Firm Handles Three Deals for One Client Worth $248 million

Firm Handles Three Deals for One Client Worth $248 million
July 14, 2006

A $248 million deal involving the "selling off" of client Brandywine Senior Care Inc. was featured in The Legal Intelligencer's Deal Makers section. The company was sold in three different deals in 18 months. Managing Partner David S. Antzis, who has represented Brandywine Senior Care since 1996, was lead lawyer on the case. Patricia A. Gritzan and Stanley J. Kull, Partners in the Business Department in the Philadelphia office, and Real Estate Department Chair John P. Pierce also were instrumental in negotiating the deals.

Brandywine owned several assisted living and skilled nursing facilities in Pennsylvania, New Jersey and Delaware.

Mr. Antzis said that the challenge was finding a way to maximize the shareholder return and minimize the taxes paid because of the appreciation of assets. He estimated that if the deal took place in only one phase, the company would have paid about $20 million more in taxes.

Mr. Kull worked with Mr. Antzis on the tax end of the deal and Mr. Pierce on the real estate end.

Kenneth C. Segarnick, general counsel to Brandywine, complimented Mr. Antzis in the article, saying he received a phone call every morning from Mr. Atzis saying where and how he could be reached that day. Mr. Segarnick said that he felt like Brandywine was Mr. Antzis' only client.

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