Over the course of the past decade, corporate lawyers have been increasingly desperate to impress clients and others with the depth of their sector knowledge. This has surely reached its apogee with a recent release from regional firm Cobbetts, which informs us that 'it has advised Preston-based food manufacturer Ashworths Foods on the sale of its frozen unbaked foods business to a company in the Lyndale/Peter Hunt group, the specialist savoury pie and slice producer.' Step forward lead partner Richard Hepworth, who sagely opines that 'the food manufacturing sector is continuing to consolidate and the disposal of non-core business such as the frozen unbaked savoury division will enable Ashworths to invest and concentrate on increasing its market share in the chilled foods industry'. Meanwhile, another trend among the lovers of late night completion meetings is to attach the word 'first' to absolutely everything, with the world of securitisation perhaps the most guilty in this regard. For the latest example of this, we turn to US firm Paul Hastings Janofsky & Walker, which proudly announces it has advised on 'Japan's first asset backed securitisation involving special event facilities (wedding halls and funeral parlours)'. Clearly, if it moves - and occasionally if it is no longer moving - securitise it.
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