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 Co    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

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 CO
01/18 THE WALT DISNEY COMPANY : Executives to Discuss Fiscal First Quarter 2017 Financ..
01/17 WALT DISNEY : Fine Art Photographer Gray Malin Debuts “The Red Carpet Seri..
01/11 Trump rally makes stock options great again for some CEOs
01/11 Trump rally makes stock options great again for some CEOs
01/08DJWALT DISNEY : Rogue One,' a Hit in Most of the World, Opens to So-So Numbers in ..
01/04 WALT DISNEY : Football carried NBC, ESPN to big wins in audience last week
01/04 WALT DISNEY : CORRECTING and REPLACING Disney and ABC Invite Families to Read To..
01/03DJWALT DISNEY : Rogue One' Leads Again -- WSJ
01/02 WALT DISNEY : 'Rogue One' tops box office for third straight weekend
2016 U.S. stock market performance in 2016
More news
Sector news : Broadcasting - NEC
01/20 EXCLUSIVE - VIVENDI OPEN TO RESTART : sources
01/20DJAT&T's DirecTV Now Added 200,000 Subscribers in First Month
01/18 LIBERTY MEDIA : F1 body approves Liberty Media takeover
01/13 FTSE hits record highs, extends historic winning streak
01/10DJCBS : TV Network Executives to Skip Press Panel
More sector news : Broadcasting - NEC
News from SeekingAlpha
01/20 Langer named CFO at ABC Television Group
01/20 4 Reasons I Prefer Disney Over Netflix
01/19 Is The Next Leg Higher For Equities On The Horizon?
01/19 ONE STEP CLOSER TO FINANCIAL FREEDOM : My 2016 Income Review
01/18 DISNEY : Spinoff Catalyst
Advertisement
Financials ($)
Sales 2017 57 537 M
EBIT 2017 15 145 M
Net income 2017 9 368 M
Debt 2017 17 355 M
Yield 2017 1,45%
P/E ratio 2017 18,21
P/E ratio 2018 16,21
EV / Sales 2017 3,27x
EV / Sales 2018 3,09x
Capitalization 170 515 M
More Financials
Chart WALT DISNEY CO
Duration : Period :
Walt Disney Co Technical Analysis Chart | DIS | US2546871060 | 4-Traders
Full-screen chart
Technical analysis trends WALT DISNEY CO
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 111 $
Spread / Average Target 3,2%
Consensus details
EPS Revisions
More Estimates 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
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
WALT DISNEY CO3.30%170 515
COMCAST CORPORATION6.55%176 041
CBS CORPORATION-0.20%29 706
SKY PLC0.61%21 240
LIBERTY MEDIA GROUP-7.11%15 246
GRUPO TELEVISA SAB4.73%12 030
More Results