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SEC Enforcement Action Against SPAC, Sponsor, Merger Target, and CEOs for Misleading Statements

Background On July 13, 2021, the U.S. Securities and Exchange Commission (the “SEC”) filed an administrative enforcement action and announced a settlement with Stable Road Acquisition Corp. (“Stable Road”), a special purpose acquisition company (“SPAC”); SRC-NI Holdings, LLC, Stable Road’s sponsor (the “Sponsor”); Brian Kabot, Stable Road’s Chief Executive Officer and the Sponsor’s managing member (“Kabot”);…

Client Alerts | July 23, 2021 | Securities and Corporate Finance

Kleinberg Kaplan Representation of Objecting States in the Purdue Pharma Case Featured in New York Law Journal

Kleinberg Kaplan attorneys were featured in the New York Law Journal following the filing of an objection to the chapter 11 plan proposed by Purdue Pharma, a privately held pharmaceutical company that was owned mainly by members of the Sackler family. The plan would grant to the Sacklers blanket lifetime immunity related to any civil suits.…

Firm News | July 22, 2021 | Creditors’ Rights and Bankruptcy Litigation

Kleinberg Kaplan Ranks Among Top Legal Advisors Both Globally and in the United States for Activist Campaigns in H1 2021 According to Bloomberg

Kleinberg Kaplan, a pure-play activist law firm, was again featured as a top legal advisor for activist campaigns in Bloomberg’s H1 2021 Global Activism Market Review. The firm ranked fifth for legal counsel advising activist investors in the United States and sixth globally for the same, according to Bloomberg. The Bloomberg Activism Advisory League Tables…

FEATURED PUBLICATION | July 6, 2021 | Investor Activism

Kleinberg Kaplan Receives High Marks from Clients in Latest Edition of The Legal 500: United States

New York, June 17, 2021 – Premier boutique law firm Kleinberg Kaplan was recognized in the latest edition of The Legal 500: United States for its Hedge Funds and Investor Activism practices. The Hedge Funds practice was celebrated for advising a wide range of fund managers on large capital commitment facilities, as well as spin-outs and set-up issues for new managers.…

Firm News | June 17, 2021 | Hedge Funds | Investor Activism

Kleinberg Kaplan Advises Absoluto Partners in its Investment in Brazil-based Nubank

Kleinberg Kaplan client, Absoluto Partners, a Brazil-based hedge and venture capital fund manager with headquarters in Rio de Janeiro, recently participated in a Series G fundraising round totaling $750 million for Nubank, a Brazil-based fintech company. Absoluto Partners, Verde Asset Management and Sands Capital invested $250 million, while Berkshire Hathaway invested $500 million. According to The…

Firm News | June 15, 2021 | Private Equity Funds

Kleinberg Kaplan Seavest Representation Covered in Press

Kleinberg Kaplan long-standing client Seavest Healthcare Properties recently acquired an eight-story, 72,270 square foot medical office building in the Midwood neighborhood of Brooklyn. The building is located at 902 Quentin Road and is anchored by NYU Langone Health and Touro College of Health Sciences. In its press release, Seavest Senior Managing Director & Chief Investment Officer…

Firm News | June 10, 2021 | Acquisitions and Sales

Manichean Struggle: Reverse Veil-Piercing Authorized in Delaware

A recent decision from the Delaware Chancery Court has established, for the first time, that the remedy of reverse veil-piercing is recognized under Delaware law. The decision, Manichean Capital, LLC v. Exela Technologies, Inc., resolves a dispute regarding the availability of reverse veil-piercing and augments the remedies for minority shareholders dissenting from a merger. Background…

Client Alerts | June 2, 2021 | Creditors’ Rights and Bankruptcy Litigation

Kleinberg Kaplan Recognized in Chambers USA 2021

Firm ranked in Hedge Funds category; three partners individually honored New York, May 20, 2021 — Premier boutique law firm Kleinberg Kaplan announced that it has been recognized by Chambers USA 2021 as a leading firm. The firm was again included in the “Hedge Funds (USA – Nationwide)” category, and three Kleinberg Kaplan partners were individually…

FEATURED PUBLICATION | May 20, 2021 | Hedge Funds | Investor Activism

DIP Finance Order Bars Later Clawback Action By Trustee

A recent decision by a Delaware bankruptcy court highlights the important consequences that can flow from a debtor-in-possession (“DIP”) finance stipulation reached early in a case. The decision, in Official Committee of Unsecured Creditors v. The CIT Group /Business Credit, Inc. (In re Jevic Holding Corp.), held that a chapter 7 trustee was barred by…

Client Alerts | May 13, 2021 | Creditors’ Rights and Bankruptcy Litigation

Mapping the Harbor: Additional Interpretation of the Bankruptcy Safe Harbor

A series of decisions (and a recent brief) have highlighted some of the new issues that are arising in Safe Harbor litigation. In particular, they show how the courts are wrestling with questions concerning: Which entity in a complex transaction is considered the “initial transferee” for Safe Harbor purposes? How are courts interpreting the Safe…

Client Alerts | March 24, 2021 | Creditors’ Rights and Bankruptcy Litigation