Week Ahead in Mergers & Acquisitions: June 21, 2021

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(Reuters) – Here are some upcoming events of interest to the M&A law community. Unless otherwise noted, all times are local, and court appearances are virtual due to the COVID-19 pandemic.

Monday, June 21

10:00 a.m. – Funds invested in mortgage-backed securities will urge the 2nd U.S. Circuit Court of Appeals in New York to reverse a judgment against them in a dispute over proceeds from the $5.4 billion sale of the Stuyvesant Town apartment complex in Manhattan. The Appaloosa Management funds say profit from the sale should have gone to them, because the property’s mortgage was part of the pool they invested in, rather than the loan servicer and lender.

The case is Appaloosa Investment LPI et al. v. Federal Home Loan Mortgage et al., 2nd U.S. Circuit Court of Appeals, No. 20-1708. For Appaloosa: Thomas Redburn Jr of Lowenstein Sandler. For CWC: Gregory Cross of Venable. For FHFA: Christopher Johnson of McKool Smith.

Tuesday, June 22

9:15 a.m. – Cantor Fitzgerald LP, a controlling shareholder of financial technology company BGC Partners Inc, and the company’s board will ask Vice Chancellor Lori Will to grant summary judgment in a derivative suit brought by minority investors. The suit accuses them of causing BGC to purchase a Cantor affiliate’s portfolio company for $875 million at public stockholders’ expense. Cantor and the directors have denied the allegations.

The case is In re BGC Partners Inc Derivative Litigation, Delaware Court of Chancery, No. 2018-0722. For plaintiffs Roofers Local 149 Pension Fund and Northern California Pipe Trades Trust Funds: Mark Lebovitch of Bernstein Litowitz Berger & Grossmann, and Nathan Cook of Grant & Eisenhofer. For the independent directors: Joseph De Simone and Matthew Fenn of Mayer Brown. For Cantor Fitzgerald: Eric Leon of Latham & Watkins.

2 p.m. – The American Bar Association will host a panel called “Top Ten Myths about In-House Ethics” to discuss how in-house attorneys should apply ethics rules, including those related to conflicts of interest, business transactions with their client/employer, the attorney-client privilege, the duty of competence and the unauthorized practice of law. Speakers include Elizabeth Bradley of Rosen Saba and Neil Wertlieb of Wertlieb Law. For more information, click here.

Thursday, June 24

9:15 a.m. – Panera Bread Co will urge Vice Chancellor Morgan Zurn to partially dismiss a suit brought against the company by founder Ronald Shaich that accused the chain of violating a settlement agreement and unfairly depriving him of his stock in the company. Panera Bread has denied the allegations.

The case is Act III Management LLC v. Panera Bread Company, Delaware Court of Chancery, No. 2019-0111. For Act III Management: James Bucking of Foley Hoag and Jennifer Jauffret of Richards, Layton & Finger. For Panera Bread: Bret Cohen of Nelson Mullins Riley & Scarborough, Paul Lockwood of Skadden Arps Slate Meagher & Flom and Myron Steele of Potter Anderson & Corroon.

1 p.m. CT – The Federal Trade Commission will hold the next installation in its “Green Lights & Red Flags: FTC Rules of the Road for Business” series in Dallas to discuss trending topics in truth-in-advertising law, social media marketing, data security, and business-to-business fraud. The event is being co-hosted by the FTC’s Southwest Region, the American Advertising Federation of Dallas, the Better Business Bureau Serving North Central Texas, the Dallas Bar Association Antitrust & Trade Regulation Section and the Thurgood Marshall School of Law. For more information, click here.

1 p.m. – The ABA will host a panel called “A Primer on Commercial Finance Legal Opinions: The Basics that Opinion Givers and Opinion Recipients Need to Know,” to educate young transactional attorneys about topics including the purposes of legal opinions and essential due diligence. Speakers include Kimberly Desmarais of Jones Day; Robert Grodner of McGlinchey Stafford; and Sandra Rocks of Cleary Gottlieb Steen & Hamilton. For more information, click here.

Know of an event that could be included in Week Ahead in M&A? Contact Sierra Jackson at sierra.jackson@thomsonreuters.com

Sierra Jackson

Sierra Jackson reports on legal matters in major mergers and acquisitions, including deal work, litigation and regulatory changes. Reach her at sierra.jackson@thomsonreuters.com

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Sierra Jackson