We were retained in this case by Mark Hansen of Kellogg, Huber, Hansen, Todd, Evans & Figel P.L.L.C. and Bruce Kaplan of Friedman Kaplan Seiler & Adelman LLP to work on behalf of their clients Bain Capital Partners and Thomas H. Lee Partners, two private equity firms, on the $23 billion acquisition of Clear Channel by Bain and Lee. The transaction was one of many that threatened to fall apart amid the current credit crisis. The sponsors, Bain and Lee, brought suit against a consortium of financial institutions for allegedly refusing to fund the acquisition and for failing to negotiate the final transaction agreements in good faith. Compass Lexecon experts Daniel R. Fischel and Christopher Culp were disclosed as experts on behalf of the two private equity firms. Culp was expected to testify about the lack of availability of alternative financing; Fischel was expected to testify about the economics of the commitment letter and damages. In largely denying the financial institutions motion for summary judgment, the court relied in part on the opinions of the private equity firms’ “impressive” experts. The case then settled after the first day of trial. We were also retained by Robin Gibbs of Gibbs & Bruns L.L.P. in a related case which also settled. Another Compass Lexecon expert, Kevin Dages, had been scheduled to testify in that case along with Culp.