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Greenberg Glusker Receives M&A Advisor Turnaround Award for Sale of the Los Angeles Clippers

January 20, 2015Article
Business Wire

LOS ANGELES--()--Greenberg Glusker today announced that it will receive an M&A Turnaround Award “Restructuring of the Year” in the category of deals between $1 billion to $3 billion for its work surrounding the sale of the Los Angeles Clippers from the Sterling Family Trust to Steve Ballmer. M&A Advisor recognizes top deals, firms and professionals. This year, over 250 company nominations were judged by an independent jury of industry experts.

“From lower middle market to multi-billion dollar deals, we have recognized the leading transactions, firms and individuals that represent the highest levels of performance.”

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Following a call over Memorial Day weekend from Los Angeles Clippers co-owner Shelly Sterling, Greenberg Glusker attorneys fielded calls from over 20 bidders interested in purchasing the team. Parallel negotiations with three bidders took place before securing the final and historic $2 billion sale of the team to former Microsoft CEO Steve Ballmer. The deal was consummated in record time – less than a week and before the National Basketball Association’s scheduled hearing with Donald Sterling to likely seize the team through a forced sale.

“We took a full-court press approach to the sale of the team,” said Bob Baradaran, managing partner of Greenberg Glusker and lead attorney on the sale transaction. “In order to secure the historic $2 billion sales price, we were able to leverage expertise from many practices within the Firm—corporate, real estate, tax, intellectual property, employment, trusts and estates, and litigation,” which streamlined the sale process.

“The award winners represent the best of the distressed investing and reorganization industry in 2014 and earned these honors by standing out in a group of very impressive candidates,” said David Fergusson, Co-CEO and President of The M&A Advisor. “From lower middle market to multi-billion dollar deals, we have recognized the leading transactions, firms and individuals that represent the highest levels of performance.”

Pierce O’Donnell, who led the trial team that paved the way for the Clippers to be sold, will accept the award on behalf of the Firm at the gala scheduled for Monday, February 23 at the Colony Hotel in Palm Beach, Florida. For more information, visit http://www.maadvisor.com.

About Greenberg Glusker

Greenberg Glusker maximizes client potential by providing strategic business and legal counsel in matters involving entertainment, real estate, bankruptcy, environmental, corporate, family wealth planning, taxation, intellectual property, employment and litigation. For more information, visit GreenbergGlusker.com.