August 13, 2007
MAC Synergies and the Split Personality of Wachtell's Nicholas G. Demmo
Astute market watchers will note that Wachtell is currently on opposite sides of two Material Adverse Change disputes. Craig M. Wasserman at the firm is leading a team representing the consortium which has agreed to buy SLM Corporation (the consortium is claiming a possible MAC). Edward D. Herilhy is leading a team representing MGIC Investment and Radian Group Inc. (MGIC is disputing a possible claimed MAC). Interestingly, Wachtell junior partner Nicholas G. Demmo is listed in the transaction documents as being on both deal teams (it is noted here in the SLM merger agreement, and here on the cover of the MGIC/Radian S-4/proxy statement). And while there should be nice synergies (cost-savings?) for him in working on both sides of this issue, one has to hope that, on those late Wachtell nights, he doesn't make a mistake and confuse the two with his clients.
NB. I was also quoted on the MGIC/Radian dispute this weekend in the Milwaukee Journal Sentinel (see the article here).
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