McDermott lawyers Will & Emery advise Elon Musk in his efforts to take
McDermott’s partners, John Lutz and Heidi Steele, filed documents with the United States Securities and Exchange Commission on Thursday announcing Musk’s attempt.
Lutz, based in New York, leads the firm’s structured investment and derivatives group. Steele, a partner in Chicago, advises on corporate securities and mergers and acquisitions.
Musk, the richest person in the world, has bragged about being able to help unlock the potential of Twitter. Investors have been skeptical so far as shares of the company closed at $45.08 on Thursday, well below Musk’s $54.20 offer.
At Lutz, Musk turns to an expert in the tax aspects of complex transactions. Lutz has advised banks, insurance companies, investment managers and sponsors in investment funds, among others, according to his online biography.
Steele’s experience relates to public and private debt financing, which could play a key role as Musk seeks to fund his bid.
McDermott has been on a streak of growth, outpacing last year’s 20% year-over-year growth in revenue and profit by financial partner. It made more than $1.6 billion in revenue and its partners earned an average of more than $3 million last year, AmLaw reported.
Musk was represented by Quinn Emanuel Urquhart & Sullivan attorney Alex Spiro in a fight with the SEC, accusing the agency of leaking details about its investigation into the world’s richest man.
Tesla Inc., the electric car maker responsible for most of Musk’s wealth, paraded its top lawyers. In March, the company named David Searle acting chief legal and corporate secretary, its third new chief legal officer in two years.
the Bloomberg Billionaires Index values Musk’s assets at more than $250 billion. He has over 80 million Twitter followers.