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Sonnenschein Nath & Rosenthal has won the lead role on the sale of US bank IndyMac after hiring 100 Thacher Proffitt & Wood lawyers.
Sonnenschein Nath & Rosenthal has bagged the lead role on the $13.9bn (£9.19bn) sale of US bank IndyMac following its December capture of 100 lawyers from Thacher Proffitt & Wood.
Former Thacher Proffitt partner Robert Azarow brought the deal to Sonnenschein. He is leading a team advising the US Federal Deposit Insurance Corporation (FDIC), which took control of the collapsed bank in July last year, on the sale to a private equity consortium.
The deal is the first major instruction for Sonnenschein since its raid on Thacher Proffitt just before Christmas. The 100 lawyers it inherited from Thacher Proffitt doubled the size of Sonnenschein’s New York office.
“This group of Thacher partners can give [Sonnenschein] an excellent New York presence and a good reputation in certain fields,” said a US partner.
A number of US firms have snared roles advising the consortium including Cleary Gottlieb Steen & Hamilton, whose partners Paul Glotzer and William Groll are advising on M&A, restructuring and tax issues.
Simpson Thacher & Bartlett partners Maripat Alpuche, Peter Gordon and Gary Mandel advised MSD Capital and Stone Point as part of the acquiring consortium.
Sullivan & Cromwell partner Mitch Eitel snared a role advising JC Flowers while Willkie Farr & Gallagher partner Maurice Lefkort advised SSP offshore.
Paulson & Co instructed Fried Frank Harris Shriver & Jacobson partner Brian Mangino, David Ansell and Tom Vartanian.
Last year The Lawyer reported on Thacher Proffitt & Wood structured finance head Steve Kudenholdt advising the FDIC when it seized control of the bank (18 July).
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