Debt Takes a Holiday

Bulking up debt finance expertise is a major goal of Wilson Sonsini chairman Larry Sonsini, but gyrating markets have spooked investors and companies from new debt issues. After three months of closing a debt financing deal a week, the law firm was on pace to eclipse the $9 billion generated by 19 deals in 1999. But the stock market downturn has made investors question whether the stock they get after the debt converts is worth it.

Until a month ago, John Fore’s group of 17 Palo Alto, Calif., lawyers who specialize in debt financing were closing deals at a healthy clip.

Then the stock markets started to slide.

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Debt Takes a Holiday

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