Fox Rothschild Nominated for Middle Market Deal of the YearMay 24, 2012 – Press Releases
Fox Rothschild LLP was recently named a finalist in three categories for the 2012 ACG New York Champion’s Awards for its Asta Funding, Inc. litigation funding transaction led by New York Corporate partner Ted D. Rosen, Esq. The nomination categories are:
• 2012 Middle-Market Deal of the Year (Between $100 million and $250 million)
• 2012 Corporate/Strategic Acquisition of the Year (Between $100 million and $250 million)
• 2012 Financial Services Deal of the Year (More than $100 million)
The awards are a collaboration of The M&A Advisor, which offer insights and intelligence on middle market activities, and Association for Corporate Growth (ACG), a New York City association representing 900 middle market deal-making professionals.
Ted D. Rosen, Esq. stated: “We are honored to be recognized as finalists for these prestigious awards and are proud to work with the brilliant and visionary Gary Stern, CEO of Asta Funding, Inc. (NASDAQ:ASFI”) and Louis Piccolo who is a talented strategic advisor to Asta.“
The winners will be announced at “The Art of The Deal” awards gala on June 12, 2012 at Sotheby’s Auction House in New York.
Fox’s Ted D. Rosen, New York Corporate Administrative Partner and Chair of NY Metropolitan Corporate Securities Practice, led a team of attorneys, including Bradley S. Rodos, Vincent A. Vietti, Stephen R. Brill, Kevin M. Granahan and Robyn L. Sandak, in the representation of Asta Funding, Inc. in a joint venture agreement with Pegasus Legal Funding, LLC (PLF) to purchase interests in personal injury claims from claimants under the newly formed Pegasus Funding, LLC (Pegasus).
Asta Funding is a New Jersey-based financial services, receivable asset management and liquidation company that specializes in the purchase, management and liquidation of consumer receivables. Manhattan-based PLF is an established personal injury financing provider.
Under the terms of the December 28, 2011 Operating Agreement, a newly formed subsidiary of Asta will own 80 percent and PLF will own 20 percent of the outstanding membership interests of Pegasus. Pegasus will advance to each claimant funds on a nonrecourse basis at an agreed upon interest rate in anticipation of a future settlement. In connection with the joint venture, pursuant to a Revolving Credit Agreement, Security Agreement and Secured Revolving Credit Note, Fund Pegasus, LLC, an indirect wholly owned subsidiary of Asta Funding, agreed to loan Pegasus up to $109 million in aggregate over a five-year period, payable in one or more installments up to a maximum of $21.8 million per year, consisting of up to $20 million to purchase claims and up to $1.8 million to cover Pegasus' overhead expenses.
Rosen has more than 25 years of experience in corporate law with an emphasis on mergers and acquisitions, venture capital and securities law. He counsels large established and emerging growth companies in mergers, management buyouts, recapitalizations, roll-ups and growth strategies, as well as in matters related to structuring, organization, financing, employment and compensation. He advises clients on the development, protection, licensing and distribution of their products, technologies and services.
Rodos practice involves mergers and acquisitions, securities, regulatory law, general corporate representation of publicly held and family-owned businesses, venture capital
and lending and secured transactions.
For nearly 20 years, Vietti has served as outside corporate counsel to a number of small and mid-sized public companies. He is an experienced corporate lawyer with in-depth knowledge in federal and state securities law, mergers and acquisitions, venture capital and corporate formation, corporate governance, corporate control transactions and general corporate and commercial matters.
Brill focuses his practice on corporate governance and mergers and acquisitions as well as state and federal securities compliance. He advises companies ranging from small startups to large multinational organizations on a variety of legal issues, including entity formation, business combinations, financing transactions and board and committee practices.
With more than 10 years of experience working with clients across a range of industries, Granahan strives to provide clients with a practical and cost-effective approach in order to identify key legal and business issues from the outset and achieve specified goals as efficiently as possible. He has significant experience in advising clients on mergers and acquisitions, private equity matters and venture capital transactions.
Sandak advises established and start-up entities as well as entrepreneurs in many aspects of corporate and business law including entity formation and governance, commercial and corporate transactions, private equity and venture capital, seed and early state investing, mergers and acquisitions, private placements and compliance with federal and state securities regulations and employment matters.