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

WALT DISNEY COMPANY (THE) (DIS)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector 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 CEST
People walk past a sign outside law firm Dewey & LeBoeuf in New York City

NEW YORK (Reuters) - 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)
04/23WALT DISNEY : The Disney Conservation Fund Awards 2018 Conservation Grants
PU
04/21WALT DISNEY : Tokyo Disney Resort 35th “Happiest Celebration!” New E..
PU
04/19Sky reports strong quarter before bid battle steps up
RE
04/19Sky reports strong quarter before bid battle steps up
RE
04/19Fox Rejected Bid on Antitrust Fear -- WSJ
DJ
04/19Sky PLC's Nine-Month Operating Profit Rose 22% on Higher Revenue
DJ
04/19FOX CHOSE DISNEY OVER COMCAST ON REG : filing
RE
04/19FOX CHOSE DISNEY OVER COMCAST ON REG : filing
RE
04/19Fox chose Disney over Comcast on regulatory, stock fears - filing
RE
04/18Fox Rejected Higher Comcast Bid Due to Antitrust Concerns -- Update
DJ
More news
News from SeekingAlpha
04/23NETFLIX VS. DISNEY : An Evaluation 
04/23How To Retire At 65 With Only Half A Million 
04/23Mattel Is Doing Badly In Germany 
04/21STOCKS TO WATCH : Earnings Blockbusters And Trump Talks Drug Prices 
04/18Earnings Watchlist 
Financials ($)
Sales 2018 58 593 M
EBIT 2018 14 772 M
Net income 2018 11 496 M
Debt 2018 19 335 M
Yield 2018 1,68%
P/E ratio 2018 13,07
P/E ratio 2019 13,55
EV / Sales 2018 2,90x
EV / Sales 2019 2,83x
Capitalization 151 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
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 119 $
Spread / Average Target 19%
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
Aylwin B. Lewis Independent Director
Fred H. Langhammer Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
WALT DISNEY COMPANY (THE)-6.76%150 728
COMCAST CORPORATION-17.08%154 244
SKY29.64%31 568
LIBERTY SIRIUS XM GROUP5.04%22 122
LIBERTY MEDIA FORMULA ONE-11.03%22 122
LIBERTY BRAVES GROUP2.45%22 122