I have spent close to three decades sitting across deal tables from private equity sponsors, and for most of that time the game looked the same. Buy a good business, fix the capital structure, drive operational discipline, dress it up, and sell it for a multiple of what you paid. Financial engineering on one side
State AG News: Pricing, Infrastructure, Health Care (May 15-20, 2026)
Each week, Crowell & Moring’s State Attorneys General team highlights significant actions that State AGs have taken. See our State Attorneys General page for more insights. Below are the updates from May 15-20, 2026:
Multistate
- A coalition of 18 attorneys general sent a letter to the Environmental Protection Agency asking it to adjust a proposed
Federal Circuit’s Decision Provides Clear Warning for Non-Intervening Awardees to Protect Their Rights
A recent decision by the Court of Appeals for the Federal Circuit provides clear guidance for contract awardees: violations of redaction requirements by protesters or other parties will not save a non-intervening awardee from its failure to protect its contract award. An awardee that chooses not to intervene in a bid protest needs to carefully
HSR Update: Old, Shorter Form Likely in Use Through At Least 2026
Authors: Steve Cernak, Luis Blanquez, and Kristen Harris
On May 18, 2026, the FTC and DOJ filed an unopposed motion asking the Fifth Circuit to hold their appeal in abeyance through December 31, 2026. The agencies say they are weighing revisions to the vacated 2024 HSR rule, building on the March 25, 2026
The Weekly Docket
Friends,Big week for clients. Two pieces from my desk. Cerebras finally printed. Here is the docket.Last Week (May 11 to 15)Foley represented Mirantis in its $625M all-stock sale to IREN. Congratulations to the Mirantis team. Kubernetes infrastructure, the k0rdent AI platform, and the NVIDIA AI Cloud Ready ISV relationship all going to IREN. Mirantis continues as a
Fastest 5 Minutes: Fixed Price Contracting EO, FCA, FOCI
This week’s episode covers a new Executive Order on fixed-price contracting, a new DOJ initiative targeting coordination with data-mining qui tam relators, and a proposed rule that would extend FOCI reviews to uncleared defense contractors, and is hosted by Peter Eyre and Yuan Zhou. Crowell & Moring’s “Fastest 5 Minutes” is a biweekly podcast that
Proposed DFARS Rule Could Require Disclosures and Mitigation Related to Foreign Ownership, Control, and Influence (FOCI) on Certain Unclassified Contracts
On May 7, 2026, the Department of War issued the long-awaited Proposed Rule to implement Section 847 of the FY 2020 National Defense Authorization Act (NDAA) regarding Foreign Ownership, Control or Influence (FOCI) requirements for contractors. The proposed rule would expand the applicability of FOCI reviews, requiring contractors and subcontractors on unclassified “covered contracts” — defense contracts
Small Business Innovation Research (SBIR) 101: Following Re-Authorization, What Contractors (and Their Investors) Need to Know
On April 13, 2026, President Trump signed into law the Small Business Innovation and Economic Security Act, which reauthorized the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. These programs are Small Business Administration-sponsored initiatives intended to encourage small business contractors to conduct early-stage research and development (R&D) and help foster
State AG News: Deceptive Practices, Privacy Violations, Antitrust Lawsuit (May 8-14, 2026)
Each week, Crowell & Moring’s State Attorneys General team highlights significant actions that State AGs have taken. See our State Attorneys General page for more insights. Below are the updates from May 8-14, 2026:
Multistate
- A coalition of 11 attorneys general submitted a letter opposing the U.S. Energy Information Administration’s (EIA) proposal to extend and
Apple’s Gemini-Siri Deal Is the Next Microsoft Antitrust Case, Not the Next App Store Fight
The Gate to the Kingdom May Be Closing for Good: Apple Puts Google Inside SiriAuthor: Luis Blanquez
On January 12, 2026, Apple and Google announced a multi-year deal—reported at roughly $1 billion a year—under which a custom Google Gemini model will run as the backend “brain” of the rebuilt Siri and the next