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Daring and Controversial Legal Structures Help Fortress and Blackstone Avoid Tax and SEC Scrutiny
When Fortress Investment Group went public, a dazzlingly complex structure -- crafted by Skadden, Arps, Slate, Meagher & Flom -- allowed it to avoid nearly all corporate tax and steer clear of SEC scrutiny of its investments. The Blackstone Group then went a step further, achieving one of the most innovative, brash and controversial IPOs in recent memory. The deals illustrate how Wall Street's best corporate and tax lawyers create advantages for clients with the daring to push the edge of the law.