Sullivan & Cromwell

B. Riley, Inc. Senior Management and its Board of Directors Are Being Investigated by Wolf Popper LLP, a Leading Law Firm, for Potential Breaches of Fiduciary Duty

Retrieved on: 
Tuesday, March 12, 2024
FRG, Franchise Group, Oliver Cromwell, Sullivan & Cromwell, Knowledge, Advertising, The Wall Street Journal, Audit committee, Security (finance)

NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential derivative claims on behalf of shareholders of B. Riley, Inc. (“B.

Key Points: 
  • NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential derivative claims on behalf of shareholders of B. Riley, Inc. (“B.
  • Riley”) (NASDAQ: RILY) against members of B. Riley’s senior management and its Board of Directors concerning B. Riley’s relationship with Brian Kahn, Chief Executive Officer of Franchise Group, Inc. (“FRG”).
  • Unlike the pending class action, which seeks to benefit only investors during the class period, a derivative action seeks to benefit all existing B. Riley shareholders.
  • In May 2023, B. Riley entered into an agreement to assist Brian Kahn in leading a management buyout of FRG.

Special Committee of Bally’s Retains Financial and Legal Advisors in Connection With Standard General’s Proposal

Retrieved on: 
Thursday, March 28, 2024
Entertainment, Other Travel, Lodging, Electronic Games, Travel, Casino, Gaming, Committee, Macquarie Group, Acquisition, Proposal, Sullivan & Cromwell, Oliver Cromwell, Standard General

The special committee of independent and disinterested directors (the “Special Committee”) of Bally’s Corporation (“Bally’s” or the “Company”) (NYSE: BALY) formed to evaluate the preliminary, non-binding acquisition proposal from Standard General, dated March 11, 2024 (the “Proposal”), among other things, today announced that it has retained Macquarie Capital as its financial advisor and Potter Anderson & Corroon LLP and Sullivan & Cromwell LLP as its legal counsel in connection with its evaluation of the Proposal, as well as any potential strategic alternatives to the Proposal.

Key Points: 
  • The special committee of independent and disinterested directors (the “Special Committee”) of Bally’s Corporation (“Bally’s” or the “Company”) (NYSE: BALY) formed to evaluate the preliminary, non-binding acquisition proposal from Standard General, dated March 11, 2024 (the “Proposal”), among other things, today announced that it has retained Macquarie Capital as its financial advisor and Potter Anderson & Corroon LLP and Sullivan & Cromwell LLP as its legal counsel in connection with its evaluation of the Proposal, as well as any potential strategic alternatives to the Proposal.
  • The Special Committee cautions Bally’s stockholders and others considering trading the Company’s securities that no decisions have been made with respect to the Proposal.
  • There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.
  • The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required by law.

Leading Financial Services Trade Organizations Challenge Colorado’s Interest-Rate Caps on Out-of-State Banks

Retrieved on: 
Monday, March 25, 2024
Banking, Legal, Professional Services, Finance, American Financial Services Association, BNPL, Organization, Congress, Oliver Cromwell, Sullivan & Cromwell, Holland & Knight, HB, Davis Wright Tremaine, House, DIDMCA, Lawyer, Louisiana House of Representatives, National Association, Perlmutter, Ed Perlmutter, Representative, Senate

Three leading trade organizations for the financial services industry filed a lawsuit in federal court today, challenging a new Colorado statute that violates federal law by imposing interest-rate and fee caps on loans made to Colorado residents by state-chartered banks, including banks outside Colorado.

Key Points: 
  • Three leading trade organizations for the financial services industry filed a lawsuit in federal court today, challenging a new Colorado statute that violates federal law by imposing interest-rate and fee caps on loans made to Colorado residents by state-chartered banks, including banks outside Colorado.
  • Plaintiffs in the case are three trade associations: The National Association of Industrial Bankers; the American Financial Services Association; and the American Fintech Council.
  • With the caps imposed by HB 23-1229, plaintiffs’ members will no longer be able to offer these mainstream products to higher-risk Colorado consumers.
  • “Because the law’s interest rate caps apply only to state-chartered banks, national banks will be able to continue charging the rates permitted under federal rules.

Alex Su Joins Latitude as Chief Revenue Officer

Retrieved on: 
Tuesday, April 2, 2024
Community, Marketing, Growth, Ironclad warship, Sullivan & Cromwell, Oliver Cromwell, Management

NASHVILLE, Tenn., April 2, 2024 /PRNewswire/ -- Latitude , a globally ranked flexible legal talent company that specializes in employing high-caliber attorneys for contract engagements with legal departments and law firms, announced today that it has expanded its executive team, adding Alex Su as Chief Revenue Officer.

Key Points: 
  • NASHVILLE, Tenn., April 2, 2024 /PRNewswire/ -- Latitude , a globally ranked flexible legal talent company that specializes in employing high-caliber attorneys for contract engagements with legal departments and law firms, announced today that it has expanded its executive team, adding Alex Su as Chief Revenue Officer.
  • "Over the past few years, Latitude has experienced a major increase in demand for Latitude Attorneys from law firms and legal departments," said CEO Ross Booher .
  • "What attracted me to Latitude is its successful track record working with some of the world's largest companies and law firms," said Su.
  • "As Chief Revenue Officer, my goal is to support our impressive client services team and drive greater market awareness of what Latitude offers."

NEW YORK COMMUNITY BANCORP, INC. CLOSES OVER $1 BILLION EQUITY INVESTMENT STRENGTHENING BALANCE SHEET AND LIQUIDITY POSITION

Retrieved on: 
Tuesday, March 12, 2024
Transfer, Slate, Exercise, Bank Holding Company Act, Sullivan & Cromwell, New York Community Bank, NYCB, Investment, Latham & Watkins, Treasury, Employment, COI, Certificate, Oliver Cromwell, Workforce, Common stock, New York Stock Exchange, Plan, Regulation, Acquisition, Incoming, Growth, Comptroller, Venture round, Jefferies Group, Security (finance)

HICKSVILLE, N.Y., March 11, 2024 /PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB) ("NYCB" or the "Company") announced today it completed the previously announced transactions resulting in individual investments aggregating to approximately $1.05 billion in the Company by Liberty Strategic Capital ("Liberty"), funds managed by Hudson Bay Capital Management ("Hudson Bay"), funds managed by Reverence Capital Partners ("Reverence Capital"), and other investors (collectively, the "Investors").

Key Points: 
  • Our Company enters this next phase with an enhanced balance sheet and liquidity position."
  • We believe that this transaction has strengthened the Company's balance sheet and liquidity position and look forward to working with management and the dedicated workforce of NYCB to deliver shareholder value."
  • Mr. DiNello, Marshall Lux, Lawrence Savarese, Peter Schoels, David Treadwell and Jennifer Whip remain members of the Board.
  • In addition, in connection with Reg Y Transfers, the Series C Preferred Stock is automatically convertible into 1,000 shares of our common stock.

Wolf Popper LLP Is Investigating Senior Management and the Board of Directors of B. Riley, Inc. for Potential Breaches of Fiduciary Duty

Retrieved on: 
Monday, February 26, 2024
The Wall Street Journal, FRG, Sullivan & Cromwell, Advertising, Audit committee, Franchise Group, Knowledge, Oliver Cromwell

NEW YORK, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential claims on behalf of shareholders of B. Riley, Inc. (“B.

Key Points: 
  • NEW YORK, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential claims on behalf of shareholders of B. Riley, Inc. (“B.
  • Riley”) (NASDAQ: RILY) against B. Riley’s Board of Directors and members of its senior management concerning B. Riley’s relationship with Brian Kahn, Chief Executive Officer of Franchise Group, Inc. (“FRG”).
  • In May 2023, B. Riley entered into an agreement to assist Brian Kahn in leading a management buyout of FRG.
  • Wolf Popper’s expertise has been repeatedly recognized by courts that have appointed the firm to major positions in securities litigation.

AlTi Tiedemann Global welcomes strategic investment of up to $450m from Allianz X and Constellation Wealth Capital

Retrieved on: 
Thursday, February 22, 2024
Asset Management, Professional Services, Finance, Constellation, Joel Tobeck, XETRA, Investment, Common stock, Common, Allianz, Cadwalader, Event, CWC, Webcast, UHNW, Partner (business rank), Gibson Dunn, Eastern Time Zone, Security (finance), Sullivan & Cromwell, Oliver Cromwell, Partnership

AlTi Global, Inc. (NASDAQ: ALTI), a leading independent global wealth and alternatives manager with approximately $68 billion in combined assets, today announced a strategic investment of up to $450 million by Allianz X and Constellation Wealth Capital (“CWC”).

Key Points: 
  • AlTi Global, Inc. (NASDAQ: ALTI), a leading independent global wealth and alternatives manager with approximately $68 billion in combined assets, today announced a strategic investment of up to $450 million by Allianz X and Constellation Wealth Capital (“CWC”).
  • CWC, an investment advisory firm specializing in making investments in industry-leading wealth managers, will invest $150 million.
  • AlTi will use the capital principally to fund its mergers and acquisitions (“M&A”) pipeline and organic growth activities.
  • Michael Tiedemann, Chief Executive Officer of AlTi Tiedemann Global, said:
    “This investment accelerates AlTi’s trajectory to become the leading global independent UHNW wealth management platform, with strategic and targeted expertise in alternatives.

NEW YORK COMMUNITY BANCORP, INC. ANNOUNCES OVER $1 BILLION EQUITY INVESTMENT ANCHORED BY FORMER U.S. TREASURY SECRETARY STEVEN MNUCHIN'S LIBERTY STRATEGIC CAPITAL, HUDSON BAY AND REVERENCE CAPITAL

Retrieved on: 
Wednesday, March 6, 2024
Well, Citadel, Slate, OneWest Bank, Jefferies Group, New York Community Bank, Citadel Securities, Currency, Bank, Growth, Senior management, Federal Housing Finance Agency, NYCB, Documentation, Liberty, Comptroller, Sullivan & Cromwell, Treasury, Oliver Cromwell, National bank

HICKSVILLE, N.Y., March 6, 2024 /PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB) ("NYCB" or the "Company") today announced that Liberty Strategic Capital ("Liberty"), Hudson Bay Capital ("Hudson Bay"), Reverence Capital Partners ("Reverence Capital"), Citadel Securities ("Citadel"), other institutional investors and certain members of the Company's management (collectively, the "Investors") will make a combined over $1 billion investment in the Company, subject to finalization of definitive documentation and receipt of applicable regulatory approvals. Liberty is expected to invest $450 million, Hudson Bay will invest $250 million, and Reverence will invest $200 million as part of the transaction.  

Key Points: 
  • Liberty is expected to invest $450 million, Hudson Bay will invest $250 million, and Reverence will invest $200 million as part of the transaction.
  • Secretary Steven Mnuchin stated, "In evaluating this investment, we were mindful of the Bank's credit risk profile.
  • We enter this next chapter with a strong balance sheet and liquidity position supported by a diversified and retail focused deposit base.
  • Sullivan & Cromwell LLP is serving as legal counsel to Liberty Strategic Capital.

CFGI Announces Appointment of Jay Clayton to Board of Directors

Retrieved on: 
Tuesday, March 5, 2024
American Express, Sullivan & Cromwell, Federal Deposit Insurance Corporation, University, Carey Law School, CVC Capital Partners, Market, History, Finance, Working Group, Oliver Cromwell, Economics, Management

Co-CEOs Shane Caiazzo and Nicholas Nardone express their enthusiasm, stating, "We are thrilled and honored to welcome Jay to our Board.

Key Points: 
  • Co-CEOs Shane Caiazzo and Nicholas Nardone express their enthusiasm, stating, "We are thrilled and honored to welcome Jay to our Board.
  • Mr. Clayton commented, "I have been following the work of CFGI and am impressed with what they offer the business community.
  • I look forward to working with Nick, Shane, and the CFGI Board of Directors."
  • His extensive background, diverse roles, and wealth of experience make him a valuable addition to CFGI's dynamic and forward-thinking Board of Directors.

CFGI Announces Appointment of Jay Clayton to Board of Directors

Retrieved on: 
Tuesday, March 5, 2024
American Express, Sullivan & Cromwell, Federal Deposit Insurance Corporation, University, Carey Law School, CVC Capital Partners, Market, History, Finance, Working Group, Oliver Cromwell, Economics, Management

Co-CEOs Shane Caiazzo and Nicholas Nardone express their enthusiasm, stating, "We are thrilled and honored to welcome Jay to our Board.

Key Points: 
  • Co-CEOs Shane Caiazzo and Nicholas Nardone express their enthusiasm, stating, "We are thrilled and honored to welcome Jay to our Board.
  • Mr. Clayton commented, "I have been following the work of CFGI and am impressed with what they offer the business community.
  • I look forward to working with Nick, Shane, and the CFGI Board of Directors."
  • His extensive background, diverse roles, and wealth of experience make him a valuable addition to CFGI's dynamic and forward-thinking Board of Directors.