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Misappropriation of Trade Secrets
We represent a national financial consulting company headquartered in North Carolina in New Jersey Federal Court in a suit brought by one of its competitors. The competitor has alleged multi-million dollar claims for misappropriation of trade secrets and business interference through the hiring of former employees and failed merger discussions between the two companies. The case involves the methodologies, both manual and automated, used by banks to make decisions relating to customers with non-sufficient funds, including whether or not to pay an overdraft.
Venture With National Pension Fund
Our real estate development group represented Crosland, LLC in its negotiations with a nationally recognized pension fund manager to admit a fund managed by this manager into a limited liability company which owns a retail center in Greenville, South Carolina with a value in excess of $96 million. The transaction resulted in new capital contributed by the fund to the limited liability company of approximately $26.5 million and a restructuring of the operating agreement of the limited liability company to reflect the new capital. Crosland, LLC remains in charge of day-to-day management and has the opportunity to raise additional capital from the fund as additional phases of the shopping center are completed.
Strategic Refinancing
We represented Coca-Cola Bottling Co. Consolidated in its $164.8 million exchange offer of a new series of senior notes for two series of outstanding debentures. The exchange offer was made to qualified institutional buyers, and the exchange price was based on a fixed-spread pricing formula. We subsequently assisted our client in its registration of a new series of senior notes under the Securities Act of 1933 that it offered in exchange for the $164.8 million of restricted senior notes that were issued to the buyers. This transaction enabled our client to take advantage of favorable market conditions and quickly and successfully execute a strategic refinancing transaction.
High-Rise Condominium Development
We are working with Churchill Development Group, LLC on the development of The Vue, a 51 story, 410 unit residential condominium tower that will be located at the intersection of West 5th Street and North Pine Street in Charlotte's Fourth Ward Historic District. Our attorneys are assisting this client on its acquisition of the site, the preparation of condominium documents and sales and brokerage agreements, obtaining development approvals from the Charlotte Historic District Commission and other land use entitlement issues.
Multi-Billion Dollar Liquidity Facility
Our firm consistently ranks in the top 20 among U.S. law firms representing lenders in syndicated loan closings. By year end, the banking and finance section anticipates that it will have closed syndicated loans in excess of $21 billion. For one of such loans, we represented Wachovia Bank, National Association, in its capacity as administrative agent, in the structuring, negotiation and documentation of Wachovia's own $3 billion liquidity facility. The facility was syndicated principally among international financial institutions.
Bankruptcy Asset Purchase
Our corporate and financial restructuring groups represented Lance, Inc. in the purchase of the assets of Tom's Foods Inc., a U.S. based snack food manufacturing distributor in the Tom's Chapter 11 Bankruptcy Case for $37.9 million plus the assumption of current liabilities. Due diligence and the revision of the asset purchase agreement were conducted over an 11-day period resulting in Lance becoming the preferred bidder. Lance signed the asset purchase agreement on the Monday night of the auction. We obtained Bankruptcy Court approval on Wednesday and concluded the multi-state asset acquisition on Friday afternoon, a total of 16 days.
Unfair Trade Practice Litigation
Our firm successfully represented a national insurance brokerage firm in a suit against a major competitor who raided several employees and clients. The suit included claims for unfair and deceptive trade practices, trade secret violations, and computer trespass. To support these claims, we employed sophisticated electronic discovery and forensic examination of the employees' computer hard drives to discover previously deleted incriminating evidence.
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