Robert E. Denham, a mergers and acquisition lawyer, which was identified for parachuting in imperial firms and break up halls and led organizations of bother, died Saturday at his house in Pasadena, California. He was 79 years outdated.
His household advised him the explanation was most cancers.
Softly mentioned, erudite and strategic, Mr. Denham had a talent of calm, listening to earlier than speaking, not essentially taking the lawyer’s path to decision. These options made Warren E. Buffett ask Mr. Denham to assist him save Wall Road Salomon Brothers in August 1991, when a proposal scandal threatened to make him bankrupt.
Buffett was the most important shareholder within the financial institution and had taken the distinctive step to hitch it as a brief chairman for a wage of $ 1. Regardless of inner resistance, he needed to scrub up with prosecutors and regulators to avoid wasting the financial institution whose merchants had been accused of arranging the marketplace for securities on the cashier. Buffett believed that if the federal government filed legal costs, prospects would withdraw their cash and the corporate would collapse.
Buffette knew d -n -Denham, who works at Munger, Tolles & Olson, a regulation agency that began with Buffett enterprise companion and longtime pal Charles T. MüngerS Mr. Denham, then residing in Los Angeles, had a full plate of purchasers and just a little want for an performing act of making an attempt to attempt to save a financial institution. However he shortly mentioned sure.
“It was clear to me that we would have liked an distinctive lawyer outdoors, who could be accessible at a second for a discover of what appeared like an insurmountable drawback,” mentioned G -n Buffett in a telephone interview. “The very last thing he wanted was a name from somebody in New York who had issues, however he did not hesitate.”
Denham moved to New York and helped the Buffett persuade prosecutors to not pursue legal costs in opposition to the financial institution. As a substitute, the 2 males had been trustworthy with the regulators and reached an settlement of $ 290 million.
“I am undecided Salomon could be the identical with out beans,” mentioned Mr. Buffett.
After 9 months, Buffett returned to Omaha, the place his firm Berkshire Hathaway and d -Danham was based mostly on his CEO and chairman of Salomon Inc. till 1998, after Travelers Group had bought the company For $ 9 billion on sale he helped the engineer.
Mr. Denham’s strategy and Mr. Buffett to rescue Salomon-Visiting Congress, pushing executives who tried to cover provides, slicing bonuses and the introduction of inner management to forestall one other occasion, was a disaster intervention mannequin.
“When an excellent firm hits a rock, the duty of eradicating it off the rock is essential,” Denham, In front of the Los Angeles Times In 1998, “You’re employed and the life and wealth of shareholders had been profitable. It is a excessive -energy excessive strain work the place time has worth.”
Denham returned to Los Angeles and his authorized apply, and he continued to symbolize the Buffett. He additionally turned a wanted member of the board. Along with working with academic establishments, together with the brand new College College in New York, he was a member of the Council of the Protection Council of Pure Assets, the Russell Sage Basis and the John D. Basis and Catherine T. Macater, of which he turned chairman in 2006.
In April 2008 he joined New York Times Board as an exterior director in a crucial interval within the historical past of the corporate. The Occasions of Occasions fell by about two -thirds within the earlier six years, as development of on-line information erodes income from subscription and promoting. The crash of the banking firm Lehman Brothers later that yr solely exacerbated the Occasions’s funds and the rumors of sale had been spinning.
Arthur O. Sulzberger -Jr., then the chairman of the Occasions and the writer of the newspaper, mentioned that he was elected, as a result of he had understood the mission of the Occasions and had a wide range of expertise on the planet of enterprise that helped the board throughout this era.
“We went by way of some very tough occasions whereas he was on board,” mentioned Mr. Sulzberger in an interview, “And I’ve to inform you when I’ve it on the desk – so engaged, so centered, so pleasant and fascinating – it was unimaginable and important, for my part, for our success and to make our means by way of some challenges.” He added: “He listened to folks and by no means tried to benefit from folks. It was actually one among his large strengths. When folks disagreed with one another, he helped to confess the variations, however nonetheless introduced folks nearer.”
Robert Edwin Denham was born on August 27, 1945 in Dallas and grew up in Abilin, Texas, about 200 miles west. He was the one youngster of Wilburn H. Denham, an insurance coverage salesman, and Anna Maria (Hughes) Denham, a highschool advisor.
He survived his spouse, Carolyn Denham, who was president of Pacific Oaks Faculty & Kidshing College in Pasadena; Two youngsters, Jeff Denham and Laura Denam Evans; and 4 grandchildren.
Danham received a bachelor’s diploma in authorities from the College of Texas in 1966 and graduated from Magna Cum Laude. He obtained a Grasp’s Diploma in Authorities from Harvard College in 1968 and continued on the Harvard Regulation College, the place he was editor of Harvard Regulation Evaluation. He obtained his authorized diploma in 1971, graduating from Magna Cum Laude once more.
He joined Munger, Tolles & Olson in Los Angeles that yr. He has labored on quite a few acquisitions and advises purchasers for financing and company administration.
Denham represented Berkshire Hathaway in quite a few offers, together with the acquisition of Castparts of $ 37.2 billion; Its acquisition of $ 28 billion, with 3G Capital Companions, from HJ Heinz Firm; and the acquisition of $ 44 billion on Burlington Northern Santa Fe Company.
He additionally suggested Energy’s household when he sells JD Energy and Associates, an information evaluation firm and a client firm centered on the automotive business, and CoPley Press when he sells his San Diego newspaper operations and the Midwest.
His fashion, many colleagues mentioned, needed to be direct however charming.
“He isn’t a bombing man; he’s a person of dialogue and dedication,” Derrick Maugan, as soon as brothers Salomon brothers, advised The Wall Road Journal in 1992, “After he involves a conclusion and is happy, he adheres to him so much.”
