Skadden is representing a consortium consisting of Starwood Capital Group, TPG Capital, Perry Capital and a joint venture between WL Ross & Co. and LeFrak Organization in its October 6, 2009 acquisition of an equity interest in a limited liability company that will hold assets formerly owned by Chicago-based Corus Bank, N.A. Corus Bank failed on September 11, 2009, and was placed into FDIC receivership. According to the FDIC, the consortium's bid was determined to be the offer that would result in the greatest return for the receivership. The $4.5 billion portfolio consists of more than 100 construction loans and real estate owned assets. The FDIC will remain an equity partner in the LLC.
Previously, Skadden represented Fortress Investment Group LLC and other private equity investors in connection with their proposed investment in First Southern Bancorp Inc., announced on May 29, 2009. This followed the May 21 announcement that the firm represented John Kanas and others in the acquisition of the assets and liabilities of BankUnited, FSB from the FDIC.