AmLaw Daily featured Weil business finance & restructuring partner Jacqueline Marcus as the 'Dealmaker of the Week' for the week ending October 15, citing Ms. Marcus's role in the $3.9 billion sale of hotel chain Extended Stay to a private equity consortium, effectively bringing the company out of bankruptcy.
Ms. Marcus, along with partners Marcia Goldstein and Ted Waksman, led the Weil team throughout the sixteen month restructuring process, which involved five different reorganization plans and a prolonged bidding war between two private equity consortiums. The final reorganization plan was approved by a bankruptcy judge in July. The sale to the private equity group was finalized on October 8, enabling Extended Stay to emerge from bankruptcy with an ongoing business, preserving 9,000 jobs and reducing its debt by nearly $5 billion.
Weil is U.S. counsel to London-based Man Group PLC, the world's largest publicly traded hedge fund manager, in its acquisition of publicly held hedge fund manager GLG Partners, Inc. The transaction, announced in May and completed on October 14, 2010, is valued at $1.6 billion. The newly combined group will have funds worth approximately $63 billion under management.
The Weil team was led by Corporate partners Jane McDonald and Danielle Do and included partners Joseph Allerhand, Howard Dicker, Catherine Dixon, David Wohl, Joseph Newberg, Kim Blanchard, Amy Rubin, and Matthew Bloch along with associates Naomi Munz, Stuart Morrissy, Stacy Nettleton, U-Hyeon Kwon, Jeff Morneau, Megan Pendleton, Jordan Kolar, Jennifer Wolff, and Philip Repash.
On September 30, 2010, Kathleen Clark and Danielle Do of Weil, Gotshal & Manges LLP served the Pratt Institute Center for Community Development ("Pratt Center") by assisting the center with the successful negotiation of a strategic alliance agreement with New York Industrial Retention Network (NYIRN).
Formed more than 45 years ago, the Pratt Center works to address urban deterioration and poverty and to make communities and their infrastructure stronger. Strategic alliance partner NYIRN is a nonprofit economic development organization that looks to strengthen New York City's manufacturing sector and to promote sustainable development by providing business services for manufacturers, conducting research on the industrial sector, and organizing advocacy for New York City manufacturers.
The legal work of Weil associate Kathleen Clark and partner Danielle Do consisted of advising the advisory board on the transaction, completing due diligence on NYIRN, helping to negotiate and revise a letter of agreement, revising the advisory board bylaws, and finalizing the term sheet. As part of the strategic alliance, NYIRN will amend its bylaws to provide that Pratt Institute is its sole member, and through this mechanism Pratt Institute will be able to guide NYIRN's operations.
The Pratt Center mission statement will be amended to incorporate the purposes of NYIRN. In addition, the existing contracts, grants and other program obligations of NYIRN will be fulfilled.