FacultyFaculty/Author Profile

Barnet Phillips

Skadden Arps Slate Meagher & Flom LLP

New York, NY, USA

Barnet Phillips IV
Skadden, Arps, Slate, Meagher & Flom LLP
Tax Law, especially relating to Mergers, Acquisitions, REITs, Partnerships, Exchange Funds, Restructurings and Charitable Organizations

In addition to his primary concentration on the tax aspects of mergers and acquisitions, Barnet Phillips is experienced in REITs; partnerships, including master limited partnerships, syndicated real estate and private equity funds; exchange funds and restructurings. He also counsels charitable organizations, including private foundations. Mr. Phillips has been listed in several editions of Chambers Global: The World’s Leading Lawyers and Chambers USA: America’s Leading Lawyers for Business for his tax expertise, and Chambers USA 2009 designated him as being in the top tier nationwide among REIT attorneys. Legal 500 United States 2009 selected him for inclusion in Real Estate Investment Trusts and named the REIT group, which he heads, among the top firms nationwide. In addition, Mr. Phillips was selected for inclusion in the Tax Directors Handbook 2009 and The Best Lawyers in America 2010 for tax law.

In recent years, Mr. Phillips has structured numerous significant transactions, including:
• BlackRock’s $12 billion acquisition of Barclays’ asset management business;
• BlackRock’s $9.5 billion acquisition of Merrill Lynch’s asset management business;
• the liquidation of Long-Term Capital Management;
• the reorganization of Petrie Stores/Toys “R” Us;
• the sale of Nicholas-Applegate Capital Management to Allianz AG;
• the sale of Private Capital Management to Legg Mason, Inc.;
• the sale of Heine Securities Corporation to Franklin-Templeton Group;
• Metropolitan Life Insurance Company’s acquisition of New England Mutual Life Insurance Company; and
• the tax free combination of Entergy Corporation and Gulf States Utilities Company.

In addition to representing the consortium of banks that took over and liquidated Long-Term Capital Management, Mr. Phillips has provided tax advice on the bankruptcy reorganizations of UDC; Ames Department Stores, Inc.; Wang Laboratories Inc.; and Fairfield Manufacturing, as well as the restructuring of SCI Television, Inc.

He has advised on numerous acquisitions and dispositions for MacAndrews & Forbes, including the acquisition of First Gibraltar, F.S.B., the largest acquisition of an insolvent thrift institution; First Nationwide’s acquisition of CalFed; the acquisition of CalFed by Golden State Bank; the sale of New World Communications Group Incorporated to The News Corporation Limited; the simultaneous acquisition of Abex Inc. and spin-off of Power Control Technologies Inc.; the acquisition of a joint venture interest in AMG, LLC, the maker of the Humvee; and the acquisition of Deluxe Laboratories from the Rank Group PLC.

As head of the firm’s REIT Practice Group, Mr. Phillips has been actively involved for more than 25 years in every type of matter and transaction involving public and private REITs, including equity, mortgage, hybrid and special purpose REITs such as Anthracite; ARC; Arbor Realty Trust; Boston Properties; Carbon Capital II; Centro Properties; Dividend Capital Trust; Dividend Capital Total Realty Trust; Manufactured Home Communities, Inc.; NorthStar Realty Finance Corp. and Plum Creek Timber Company Inc.

Mr. Phillips has provided advice on several offerings of master limited partnerships,including those sponsored by Burger King, Red Lion Inns and Merrill Lynch. He has worked on offerings of large privately placed partnerships as well, including EQK Regional Mall Partners, L.P.; Zell/Merrill Lynch Real Estate Opportunity Partners Limited I, II and III; and Fortress Fund III.

In the field of charitable organizations, Mr. Phillips has counseled numerous entities,including some on a pro bono basis, such as Armand Hammer Museum of Art and Cultural Center, Carnegie Hall and Practising Law Institute.

LL.M., New York University, 1977 (Graduate Editor, Tax Law Review)
J.D., Fordham University, 1973 (Associate Editor, Fordham Law Review)
B.A., Yale University, 1970

Professional Experience
Adjunct Associate Professor of Law,
Fordham University School of Law (1987-1988)

Bar Admissions
New York

Barnet Phillips is associated with the following items:
Treatise Chapters  Treatise Chapters REIT Mergers & Acquisitions—Tax Consequences - The Corporate Tax Practice Series (2018 Edition), Thursday, February 15, 2018
Exchange Funds: What Is Diversification? - The Corporate Tax Practice Series (2018 Edition), Thursday, February 15, 2018
Structuring Corporate Acquisitions—Tax Aspects - The Corporate Tax Practice Series (2018 Edition), Thursday, February 15, 2018

  • twitter
  • LinkedIn
  • YouTube
  • RSS

All Contents Copyright © 1996-2019 Practising Law Institute. Continuing Legal Education since 1933.

© 2019 PLI PRACTISING LAW INSTITUTE. All rights reserved. The PLI logo is a service mark of PLI.