KirklandPEN Kirkland & Ellis LLP

Private Equity Newsletter — January 12, 2009

This issue includes the article “Bankruptcy Buyers Beware: Free and Clear May Not be Free and Clear on Appeal,” which discusses a recent bankruptcy court decision which threatens the “free and clear” provisions of section 363 sale orders. Also featured is “Delaware Case Addresses Material Adverse Effect,” which reports that the Delaware Chancery Court has again ruled that proving an MAE is a very high hurdle under Delaware law. Additionally, the article “German Government Seeks “Public Interest or Security” Review Right for Acquisitions of Businesses by Non-European Investors” discusses how a proposed German law seeks to restrict acquisitions of 25 percent or more of German businesses by non- European investors.