Lawyers for private equity funds and other non-bank buyers interested in scooping up failed banks have been very busy in the last year, perhaps none more than a handful of lawyers at Skadden, Arps, Slate, Meagher & Flom. A few months after advising two separate consortia of private buyers in the acquisitions of two struggling banks, Skadden has advised a new group that’s picked up a piece of the defunct Corus Bank in a deal with the FDIC, according to the firm and lawyers on the deal.
Paul, Weiss, Rifkind, Wharton & Garrison advised the FDIC on the deal announced Tuesday. The agency took over Corus last month after bad real estate loans and other assets crippled the bank, according to lawyers close to the deal.
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