Rich May: News
October 15, 2007
Rich May Represents Minority Stockholders in the Sale of a Substantial Family Business Located throughout the U.S. and in Canada, Mexico and China.
An experienced team of Rich May attorneys represented and assisted minority stockholders during a two and one half year period in advocating for the sale and reorganization of family businesses founded in the 1800s that had evolved into a radio and cable television media and manufacturing conglomerate. Beginning in early 2004 and continuing into early 2007, Rich May attorneys analyzed the history of the very complex family businesses and identified and quantified many legal and business risk factors, industry trends and future operating issues affecting the family businesses and communicated these views to all parties. After numerous meetings and communications between the Rich May team and Company management and the majority stockholders, it was the unanimous decision to sell the media and manufacturing companies and the related real estate holdings for in excess of $2.1 Billion dollars. Rich May was thereafter involved in the execution and implementation of these decisions. Rich May also researched and developed unique and rarely used tax strategies for the client, which resulted in an immediate tax savings to the parties of over $30 million dollars in taxes. The Rich May representation also involved working closely with the minority stockholders and following up on the clients’ creative proposals to reconcile many diverse inter-family issues and objectives. The Rich May team was able to achieve substantially all of the client objectives without costly and time consuming litigation. This Rich May representation required an understanding by the Rich May team of complex corporate matters, including multiple deferred executive compensation and retirement plans (qualified and non-qualified plans involving stock, cash and derivatives); an Employee Stock Ownership Plan (E.S.O.P.) which was to be terminated early in connection with the sale; the involvement of investment banking firms and other sophisticated business advisors; the early retirement of publicly registered debt of the Company; the wind down and liquidation issues involved in certain real estate (valued in the hundreds of millions of dollars) and other assets not acquired by the buyers of the miscellaneous businesses; the transitioning of many thousands of employees of the Companies; the new family financial strategy with respect to funds received by the client various trust entities; and many other related issues.
Rich May attorneys Nicolas A. Kensington (Chair of Rich May’s New Business Practice, nkensington@richmaylaw.com) and Stephen M. Kane (Chair of Rich May’s Corporate & Securities Practice, skane@richmaylaw.com) represented the minority stockholders throughout the transaction. Rich May attorneys Thomas H. Bilodeau, Gerald V. May and Harold B. Dondis also worked on this matter.
About Rich May
Rich May’s diverse practice embraces the organization and operation of business ventures, venture capital, private placements, hedge funds, public offerings, technology licensing, mergers and acquisitions, contracts, joint ventures, internet and e-commerce law, employee relations, intellectual property, litigation and dispute resolution, energy, telecommunications, public utilities, wealth planning and real estate. Rich May provides superior legal and strategic counsel through its extraordinary commitment to clients’ success, outstanding professional competence and straightforward ability to communicate. Rich May embraces an entrepreneurial spirit and maintains a mission execution culture that distinguishes Rich May from other law firms.
Rich May combines the stability and experience of one of Boston’s oldest preeminent law firms with the innovative spirit and energy of a venture catalyst intensely focused on serving entrepreneurs, emerging companies and investors in New England and throughout the United States.
For more information, visit www.richmaylaw.com.
