Tom Wells was selected as the Top Dealmaker of 2007 in Real Estate – Retail/Entertainment by American Law Media’s Daily Business Review. Mr. Wells was selected for the award for his representation of The Aragon Group, Inc. and its shareholders in the $152.5 million sale of stock to affiliates of Boyd Gaming Corporation that closed in 2007. The Aragon Group, Inc. owned and operated the Dania Jai Alai fronton and approximately 48 acres of adjacent land. In 2004, Florida voters approved the operation of slot machines at the existing pari-mutuel facilities located in Broward County subject to Broward county voter approval, and the Broward County voters approved such operations in 2005.
The deal was originally structured as an option for affiliates of Boyd Gaming to acquire assets from The Aragon Group, Inc. but was later changed to a stock sale due to issues relating to the transferability of the slot operator license included in recent legislation and regulations. It was further complicated by legal issues involving real estate, securities, tax and gaming regulations. Another complication was preparing transaction documents prior to the final passage of slot regulations in July, 2006.
“We had the opportunity to work with a client that was a leader in the pari-mutuel industry with over 35 years of experience,” said Wells. “The client was looking for professionals who were knowledgeable in structuring and facilitating transactions, income and estate tax issues and corporate law governance in order to maximize its return and obtain expeditious and efficient legal advice.” Mr. Wells has an LL.M. in Taxation, is Board Certified as a Tax Law Lawyer by The Florida Bar, is a CPA in Florida and has extensive expertise and experience in representing entrepreneurs in the sale of their business. He has chaired and spoken at several Mergers and Acquisition Conferences and Programs and has written several articles on structuring transactions to minimize taxes and maximize return.
The Top Dealmaker award is selected by the editors of the Daily Business Review. The Review received about 150 nominations for awards in 11 categories. The nominations were judged exclusively by the Review’s editors based on rigorous criteria. Factors evaluated by the selection committee included (a) the complexity and size of the deal, (b) how instrumental the nominee was in making the deal happen — including how they overcame obstacles and their creativity in achieving the best results for their clients, and (c) other factors such as economic impact and the nominee’s track record. There were two rounds of eliminations before the editors met to select the finalists. According to the Review, selection of the award winners was difficult. But after much debate and consideration, the editors were unanimous in their selections.