NY Partners and Associates Working on Billion Dollar Deals

New York Lawyer
May 10, 2007
By Janine Friend
New York Law Journal

Debevoise, Skadden, Shearman,
Sullivan, Willkie on Cablevision Deal

After spurning three previous bids, the board of Cablevision Systems Corp. has accepted a bid from the company's biggest shareholder, the Dolan family, to take it private in a deal worth $22 billion in cash and assumed debt. Cablevision, based in Bethpage, was founded by the Dolans in 1973. It provides cable television, high-speed Internet and phone service to more than 3.1 million households in the metropolitan area. The company also owns the New York Knicks, Rangers and Liberty. Its subsidiary, Rainbow Media Holdings, operates live events through its Madison Square Garden, Beacon Theatre and Radio City Music Hall.

Under the terms of the deal, the Dolan family will buy the shares of the company that it does not already own for $36.26 in cash. The arrangement is subject to regulatory and shareholder approval.

The Dolan family was advised by a team at Debevoise & Plimpton led by corporate partner Richard D. Bohm including finance partners William B. Beekman and Pierre Maugue; executive compensation partner Lawrence K. Cagney; tax partners Peter A. Furci and Bruce D. Haims and litigation partner John H. Hall; associates Michael A. Diz, Rhea F. Gordon, Caroline H. Moustakis, William C. Mulvey, Kevin A. Rinker, Ramya Seetharaman and Charles E. Wachsstock.

The Dolan family was also counseled by Skadden, Arps, Slate, Meagher & Flom mergers and acquisition partners Peter Allan Atkins and Thomas H. Kennedy and associate Alexandra J. McCormack; corporate finance partner Gregory A. Fernicola; and banking and institutional investing partner Salvatore Guerrera.

Bear Stearns & Co. Inc. and Merrill Lynch, financial advisors to the Dolans, were advised by Shearman & Sterling mergers and acquisitions partners Stephen M. Besen and Christa A. D'Alimonte and associate Jennifer R. Boyle-Devine; capital markets partners Robert Evans III and Toronto partner Jason R. Lehner and associates Michael W. Benjamin, Damien Grierson and Ilir Mujalovic; finance partner Michael I. Zinder and associates Benjamin M. Cheng and Randal D. Palach.

Cablevision was represented by Sullivan & Cromwell corporate partners Robert Wilson Downes and John P. Mead; employee benefits and tax partners William F. Indoe and Max J. Schwartz.

The special committee of the Cablevision board was was counseled by a team at Willkie Farr & Gallagher led by corporate counsel Mario M. Cuomo and partner Daniel D. Rubino, with partners Morgan D. Elwyn and Cornelius T. Finnegan III and associates Kevin E. Bell, Sean M. Ewen, Yara M. Martinez and Samuel A. Tversky; litigation partners Joseph T. Baio and Lawrence O. Kamin and associate Kristin M. Branson.

Cargo Company Sold For $2.4 Billion

Fortress Investment Group will purchase Princeton, New Jersey-based Interpool Inc. for $2.4 billion. Fortress, based in Manhattan, is an asset manager with separate private equity, hedge fund and real estate investment businesses. Interpool rents cargo containers to shippers.

Fortress will pay $27.10 per share to Interpool shareholders. The deal is expected to close in the third quarter of 2007, subject to regulatory and shareholder approval.

Fortress was advised by Skadden, Arps, Slate, Meagher & Flom mergers and acquisitions partners Joseph A. Coco and Sean C. Doyle; tax partner Charles Morgan and Chicago real estate partner Nancy M. Olson.

Interpool's special committee was counseled by a team at White & Case led by mergers and acquisitions partners Gregory P. Pryor and William F. Wynne Jr. and associate Tabber B. Benedict; litigation partner Dwight A. Healy; antitrust partner M. Elaine Johnston and banking partner Sean J. Geary of Milan.

Interpool's board of directors was represented by Paul, Weiss, Rifkind, Wharton & Garrison corporate partners Douglas A. Cifu and Mark A. Underberg, counsel Didier Malaquin and Claudine K. Meredith-Goujon and associates Gary J. Finiguerra and Neil A. Goldman; tax partner David W. Mayo; litigation partners Aidan Synnott and Robyn F. Tarnofsky.

Interpool also tapped Stroock & Stroock & Lavan corporate partner Jeffrey S. Lowenthal and associates Michael R. Caputo and Katherine Morton and mergers and acquisitions special counsel Ayesha M. Barnett.

Under Discussion

Robert Murdoch and News Corporation have made a bid of $5 billion to purchase the Dow Jones Company, owner of The Wall Street Journal. Fried, Frank, Harris, Shriver & Jacobson and Simpson Thacher & Bartlett have been hired to counsel Dow Jones. The Bancroft family, its controlling shareholders, is represented by Wachtell, Lipton, Rosen & Katz. News Corporation has tapped Skadden, Arps, Slate, Meagher & Flom as its legal representation.

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