Bilzin Sumberg Represents Investacorp Acquisition by Ladenburg Thalmann

Press Release
October 23, 2007

Miami, Florida, October 23, 2007 The law firm of Bilzin Sumberg Baena Price & Axelrod LLP announced that it has advised Investacorp Inc., a privately held FINRA broker-dealer, and its affiliated registered investment adviser (collectively "Investacorp"), on the sale of all of their capital stock to Ladenburg Thalmann Financial Services Inc. (AMEX:LTS). The transaction closed October 19, 2007.

Ladenburg purchased all outstanding shares of Investacorp from the firm's Chairman and Chief Executive Officer, Bruce Zwigard, and a related seller for $25 million in cash paid at closing and an additional $15 million in cash payable over a three-year period. Ladenburg will also pay approximately $5.1 million to the sellers, subject to post-closing adjustments, as a reimbursement of Investacorp's pre-existing net worth. As part of the transaction, Bilzin Sumberg also represented Mr. Zwigard in connection with his continuing employment arrangement and the grant to him of employee stock options to purchase a total of 3,000,000 shares of Landenburg's common stock, which vest over a three-year period and have a ten-year term.

The Bilzin Sumberg team handled, on behalf of Investacorp and Bruce Zwigard, all aspects of the transaction, including the tax, regulatory and overall structuring of the transaction, and the preparation, negotiation and documentation of the stock purchase agreement and all of the ancillary agreement and documents.

Notes to Editors


1. Bilzin Sumberg's Corporate & Securities Group has built a strong reputation for highly complex corporate work, including mergers and acquisitions, corporate finance, securities, capital markets, regulatory, joint ventures and strategic alliances, leveraged buyouts and management buyouts; "going private" transactions; and tax matters.

2. Alan D. Axelrod is the Chair of Bilzin Sumberg's Corporate & Securities Group, and is a nationally recognized corporate and securities attorney. He represents public and private companies in all aspects of their business, including a wide array of corporate and complex commercial transactions such as mergers, acquisitions and dispositions. Mr. Axelrod also handles public and private offerings and the structuring of joint ventures and strategic relationships for a varied group of commercial concerns. His representation encompasses a wide range of businesses and assets, several with aggregate market values well in excess of a billion dollars. Other client representations include initial public offerings, private placements of equity and debt (including real estate and mortgage funds), venture capital financings, secured and unsecured credit facilities, master repurchase and warehouse facility arrangements, corporate restructurings and shareholder, employment and consulting agreements.


About Bilzin Sumberg 

Bilzin Sumberg is a commercial law firm based in Florida. The Firm’s core practices include Business Finance & Restructuring, Corporate, Environmental, International, Land Development & Government Relations, Litigation, Real Estate, and Tax. For more information, please visit




Alan D. Axelrod
Chair, Corporate & Finance
Robert M. Siegel
Partner, Head of Commercial Finance
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