Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Walt Disney Company (The)    DIS

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

The Walt Disney Company : Key partner at law firm Dewey defects to rival

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/03/2012 | 08:28pm CET
People walk past a sign outside law firm Dewey & LeBoeuf in New York City

A key mergers and acquisitions partner at Dewey & LeBoeuf said on Thursday he was leaving to join a rival firm, adding to the imperiled law firm's woes.

Morton Pierce, a Dewey vice chairman, said he will be joining White & Case. He will be joined by seven other corporate and M&A partners in New York, said White & Case spokeswoman Oonagh Bates.

Representatives for Dewey & LeBoeuf did not respond to requests for comment.

Pierce's departure is yet another blow for Dewey, which has been struggling against a flood of partner defections this year. Pierce, who had been chairman of predecessor firm Dewey Ballantine, has handled several multibillion dollar deals, including Walt Disney Co's $4 billion acquisition of Marvel Entertainment in 2009 and its $7.4 billion acquisition of Pixar in 2006.

Dewey was until recently among the top 20 largest law firms in the United States, with 1,040 lawyers, according to an annual survey by the National Law Journal, an industry publication.

But since January, it has lost nearly 100 of its 300 partners as it struggles with mounting debt. It is considering a number of alternatives including deals with other law firms.

Merger talks with SNR Denton, the latest merger candidate, have come to an end, a person briefed on the matter said. The talks fell apart after Dewey said that its former chairman, Steven Davis, was under investigation by the Manhattan district attorney's office, according to the person, who spoke on condition of anonymity. Davis has denied wrongdoing.

Dewey had previously been in talks with Greenberg Traurig about a possible transaction, but those talks also ended, Dewey said Sunday.

Martin Bienenstock, a bankruptcy partner at Dewey and a member of the firm's four-person office of the chairman, said in an email Thursday morning that talks "are not off with any firm, they simply change scope."

Dewey, which had offices in 26 cities around the world, was the product of a 2007 merger between New York-based firms Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae.

Pierce's departure was the latest, and one of the highest-profile, in a flood of defections.

Morgan, Lewis & Bockius said on Thursday it had hired three litigation partners from Dewey & LeBoeuf's London office, including its managing partner, Peter Sharp.

And, while SNR Denton said it is not talking about a merger, it appears to be considering hiring lawyers from Dewey. SNR Denton Chairman Elliott Portnoy sent an email Wednesday to SNR Denton partners saying the firm was making efforts to attract the "strong, profitable parts" of Dewey, according to an SNR Denton partner who read the email.

Portnoy declined to comment. Jeff Scalzi, a spokesman for SNR Denton, said "we are looking at selective acquisitions, but we aren't commenting further."

Another firm, Patton Boggs, has been exploring opportunities short of a full merger, a different source familiar with the matter said on Monday.

In an email Monday, Dewey management "encouraged" partners to seek out other jobs.

Bienenstock said Monday that bankruptcy was "not in current plans."

"If real property and equipment leases are assumed by other firms or renegotiated, and the lenders realize on their accounts receivable and inventory, there may be no need for judicial intervention," Bienenstock said.

On Monday, Dewey obtained a two-week extension in negotiations between it and a bank group over a $100 million credit line. Dewey has drawn down $75 million on that credit line.

(Editing by Phil Berlowitz and M.D. Golan)

By Nate Raymond and Leigh Jones

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WALT DISNEY COMPANY (THE)
01/23 WALT DISNEY : Disney to Pay $1,000 Bonuses -- Update
01/23 WALT DISNEY : Disney to Pay $1,000 Bonuses to 125,000 Workers
01/23 WALT DISNEY : 125,000 Disney Employees to Receive $1,000 Cash Bonus and Company ..
01/23 Netflix crosses $100 billion market capitalisation as subscribers surge
01/23 Netflix crosses $100 billion market capitalization as subscribers surge
01/22 WALT DISNEY : Minnie Mouse Receives Star on Hollywood Walk of Fame in Celebratio..
01/19 WALT DISNEY : Adventures by Disney Announces Expanded Cruise Vacation Options fo..
01/19 WALT DISNEY : Year of the Dog celebrations at Hong Kong Disneyland Resort usher ..
01/17 Shari Redstone explores adding new CBS directors - WSJ
01/16 WALT DISNEY’S STOCK JUST MADE : Is it Time to Buy?
More news
News from SeekingAlpha
01/23 Disney gives $1,000 bonuses, seeds tuition program with $50M
01/23 Smaller films lead Oscar nominations amid declining theater attendance
01/23 WALL STREET BREAKFAST : WEF Kicks Off In Davos
01/23 Fox-Sky deal 'not in public interest'
01/22 Judge orders DOJ to get permission before giving AT&T, Time Warner data
Financials ($)
Sales 2018 58 597 M
EBIT 2018 15 156 M
Net income 2018 9 617 M
Debt 2018 19 956 M
Yield 2018 1,54%
P/E ratio 2018 17,32
P/E ratio 2019 16,14
EV / Sales 2018 3,19x
EV / Sales 2019 3,11x
Capitalization 167 B
Chart WALT DISNEY COMPANY (THE)
Duration : Period :
Walt Disney Company (The) Technical Analysis Chart | DIS | US2546871060 | 4-Traders
Technical analysis trends WALT DISNEY COMPANY (THE)
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 117 $
Spread / Average Target 6,0%
EPS Revisions
Managers
NameTitle
Robert A. Iger Chairman & Chief Executive Officer
Christine M. McCarthy Chief Financial Officer & Senior Executive VP
John S. Chen Independent Director
Robert W. Matschullat Independent Director
Aylwin B. Lewis Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
WALT DISNEY COMPANY (THE)3.01%166 754
COMCAST CORPORATION6.12%198 355
SKY-0.89%24 754
LIBERTY SIRIUS XM GROUP5.72%23 912
LIBERTY MEDIA FORMULA ONE8.34%23 912
LIBERTY BRAVES GROUP5.90%23 912