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☆ I was kicked out of high school, so I turned to the Marines for a way forward. Now, I'm a corporate lawyer with degrees from Stanford and Harvard.
▼ + stars: | 2024-07-23 | by ( Elle Hardy | ) www.businessinsider.com time to read: +7 min

At 17, I was kicked out of high school because I skipped class to work at my fast-food job and hang out with my friends. I was always interested in the MarinesAfter getting kicked out of school, I enlisted in the Marine Corps. AdvertisementI got my GED and took 15 units of entry-level community college classes, like English 101 and US History. AdvertisementI left the military and began classes at a community collegeTragically, our first daughter died during birth. It's pretty amazing that a Black kid from a low-income family who didn't finish high school was able to achieve all of this.

Persons: —, Andrew Hanson, I'd, Stanford, I've, they've, Lauryn Haas Organizations: Service, Business, Marines, Marine Corps, School of Infantry, Tragically, Stanford, Columbia, Department of Justice, Harvard University, Department of Veterans Affairs, Harvard Locations: Virginia, Chicago, Camp Pendleton , California, Iraq, New Orleans, California, Washington, Cambridge , Massachusetts, Skadden, Slate, lhaas@businessinsider.com

☆ US Steel’s future as an American company is about to come to a vote. It may not matter
▼ + stars: | 2024-04-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

“It is important that we maintain strong American steel companies powered by American steelworkers,” he said. “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”Experts said opposition from Biden and other politicians — both Republican and Democrats — make it unlikely the deal will win approval. “Six weeks ago, the United States gave Mitsui, a Japanese company, a $20 billion deal to build a crane factory here in the United States and replace all our port cranes throughout the United States. “If the administration has concerns about the Nippon Steel deal, it must seriously consider alternative outcomes. US Steel products, supported by significant capital investments from Nippon Steel, will remain mined, melted and made in America,” the company said.

Persons: Joe Biden’s, Biden, ”, —, “ It’s, Michael Leiter, Skadden, “, Kishida Fumio, ‘, ’, It’s, JD Vance, Phil Gibbs, KeyBank, Gibbs, it’s, Jeff Roberson, Nucor, hasn’t, ” “ Organizations: New, New York CNN, US Steel, Japan’s Nippon Steel, Justice Department, Foreign Investment, Treasury, Commerce, Defense, State, Homeland Security, American steelworkers, Steel, ”, Republican, Democrats —, Japanese, United States, Mitsui, United Steelworkers, steelworkers, Ohio, Nippon, Cleveland Cliffs, Nippon Steel, Cleveland, US Steel Granite City Works, AP, US Locations: New York, United States, Japan, American, Slate, United, Cleveland, US Steel Granite City, Arkansas, America

☆ Biden says it’s ‘vital’ US Steel remain American owned and operated
▼ + stars: | 2024-03-14 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —President Joe Biden on Thursday said he believes it’s “vital” that US Steel remain American owned and operated, dealing a blow to the iconic company’s planned sale to Japan’s Nippon Steel. “It is important that we maintain strong American steel companies powered by American steel workers. I told our steel workers I have their backs, and I meant it,” Biden said in a statement. “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”The Biden administration is concerned about some of Nippon’s assets in China, a person familiar with the administration’s thinking told CNN. After the Biden statement, the US Chamber of Commerce warned against politicizing the US Steel deal and said the transaction should proceed if the CFIUS review reveals no national security concerns.

Persons: Joe Biden, it’s, ” Biden, ”, Biden, Lael Brainard, Fumio, ” John Murphy, ” Michael Leiter, Skadden, Arps, ” Leiter, isn’t Organizations: CNN, US Steel, Japan’s Nippon Steel, Steel, Nippon, National Economic Council, Washington Post, Foreign Investment, Treasury, US Chamber of Commerce Locations: American, China, Pittsburgh, Washington, United States

☆ The CEO 'return to office or else' is having limited success in 2024
▼ + stars: | 2024-02-04 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +5 min

This past week alone, Boeing and UPS called workers back to the office five days a week. A survey by the Conference Board found few U.S. CEOs saying they will prioritize bringing workers back to the office full time in the year ahead. Jotform, an online form-building platform with about 660 team members, recently made the decision to require employees to be in the office five days a week. A December Resume Builder poll of 800 business leaders found that 8 in 10 companies will track employee office attendance in 2024. In some cases, companies are also finding it difficult to crack down on lower-level employees because higher-ups also aren't complying.

Persons: it's, Elliott Sprecher, Morgan Chase, Davis Polk, What's, Laura Putnam, Henry Nothhaft, Betsy Henning, Finn, Putnam Organizations: Boeing, UPS, Conference Board, IBM, Google, Skadden, Finn Partners Locations: Slate, RTO

☆ Top legal firms criticize law schools they hire from, accusing them of failing to address antisemitism on campuses
▼ + stars: | 2023-11-02 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

24 US law firms wrote to college deans, demanding that they tackle antisemitism on their campuses. The White House warned this week of an "alarming" rise in antisemitism on US college campuses. AdvertisementAdvertisementSome of the US' largest law firms have penned an open letter to law school deans, demanding that they address incidents of antisemitism on their campuses. This follows a call last month by a law professor from the University of California Berkeley who urged law firms not to hire students with antisemitic views. A number of Jewish college students are planning to sue several elite universities, including Cornell and Harvard, over a perceived inaction on antisemitism.

Persons: —, Kirkland, Latham, Watkins, Skadden, Sidley Austin, Morgan, Lewis, Gibson, Dunn, Patrick Dai Organizations: Service, University of California, Defamation, Cornell University, Cornell, Harvard, Columbia University, University of Pennsylvania Locations: University of California Berkeley, Israel, Gaza

☆ Top law firms call out antisemitism on college campuses
▼ + stars: | 2023-11-02 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Some of the nation’s most powerful law firms are warning America’s elite universities to crack down on antisemitism on campus – or the schools and their students will face real consequences. “Over the last several weeks, we have been alarmed at reports of anti-Semitic harassment, vandalism and assaults on college campuses, including rallies calling for the death of Jews and the elimination of the State of Israel,” more than two dozen law firms wrote in a letter obtained by CNN. The letter campaign was spearheaded by Joe Shenker, senior chair of Sullivan & Cromwell, according to the New York-based law firm. “One would hope that by the twenty-first century, antisemitism would have been relegated to the dustbin of history,” Columbia University leaders said in a statement. Last month, a Columbia student hanging up posters on campus in support of Israel was assaulted.

Persons: Moore, Ellis, Paul, Weiss, Wachtell, Lipton, Katz, Joe Shenker, Sullivan, Cromwell, Ryna Workman, Israel “, ”, Strawn, Workman, “, ” Workman, they’ve, Liz Magill, ” Magill, ” Gillian Lester Organizations: New, New York CNN, CNN, Debevoise, Plimpton, Kirkland, Garrison, Rosen, Yale, Harvard, University of Virginia, University of Pennsylvania, Cornell, University of Michigan, University of Michigan , New York University, Stanford, NYU Student Bar Association, Winston, NYU, Columbia University, ” Columbia University, Columbia Law School, Cornell University Locations: New York, Israel, ”, Rifkind, Wharton, Slate, Columbia, Georgetown, University of Michigan , New, Penn, New York City

☆ Cisco beefs up cybersecurity play with $28 bln Splunk deal
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

The logo of networking gear maker Cisco Systems Inc is seen during GSMA's 2022 Mobile World Congress (MWC) in Barcelona, Spain February 28, 2022. REUTERS/Nacho Doce Acquire Licensing RightsSept 21 (Reuters) - Cisco Systems (CSCO.O) on Thursday agreed to acquire cybersecurity company Splunk (SPLK.O) for about $28 billion, in its biggest acquisition ever that would bolster its network security business. "Combined, Cisco and Splunk will become one of the world's largest software companies and will accelerate Cisco's business transformation to more recurring revenue," the companies said in a joint statement. Cisco shares were down nearly 5% in premarket, while trading in Splunk stock was halted. The deal, which was unanimously approved by the boards of both Cisco and Splunk, is expected to close by the end of the third quarter of 2024 subject to regulatory approvals.

Persons: Simpson Thacher, Moore, Morgan Stanley, Flom, Splunk, Yuvraj Malik, Anil D'Silva Organizations: Cisco Systems Inc, Congress, REUTERS, Cisco Systems, Splunk's, Cisco, Splunk, Tidal Partners, Bartlett, Qatalyst Partners, Thomson Locations: Barcelona, Spain, premarket, Cravath, Slate, Bengaluru

☆ Cisco acquiring cybersecurity company Splunk in cash deal worth $28 billion
▼ + stars: | 2023-09-21 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

(Photo by Jakub Porzycki/NurPhoto via Getty Images)Cisco is acquiring cybersecurity software company Splunk for $157 a share in a cash deal worth about $28 billion, the company said Thursday. The acquisition is one of Cisco's largest, and continues an acquisition streak which has built out the company's cybersecurity offerings. Splunk is a cybersecurity company that helps enterprises monitor and analyze their data to minimize the risk of hacks and resolve technical issues faster. If Cisco backs out of the deal or is forced to do so because of regulatory intervention, it will pay Splunk a termination fee of $1.48 billion, according to a regulatory filing. If Splunk backs out of the deal for any reason, it will pay a $1 billion breakup fee to Cisco.

Persons: Jakub Porzycki, Chuck Robbins, Robbins, Simpson Thacher, Moore, Morgan Stanley, Flom, Splunk Organizations: Getty Images, Cisco, Tidal Partners, Qatalyst Partners Locations: Krakow, Poland, Slate

The U.S. Justice Department and Federal Trade Commission (FTC) have mounted an unprecedented number of legal challenges to mergers since Biden came to office in 2021. The Justice Department lost a merger in the insurance industry but won an effort to stop a book publisher merger. Deal advisers said companies had already braced for a tough antitrust regime under Biden and some had been emboldened by the regulators' recent court losses. "The (regulators' guidelines) do provide more transparency but that transparency also reveals some concerns that they are quite hostile to consolidation. The new antitrust guidelines also reflect the White House's focus on labor issues.

Persons: Gonzalo Fuentes, Joe Biden's, Biden, Department's, Kenneth Schwartz, Flom, Fiona Schaeffer, Milbank, Elizabeth Warren, Warren, Diane Bartz, Richard Chang, Chizu Nomiyama, Daniel Wallis Organizations: Viva Technology, Porte de, REUTERS, U.S . Justice Department, Federal Trade Commission, Microsoft, Activision Blizzard Inc, FTC, Meta, Justice Department, JetBlue Airways, Spirit Airlines Inc, Amazon.com, Amazon, Flom LLP, Global, LSEG, Intelligence, Democrat, Congress, Thomson Locations: Porte, Paris, France, WASHINGTON, Skadden, Slate

NEW YORK/LONDON, June 30 (Reuters) - Global mergers and acquisitions (M&A) activity fell 36% year-on-year in the second quarter, but investment bankers and lawyers expressed optimism that the stock market's recovery will gradually restore chief executives' dealmaking confidence. "Global uncertainty is what is impacting M&A most - it just makes people uncomfortable. It's easier to say, I'll pass on a deal - nobody gets fired for passing on a deal. M&A volumes in the United States declined by 30% to $318.4 billion, while Europe and Asia Pacific volumes shrank 49% and 24% respectively. Not a single so-called mega-deal, which typically refers to transactions worth over $25 billion, was signed during the quarter.

Persons: Michael Aiello, Weil, Raymond McGuire, Steve Baronoff, Bunge, John Collins, Morgan Stanley, there’ll, Ethan Klingsberg, Deringer, Manolo Falco, Scott Miller, Sullivan, Cromwell, Howard Ellin, Flom, Dwayne Lysaght, Eric Schiele, Kirkland, Ellis, Anirban Sen, Andres Gonzalez, Stephen Coates Organizations: Manges LLP, Lazard Ltd, Bank of America, Reuters Graphics Reuters, Magellan Midstream Partners, Viterra Ltd, Carrier Global, Investment, Citigroup Inc, JPMorgan Chase, Antitrust, U.S . Federal Trade Commission, Horizon Therapeutics, Thomson Locations: United, Europe, Asia, Skadden, Slate, New York, London

☆ In return to office messaging, there's now more stick, less carrot
▼ + stars: | 2023-06-29 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

This marks a shift from the incentive culture that many companies have been using to lure workers back to the office post-pandemic. But workforce demographics vary widely when it comes to the benefits, and the desire, to return to the office. Employees who work from the office at least three times a week report feeling more connected to their colleagues, a company spokesman said. This could mean, for instance, spelling out to the sales team that Mondays and Wednesdays are in-office days because that's when the bulk of customer interactions happen, and making clear to engineering that Thursdays are in-office days because that's when code reviews happen. This comes as the company will start mandating employees be in the office four days a week, up from three days, after Labor Day.

Persons: Bradford, Bell, William J, Conaty, there's, slowdowns, Morgan Chase, Davis Polk, Sallie Krawcheck, Lynne C, Vincent, Jenny von Podewils, Podewils, Rubab Jafry O'Connor, Neil Barr Organizations: Resources, Center, Cornell University's ILR, Google, Skadden, Wardwell, LaSalle Network, Citi, Bank of America, CNBC, Companies, Whitman School of Management, Syracuse University, Employees, Carnegie Mellon University's Tepper School of Business, Labor Locations: Slate

☆ 4 things 'Succession' gets wrong about business
▼ + stars: | 2023-05-28 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +7 min

HBO's hit show "Succession" airs its series finale Sunday night, with Waystar Royco's future in the balance. It captures the spirit of boardroom drama, but takes some liberties with corporate law, experts said. On HBO's hit show "Succession," the beats of a proxy fight are sometimes just as intense as a scheming betrayal from a once loyal lackey. Over four seasons, the show has laid out a thesis about the all-encompassing gravitational force of Logan Roy, the media mogul behind the fictional news and entertainment conglomerate Waystar Royco. "But the failure of the board to engage in any succession planning at all, is a first thing to note," she said.

☆ Nancy Lieberman, Lawyer Who Came Back From Skiing Disaster, Dies at 66
▼ + stars: | 2023-04-21 | by ( James R. Hagerty | ) www.wsj.com time to read: 1 min

Nancy Lieberman became the youngest person to ever make partner at the law firm of Skadden, Arps, Slate, Meagher & Flom. Photo: Bryan Thomas for The Wall Street JournalWhile skiing on Christmas Eve in 2007 in Telluride, Colo., Nancy Lieberman lost control and hit a tree. She heard her neck snap. Before undergoing an operation at a hospital, she gave instructions to her husband: “If I don’t come out of this with my brain intact, pull the plug.”

☆ Commercial real estate's biggest investors are spending hundreds of millions of dollars on the grittiest land in America. Here's why.
▼ + stars: | 2023-02-09 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +11 min

Big commercial-real-estate players from Brookfield to Fortress are snapping up industrial land. Brookfield is one of several big-name investors that are paying increasing attention to lowly industrial land. Industrial land also generally has lower operating costs and taxes compared to other real estate. It's hard to find big enough portfolios of industrial landThere are challenges, too, in breaking into the business of owning industrial land. Atkins said he has been impressed by the robustness of the IOS market, even with fears about the broader economy.

☆ Perfect Storm for Some Companies: Fewer Interest Deductions, Rising Rates
▼ + stars: | 2023-02-06 | by ( Mark Maurer | ) www.wsj.com time to read: +9 min

For some firms, the move shrank the amount of taxable income that can be offset by interest expenses. Higher interest rates generally lead to higher interest expenses tied to companies’ variable-rate debt, new borrowings and refinancings. The cap can hit companies’ cash flows immediately, though not necessarily their financial statements, due to timing differences in claiming the deductions. Aluminum maker and recycler Novelis plans to allocate less cash toward its venture-capital arm due to the higher interest expenses. Leveraged loans have variable rates that typically reset every one to three months, based on short-term interest rates.

On Tuesday, Western Digital CEO David Goeckeler said the partnership with Apollo and Elliott would help "facilitate the next stages of Western Digital's strategic review." The latest investment is a precursor to a potential merger between Silicon Valley-based Western Digital and Japan's Kioxia Holdings Corp, according to people familiar with the matter. The sources, who requested anonymity as these discussions are confidential, said the talks between Western Digital and Kioxia are still active. Western Digital and Kioxia jointly produce NAND chips, which are widely used in smartphones, TVs, data center servers and public announcement display panels. Qatalyst Partners, Lazard and J.P. Morgan are serving as Western Digital's financial advisers and Skadden, Arps, Slate, Meagher & Flom LLP is serving as Western Digital's legal adviser.

☆ Corporate America is bracing for a rise in activist investing. Meet the 13 lawyers on speed-dial when companies and investors fight for boardroom control.
▼ + stars: | 2022-11-23 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Law firms including Olshan Frome Wolosky LLP and Schulte Roth & Zabel are go-tos for activist investors looking to change how companies do business. Kai Liekefett, who co-chairs Sidley's shareholder activism practice, last year successfully defended cloud company Box Inc. in a proxy fight by Starboard. Liekefett has also defended clients against major activist investors including Carl Icahn and Trian Partners. He has advised clients against major activist investors including Trian, Carl Icahn, Starboard Value and the billionaire Paul Singer. Lawrence Elbaum and Patrick Gadson, Vinson & ElkinsPatrick Gadson (L) and Lawrence Elbaum (R), co-heads of Vinson & Elkins' shareholder activism group.

☆ Estee Lauder to buy fashion label Tom Ford in $2.8 billion deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Estee Lauder Cos Inc (EL.N) said on Tuesday it agreed to buy U.S. fashion label Tom Ford for $2.8 billion, its biggest deal yet, adding a line of beauty products and apparel to the Clinique brand owner's portfolio. While Estee Lauder already sells Tom Ford beauty products and fragrances, the deal has raised some eyebrows on Wall Street. (https://reut.rs/3tqhWrK)As of Tuesday's close, Estee's stock fell 17% since the deal talks with Tom Ford were reported by the media in August. Tom Ford had entered into exclusive negotiations with Estee Lauder last week, beating competing bids from companies including Gucci owner Kering SA (PRTP.PA), the Financial Times reported on Friday. Chief Executive Officer Tom Ford will continue to serve as the brand's creative visionary.

☆ Lidar firms Ouster, Velodyne to merge in all-stock deal
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Lidar makers Ouster Inc (OUST.N) and Velodyne Lidar Inc (VLDR.O) said on Monday they would merge in an all-stock deal, forming a company with a combined market capitalization of about $400 million. Velodyne stockholders will receive 0.8204 shares of Ouster for each share held, representing a 7.8% premium to Velodyne's closing price on Friday. The combination will allow Ouster and Velodyne to consolidate their market position and product portfolios through cost-savings in engineering, manufacturing and administration. Velodyne shares were up 5.6% while Ouster rose about 1% in premarket trading. Existing Velodyne and Ouster shareholders will own about 50% each of the combined company.

☆ Companies Seek Guidance on New U.S. Minimum Tax as Launch Date Nears
▼ + stars: | 2022-10-26 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

Analyzing past securities filings, researchers from the University of North Carolina’s Tax Center found that fewer than 80 publicly traded U.S. companies would have paid any corporate minimum tax in 2021 had the tax been in effect. Businesses, including media company Liberty Media Corp., in recent weeks have pressed for additional information from the Treasury Department and the Internal Revenue Service on the implications of the tax. “It’s casting a very wide net,” David Rievman, a partner at law firm Skadden, Arps, Slate, Meagher & Flom LLP, said of the minimum tax. Among the concerns from businesses is that reorganizations could cause a company to become subject to minimum tax, or increase their tax liability. Without the deduction, the company would pay another level of corporate tax on that dividend.

Elon Musk could be facing up to $100 million in personal legal fees after renewing his offer to buy Twitter. Both Twitter and Musk employed over 50 lawyers in the months leading up to the trial. A lot of the cost, of course, is going straight to the lawyers and major firms Musk and Twitter employed. He added that hourly billing is unlikely to be how Musk and Twitter were solely charged in this case. Are you legal professional involved in Musk vs. Twitter or someone with insight to share?

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