Paul Hastings Advises Related Chairman and CEO on $1.1 Billion Private Offering to Fund Acquisition of Failed Banks
New York (May 18, 2010)- Paul, Hastings, Janofsky & Walker LLP, a leading global law firm, announced today that the firm advised Stephen M. Ross, chairman and CEO of The Related Companies, along with Relateds president Jeff T. Blau and executive vice-president Bruce A. Beal Jr., on a $1.1 billion pre-IPO private offering for SJB Escrow Corporation, a blind investment pool. The transaction closed on February 16, 2010.
SJB Escrow Corporation will seek to acquire control of one or more commercial banking institutions within the United States through SJB National Bank, a national bank awaiting final regulatory approval. The Class A common stock offering will enable SJB National Bank to bid on the assets and liabilities of failed depository institutions up to a certain size.
New York partners Scott Saks and Michael Zuppone led the Paul Hastings team, which included partner Thomas Kruger, and associates Eliza Scott and Angelique Crain.
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