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| A smart take on the day's business headlines with insightful commentary and a sense of humor. ... |
Tuesday, May 13, 2008 --- 73 days ago http://www.portfolio.com/views/blogs/daily-brief/2008/05/13/inside-the-clear-cha
| In the annals of busted buyout deals, the feud among two Boston-based private equity firms and six banks over the financing to take Clear Channel Communications private is one of the few that resemble a Wagnerian opera.
New York Supreme Court Justice Helen Freedman ratcheted up the tension on Monday by postponing the civil trial by a day. That led some news media to speculate about an "imminent settlement" of the suit, which stems from the banks' alleged attempt to walk away from financing the $22 billion buyout.
Despite that, a gaggle of people queued up in the hallway before Justice Freedman's courtroom by 10:45 this morning, holding places for hedge fund managers and arbitragers. Good thing the masters of the universe weren't there themselves: The trial was set to begin at 2 p.m.
The first witness for the plaintiffs, buyout firms Bain Capital and Thomas H. Lee Partners, was John Connaughton, a Bain Capital managing director who was the lead negotiator on the leveraged buyout.
Under methodical questioning by Mark Hansen, a veteran litigator from Kellogg, Huber, Hansen, Todd, Evans & Figel, Connaughton offered a tutorial on the mechanics of leveraged buyouts. Connaughton explained that private equity firms often work with the same banks, even the same bankers. In his tenure, he said, Bain handled 300 deals, with leverage provided by banks.
Has any bank walked away from a commitment letter, after a successful bid w ... |
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