technology, media and financial services. Christian was previously a partner at Squire Patton Boggs.
Dechert LLP has hired Scott Warren as a partner in the intellectual property practice in the New York office. Warren was previously a partner at Goodwin Procter LLP.
Ari Markenson has joined the New York office of Duane Morris LLP as a partner in its health law practice group. Markenson previously was a partner at Benesch, Friedlander, Coplan & Aronoff LLP.
Sterling May Need to Sell $500 Million in Property, CFO Says
Donald Sterling may have to sell $500 million in real-estate holdings after he revoked a family trust to try to prevent his wife from selling the Los Angeles Clippers without his consent, an executive for Sterling testified yesterday.
Darren Schield, chief financial officer of Beverly Hills Properties, said he told one of Sterling’s lawyers that revoking the family trust “would open up a Pandora’s box” because it would violate the terms of the loans with Bank of America Corp. and two other banks.
Sterling, 80, revoked the trust after his wife had him declared mentally incapacitated and removed him as a co-trustee so she could proceed with the $2 billion sale of the National Basketball Association franchise to former Microsoft Corp. Chief Executive Officer Steve Ballmer. Shelly Sterling needs a ruling that she has sole authority to sell the team.
The trial before California Superior Court Judge Michael Levanas in Los Angeles resumed yesterday after a week’s hiatus. Levanas last week ruled that Sterling’s lawyers couldn’t call.
Sterling testified earlier in the trial that he will never approve of the sale. The NBA in June dropped plans of a forced sale when his wife agreed to sell the team to Ballmer.
The case is In the Matter of the Sterling Family Trust, BP152858, California Superior Court, Los Angeles County (Los Angeles).
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Johns Hopkins to Pay $190 Million to Hidden Camera Victims
Johns Hopkins Health System will pay $190 million to settle a class-action lawsuit brought by women whose pelvic exams were secretly recorded by a doctor who later committed suicide.
The Baltimore hospital said the settlement will be paid from insurance. The doctor, Nikita Levy, killed himself last year amid an investigation of the recordings and may have filmed as many as 12,000 women, plaintiff lawyers said.
The settlement “properly balances the concerns of thousands of plaintiffs with obligations the health system has to provide ongoing and superior care to the community,” Johns Hopkins said yesterday in a statement. “It is our hope that this settlement and findings by law enforcement that images were not shared helps those affected achieve a measure of closure.”
A state court judge granted preliminary approval to the accord yesterday, Johns Hopkins and plaintiff lawyers said. The order couldn’t be immediately verified in court records.
Laurence Shiekman of Pepper Hamilton LLP in Philadelphia and Donald DeVries of Goodell, DeVries, Leech & Dann LLP represented the university. Howard Janet of Janet, Jenner & Suggs, LLC and Jonathan Schochor, of Schochor, Federico & Staton, PA, both in Baltimore, represented the class.