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Investor Lynn Tilton is bringing in some new hired guns.
Tilton, who spent years cultivating a reputation as a savvy turnaround investor in distressed manufacturing companies, is facing multiple lawsuits from backers of her funds, as well as a fraud case which could result in her being barred from the securities industry.
Law firm Gibson, Dunn & Crutcher is going to work on Tilton's legal defense, after she was represented for years by from Skadden, Arps, Slate, Meagher & Flom, a source said. Skadden was listed alongside other lawyers working on her defense against the Securities and Exchange Commission, which last year accused her of fraud.
Skadden lawyers did not respond to a request for comment, but Tilton's communications firm, Brunswick Group, issued a statement on her behalf and confirmed the source's comments.
"Given the many baseless allegations that have been leveled at me and my firm, I decided that I needed a new general to lead my fight for truth," Tilton said through a spokeswoman. "I believe that Randy Mastro and his team at Gibson, Dunn & Crutcher are the right people to assist me and my other outside counsel in this battle going forward. I have always greatly appreciated our relationship with Skadden, thank them for their work and support, and expect to continue to call upon them for counsel in this transition and beyond."
The change comes at a time when legal challenges against Tilton are heating up.
Earlier this year, Alvarez & Marsal, the bankruptcy consultant that helped dismantle Lehman Brothers after its failure, took over credit funds that were raised by and for years operated by Tilton. Soon after, the bankruptcy consultant and Patriarch Partners, the distressed investment firm she still runs.
Tilton is still facing fraud charges from the SEC, as well. Earlier this month, to the agency's accusations against her, which paves the way for the SEC's fraud case to move forward.
Skadden was listed in SEC documents regarding the fraud case against Tilton and also in litigation with some of her investors, which sued her after incurring sizable losses on the credit funds used to support Patriarch investments.