March 09, 2015
Gardy & Notis, LLP has been appointed by the Court as lead counsel for former stockholders of Primedia, Inc. challenging the merger of Primedia with affiliates of TPG Capital L.P. The case alleges that Kolberg Kravis Roberts & Co. L.P. and other Primedia insiders agreed to sell Primedia to another private equity firm, TPG Capital L.P., for an unfair price of $7.10 per share. The $7.10 per share merger price was recommended by an independent committee of Primedia's board of directors and approved by the full board. Plaintiff alleged that the merger price failed to reflect the value of derivative claims seeking disgorgement of KKR's insider profits from trades in Primedia securities at depressed prices.
January 29, 2015
Gardy & Notis, LLP is co-lead counsel for bondholders who own 6.50% Senior Notes due 2016 issued by Caesars Entertainment Operating Corporation (CEOC) and guaranteed by Caesars Entertainment Corporation (CEC).The 2016 Senior Notes were issued by CEOC pursuant to a June 9, 2006 indenture.The complaint alleges that CEOC and CEC violated the Trust Indenture Act of 1939, 15 U.S.C. §§77aaa, et seq
., breached the 2016 indenture and the covenant of good faith and fair dealing when CEOC and CEC entered into a transaction to release CEC from its guarantee obligation on the 2016 Senior Notes as part of a scheme to protect CEC and its private equity sponsors ahead of a planned bankruptcy for CEOC.
January 14, 2013
On January 4, 2013, the United States Court of Appeals for the First Circuit reinstated shareholder derivative claims filed by Gardy & Notis, LLP in the United States District Court for the District of Puerto Rico relating to UBS closed-end funds in Puerto Rico, including: Puerto Rico Fixed Income Fund II, Inc., Puerto Rico Fixed Income Fund III, Inc., Puerto Rico Fixed Income Fund IV, Inc., and the Tax-Free Puerto Rico Fund II, Inc.