By Patrick Clark 9/07/12 7:03am

Morning Read

ECB Board Approves Bond-Buying Plan; Falcone Battles With LightSquared Creditors: Roundup

European Central Bank President Mario Draghi won wide support from his board for a plan to buy the sovereign debt of euro zone countries. Rates on Spanish 10-year bonds promptly fell to levels last seen in May, and the corresponding Italian bond fell to its lowest since April.

LightSquared, the wireless broadband company backed by Harbinger Capital founder Phil Falcone, is battling with creditors over control of the firm’s bankruptcy, according to Bloomberg. LightSquared has asked a judge to extend a deadline to file a Chapter 11 plan; the creditors say, “Having nothing to lose, Mr. Falcone wants to pursue a high-risk, high-return strategy.” Read More

By Patrick Clark 9/04/12 7:45am

Morning Read

New York AG Probes Private Equity Tax Practice; Pointing the Finger at Facebook Exec: Roundup

If you missed it over the weekend, New York Attorney General Eric Schneiderman is investigating the tax practices of private equity firms. At the center of the inquiry is the practice of converting management fees into investments that are taxed at more favorable rates. The private equity industry says such conversions are widely practiced and accepted; here’s a tax lawyer who says they’re illegal. Read More

By Daniel Geiger 2/21/12 10:30am

power broker

Adam Leitman Bailey.

The brouhaha behind the Ground Zero mosque introduced Adam Leitman Bailey to the world. So what’s next for real estate’s most public attorney?

Adam Leitman Bailey strode into the lobby of his lower Manhattan law firm dressed in a dark blue suit and blue shirt, his extended cuffs all but dangling from his jacket. No sartorial misstep, Mr. Bailey would explain. The cuffs protruded noticeably beyond his jacket sleeves for a reason.

“It’s essential,” said Mr. Bailey, the attorney who last year garnered national attention as counselor for the Ground Zero mosque developer Sharif El-Gamal. “I’ve studied everything about the court room. It’s a subconscious thing, but this shows a jury you have nothing to hide.”

As if to prove his point, Mr. Bailey awkwardly tucked the sleeve of his shirt back inside his jacket. “See?” said the attorney, who takes the nuances of his dress code so seriously that every new associate at the law firm shops for their first suit with him so that he can personally give them a lesson in proper courtroom attire. “You’re hiding something.” Read More