Jonathan R. Litsey

Sidley is representing Altamont Capital Partners and Hadron in the launch of Hadron, a groundbreaking hybrid insurer focused on managing general underwriters (MGUs). Hadron is backed by over US$250 million in capital support from Altamont and other institutional investors. According to Hadron, the company “intends to bring significant underwriting capacity to the growing program space,” by combining “best-in-class underwriting and portfolio management technology with reliable, long-term insurance capacity.” The Sidley team is led by Tony Ribaudo (Insurance), Ryan Scofield (M&A), and John Grothaus (Insurance), and includes Michael Rosenfield, Jennifer Chae (both Insurance), Scott Pollock, Nathan Enfield, Lee Christie (all Tax), Jonathan Litsey (M&A), Ram Burshtine, Daniel Philion, Bill Turnbull, and John Jiang (all Global Finance).~~Sidley is representing Altamont Capital Partners and Hadron in the launch of Hadron, a groundbreaking hybrid insurer focused on managing general underwriters (MGUs). Hadron is backed by over US$250 million in capital support from Altamont and other institutional investors. According to Hadron, the company “intends to bring significant underwriting capacity to the growing program space,” by combining “best-in-class underwriting and portfolio management technology with reliable, long-term insurance capacity.” The Sidley team is led by Tony Ribaudo (Insurance), Ryan Scofield (M&A), and John Grothaus (Insurance), and includes Michael Rosenfield, Jennifer Chae (both Insurance), Scott Pollock, Nathan Enfield, Lee Christie (all Tax), Jonathan Litsey (M&A), Ram Burshtine, Daniel Philion, Bill Turnbull, and John Jiang (all Global Finance).

Nov 6

1 min

Sidley represented Victory Live in its acquisition of Logitix from private equity firm ZMC. Logitix provides comprehensive ticket inventory management solutions to help sports properties, performing arts operators, venues, promoters, other rightsholders, and resellers optimize ticket sales and revenue through dynamic pricing and distribution services. Victory Live is a technology platform focused on sports and entertainment, event management, data, and ticketing software. The Sidley team was led by Mehdi Khodadad and Aaron Rigby (M&A and Private Equity), and included Avni Mehta, Jonathan Litsey, Anthony Friedman, Staci Alexander, and Kelli McQuillan (M&A and Private Equity); Nicholas Schwartz, Kristen Smith, Alena Thomas, Kendra Smith, and Shea Corrigan (Global Finance); Eric Kauffman and Emily Wajert (Employment); Stacy Crosnicker and Sarah Recktenwald (Employee Benefits and Executive Compensation); Rachel Kleinberg and Jonathan Westreich (Tax); Vadim Brusser, Jamie Sadler, and Edward Sharon (Antitrust and Competition); Kyle Barnett and Dusan Clark (Technology Transactions); Scott Goldstein (Insurance); and Stephen McInerney and Ben Cross (Privacy and Cybersecurity).~~Sidley represented Victory Live in its acquisition of Logitix from private equity firm ZMC. Logitix provides comprehensive ticket inventory management solutions to help sports properties, performing arts operators, venues, promoters, other rightsholders, and resellers optimize ticket sales and revenue through dynamic pricing and distribution services. Victory Live is a technology platform focused on sports and entertainment, event management, data, and ticketing software. The Sidley team was led by Mehdi Khodadad and Aaron Rigby (M&A and Private Equity), and included Avni Mehta, Jonathan Litsey, Anthony Friedman, Staci Alexander, and Kelli McQuillan (M&A and Private Equity); Nicholas Schwartz, Kristen Smith, Alena Thomas, Kendra Smith, and Shea Corrigan (Global Finance); Eric Kauffman and Emily Wajert (Employment); Stacy Crosnicker and Sarah Recktenwald (Employee Benefits and Executive Compensation); Rachel Kleinberg and Jonathan Westreich (Tax); Vadim Brusser, Jamie Sadler, and Edward Sharon (Antitrust and Competition); Kyle Barnett and Dusan Clark (Technology Transactions); Scott Goldstein (Insurance); and Stephen McInerney and Ben Cross (Privacy and Cybersecurity).

Oct 11

1 min

Sidley is representing affiliates of Clearlake Capital Group, L.P. (“Clearlake”), Symphony Technology Group (“STG”), and Archer Technologies (“Archer”) in the proposed sale of Archer to Cinven Limited. Archer is a leading provider of integrated risk management cloud software solutions. The transaction is expected to close in the middle of 2023 and is subject to customary closing conditions and regulatory approvals. The Sidley team is being led by Mehdi Khodadad and Mark Castiglia (M&A and Private Equity) and includes Nicolai Schwarz-Gondek, Daniel Elefant, Avni Mehta, Jonathan Litsey, and Kimberly Sheehan (M&A and Private Equity); Nicholas Schwartz, Kristen Smith, Mark Adler, and Shneur Wolvovsky (Global Finance); Ken Daly and Jamie Sadler (Antitrust/Competition); Rachel Kleinberg, Jonathan Westreich, and Tyler Replogle (Tax); Glenn Nash and E. Kyle Barnett (Technology Transactions); Eric Kauffman, Cathryn Le Regulski, Peter McCorkell, Emily Wajert, Alex Down, Maeve Gillespie, and Sara Salmonson (Employment); Stacy Crosnicker and Sarah Recktenwald (Employee Benefits and Executive Compensation); James Mendenhall, Sven De Knop, Alessandra Moroni, Justin Becker, Nina Spieler, and Grigore Alexandru (International Trade); Howard Stanislawski and Kristen Knapp (Government Contracts); Scott Goldstein (Insurance); and William Long, Sheri Porath Rockwell, and Sasha Hondagneu-Messner (Privacy and Cybersecurity).~~Sidley is representing affiliates of Clearlake Capital Group, L.P. (“Clearlake”), Symphony Technology Group (“STG”), and Archer Technologies (“Archer”) in the proposed sale of Archer to Cinven Limited. Archer is a leading provider of integrated risk management cloud software solutions. The transaction is expected to close in the middle of 2023 and is subject to customary closing conditions and regulatory approvals. The Sidley team is being led by Mehdi Khodadad and Mark Castiglia (M&A and Private Equity) and includes Nicolai Schwarz-Gondek, Daniel Elefant, Avni Mehta, Jonathan Litsey, and Kimberly Sheehan (M&A and Private Equity); Nicholas Schwartz, Kristen Smith, Mark Adler, and Shneur Wolvovsky (Global Finance); Ken Daly and Jamie Sadler (Antitrust/Competition); Rachel Kleinberg, Jonathan Westreich, and Tyler Replogle (Tax); Glenn Nash and E. Kyle Barnett (Technology Transactions); Eric Kauffman, Cathryn Le Regulski, Peter McCorkell, Emily Wajert, Alex Down, Maeve Gillespie, and Sara Salmonson (Employment); Stacy Crosnicker and Sarah Recktenwald (Employee Benefits and Executive Compensation); James Mendenhall, Sven De Knop, Alessandra Moroni, Justin Becker, Nina Spieler, and Grigore Alexandru (International Trade); Howard Stanislawski and Kristen Knapp (Government Contracts); Scott Goldstein (Insurance); and William Long, Sheri Porath Rockwell, and Sasha Hondagneu-Messner (Privacy and Cybersecurity).

Apr 13

2 min

Retail landlord Simon Properties and luxury retailer Saks Global on Monday wrangled over the wording of a 2024 investment agreement as they asked a Texas bankruptcy judge to determine the fate of the leases of two Saks locations. Counsel for the parties made their closing arguments to U.S. Bankruptcy Judge Alfredo R. Perez after three days of hearings on Simon's request for a ruling that it can terminate the leases without the notice periods in the leases themselves. The parties are disputing whether a letter agreement Simon and Saks entered into when Simon invested $100 million in Saks in 2024 allows Simon to terminate the leases of a Saks location in Woodbury, New York, and a Neiman Marcus store in Palo Alto, California, effective Jan. 8, six days before Saks declared bankruptcy and a stay on contract terminations went into effect. Both parties acknowledged that the agreement granted Simon the right to terminate the Palo Alto lease and one other lease for "failure to perform" on either lease and that Saks had overdue lease payments, but they disagreed on whether the letter overrode notice of default and cure period provisions in the leases that would have given Saks 30 days from its Jan. 8 notice to make up the payments. At Monday's hearing, Simon counsel Robert Velevis argued the default provisions in the leases were not relevant, saying the agreement specifically allowed termination for "failure to perform" and not "default." "The letter agreement does not give a cure period," it said. Saks counsel Allyson Smith argued the letter agreement doesn't define "failure to perform" but the leases do, and that definition includes cure rights. The sole purpose of the clause in the letter agreement was to give Simon the right to terminate the leases for a default on a different lease, she argued. She also argued calling a default on the leases was a break with the parties' standard relationship. She said Simon had always accepted late payments, for example when Saks disputed a particular charge and delayed payment until the dispute was reconciled. "There has always been an amount technically outstanding," she said. Velevis argued this only meant that Simon had the right to terminate the leases anytime after the agreement was signed, and only invoked it now for "its own reasons." Smith claimed Simon learned of Saks' plans to file and "manufactured a default" in order to seize the leases and prevent Saks from selling them in its Chapter 11. Judge Perez reserved decisions on the issue. Simon Property Group is represented by Duston K. McFaul, Robert S. Velevis, Jeri Leigh Miller and Maegan Quejada of Sidley Austin LLP. Saks is represented by Kelli S. Norfleet, Kenric D. Kattner, Arsalan Muhammad, Kourtney P. Lyda and David Trausch of Haynes Boone and Debra M. Sinclair, Robin Spigel, Allyson B. Smith, Betsy L. Feldman, Jessica D. Graber, Jennifer J. Hardy, Ryan B. Bennett, Stuart R. Lombardi and Nathaniel G. Ward of Willkie Farr & Gallagher LLP. The case is In re: Saks Global Enterprises LLC et al., case number 4:26-bk-90103, in the U.S. Bankruptcy Court for the Southern District of Texas.

Mar 2

2 min

Sidley represented MarketTime, LLC in its majority investment by private investment firm Hudson Hill Capital. MarketTime is a SaaS platform that offers a comprehensive set of features to facilitate wholesale retail commerce between brands, manufacturer representatives, agents, and retailers. The Sidley team was led by Scott Parel (M&A and Private Equity) and included Courtney J. Gilberg, Jonathan R. Litsey, and Adrienn T. Portnoy (M&A and Private Equity); Lauren G. Grau and Zach Johnston (Technology and Life Sciences Transactions); Tara M. Lancaster and Andy J. Lau (Tax); Eric M. Winwood and Akshay Soman (Employee Benefits and Executive Compensation); Margaret H. Allen and Sophie Green (Commercial Litigation and Disputes); Stephen W. McInerney and Carly R. Owens (Privacy and Cybersecurity); Heather M. Palmer and Greta T. Carlson (Environmental); and Elizabeth K. McCloy and Will Otter (Real Estate).~~Sidley represented MarketTime, LLC in its majority investment by private investment firm Hudson Hill Capital. MarketTime is a SaaS platform that offers a comprehensive set of features to facilitate wholesale retail commerce between brands, manufacturer representatives, agents, and retailers. The Sidley team was led by Scott Parel (M&A and Private Equity) and included Courtney J. Gilberg, Jonathan R. Litsey, and Adrienn T. Portnoy (M&A and Private Equity); Lauren G. Grau and Zach Johnston (Technology and Life Sciences Transactions); Tara M. Lancaster and Andy J. Lau (Tax); Eric M. Winwood and Akshay Soman (Employee Benefits and Executive Compensation); Margaret H. Allen and Sophie Green (Commercial Litigation and Disputes); Stephen W. McInerney and Carly R. Owens (Privacy and Cybersecurity); Heather M. Palmer and Greta T. Carlson (Environmental); and Elizabeth K. McCloy and Will Otter (Real Estate).

Dec 7

1 min