Joel Greenberg Quoted in International Herald Tribune on Difficulty in Completing Deals

July 8, 2008

Joel Greenberg, Co-Chair of the Corporate & Finance Department, was quoted in the July 8, 2008 issue of the International Herald Tribune in an article titled "Broken Deals Generate Mistrust on Wall Street."  The article discusses the lack of trust between major parties and recent difficulties in completing deals.  ''Private equity firms, by and large, have come out quite nicely, the banks have taken some hits and over all, the sellers came out [worst],'' said Mr. Greenberg.  In some cases, companies have been able to renegotiate terms, rather than abandon the deal altogether, as in the buyout of the Canadian telecom, BCE.  ''In BCE, the big adjustments came out of the company,'' Mr. Greenberg said.  ''The private equity [firms] improved terms [for the banks] a little but the big losers are the shareholders in the target - although they would have been bigger losers if the deal fell apart.''

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