Mark E. McKane

A litigation partner and trial lawyer at Kirkland & Ellis LLP, Mark E. McKane focuses on high-profile, complex commercial litigation in trial courts in California and across the country. He represents Fortune 500 companies and top private equity firms in antitrust and unfair competition cases, corporate finance litigation, bankruptcies, energy disputes, mergers and acquisition litigation and securities cases.

He’s currently leading all litigation related to Rite Aid Corp.’s bankruptcy. The Pennsylvania-based drugstore chain filed for Chapter 11 protection in October 2023 due to a large debt load and thousands of lawsuits alleging involvement in the opioid crisis.

In such cases, speed is essential. “Retailers don’t always do well in bankruptcies, and here there were a number of deadlines due to upcoming lease issues,” McKane said. “Bankruptcy is often called the least worst solution, but it’s very expensive and time is an important asset.”

Despite the challenges, McKane and his client have worked out a plan that is set to be presented to the court at a Feb. 29 confirmation trial. “There will be a Rite Aid 2.0,” he said. In re Rite Aid Corp., 3:23-bk-18993 (D. N.J., filed Oct. 15, 2023).

McKane has a track record of successful bankruptcy representations. Last year, he defended cloud communications company Avaya Inc. in litigation related to its bankruptcy. In re Avaya Inc. et al., 4:23-bk-90088 (S.D. Tex., filed Feb. 14, 2023).

By May 1, the Lucent Technologies spinoff had reduced its $3.4 billion debt load and emerged with a capital structure that gave it about $650 million in liquidity. “Get it done and get out,” McKane said.

McKane represents the Chicago-based private equity and growth capital firm Thoma Bravo LP. The company, known for acquiring enterprise software businesses, underwent a U.S. Department of Justice antitrust review last summer regarding its proposed acquisition of the $2.3 billion identity access management platform ForgeRock, Inc.

According to published reports, the DoJ was considering a suit to block the proposed transaction. After a thorough investigation, including depositions of senior Thoma Bravo personnel, the government did not pursue that litigation. The ForgeRock deal closed in August.

“We wanted the DoJ to appreciate how dynamic that market was and how that fact argued against any moves to raise prices,” McKane said.

—John Roemer