Term Sheet — Friday, July 8

• Irreconcilable differences: Silicon Valley was rocked in March when venture capitalist Michael Goguen, then with Sequoia Capital, was sued by former girlfriend Amber Baptiste, for allegedly raping and systemically abusing her over a 13-year period. Now the accuser’s lawyer wants out.

Baptiste was represented on her complaint by Patricia Glaser, a Los Angeles-based attorney known for representing such high-profile clients as Miley Cyrus, Paula Deen, Kirk Kerkorian, and Conan O’Brien.

Several weeks ago, however, Glaser’s firm quietly requested that it be allowed to withdraw from the case. From a motion filed with the court:

“During the course of Glaser Weil’s representation of Client, irreconcilable differences developed between Glaser Weil and Client regarding the strategy, handling, and course of these proceedings and there has been a breakdown of communications between Glaser Weil and Client, such that Glaser Weil cannot continue its representation.”

Glaser’s office declined to comment further when contacted by Fortune.

The court has not yet ruled on Glaser’s request, nor is there any public information as to what other lawyer Baptiste might choose to represent her (both on her complaint, and also on a counter-complaint filed by Goguen). A trial is scheduled to begin in May 2017.

• Lexicon lesson: Ride-hailing giant Uber reportedly has secured $1.5 billion in leveraged loans, which come with a 5% coupon. Wondering if we now need to introduce a new term. How does "leveraged venture capital" sound? IOUnicorns?

• Big Bain Boom: Bain Capital Ventures has closed its latest flagship fund with $600 million in capital commitments (which matches both its target and its hard cap). That's a bit less than the $650 million BCV raised back in 2014, but it subsequently added a $200 million co-investment pool that still has significant dry powder.

No new GP or investment strategy changes this time around, except that the Boston-based firm continues to slowly increase its deal activity in Silicon Valley (where it now has three managing directors and a partner).

• Today in Theranos: Elizabeth Holmes has now been banned by federal regulators from owning or operating a medical lab for at least two years, and Theranos itself has received a similar ban. There also is a monetary fine and cancellation of the Theranos lab’s approval to receive Medicare and Medicaid payments for its services.

I've been hesitant to say "it's over" during the company's tumultuous past year. But I don't see how it comes back from this, including how it would finance such a comeback. Read more here.

• In memoriam: Larry Bock, an entrepreneur and venture capitalist known for his evangelism of nanotechnology, passed away last week at 56 year-old after a battle with pancreatic cancer. It's a terrible loss for both the scientific and investing communities.

Josh Wolfe of Lux Capital, where Larry was a special limited partner, has written this beautiful remembrance. And here is a commencement address he gave in 2007 at the University of California Berkeley. He will be missed.

• Have a relaxing weekend, as we collectively process a very difficult week. Term Sheet will return on Monday from Aspen, where Fortune Brainstorm Tech kicks off at 2pm local time.

THE BIG DEAL

• Siris Capital has agreed to acquire Polycom Inc. (Nasdaq: PLCM), a San Jose, Calif.-based maker of videoconferencing equipment, for approximately $2 billion in cash, or $12.50 per share. This means that Polycom plans to terminate an existing agreement to be acquired for $1.96 billion by Mitel Networks (Nasdaq: MITL). Read more.

VENTURE CAPITAL DEALS

• SmartNews, a Japan-based mobile news aggregation app, has raised $38 million in Series D funding. Development Bank of Japan led the round, and was joined by SMBC Venture Capital and Japan Co-Invest. TechCrunch reports that the deal values SmartNews at between $500 million and $600 million (post-money), compared to its prior valuation of $320 million. Read more.

• CoolaData, an Israeli provider of a cloud-based behavioral analytics platform for business intelligence, has raised $5.6 million in VC funding from Salesforce Ventures, TEEC Angel Fund and the existing investors in CoolaData's Series A, 83North and Carmel Ventures. www.cooladata.com

• Airwallex, a cross-border transactions startup with offices in China and Australia, has raised $3 million in seed funding. Gobi Partners led the round, and was joined by Huashan Capital One and Billy Tam (CEO of Easylink Payments). Read more.

• Drupe, an Israel-based mobile interface overlay, has raised $3 million in new VC funding from Canaan Partners Israel and Sweet Capital. www.getdrupe.com

• Vyclone, a Los Angeles-based social video creation and collaboration app, is shutting down. The company had raised $2.7 million in Series A funding in 2012 at a $14.3 million pre-money valuation, from A-Grade Investments, Live Nation Entertainment, Thrive Capital and DreamWorks Animation SKG. Read more.

PRIVATE EQUITY DEALS

• Astra Capital Management has acquired Logix Communications, an Oklahoma City-based provider of fiber-based enterprise voice and data services, from a unit of j2 Global (Nasdaq: JCOM). No financial terms were disclosed, except that additional equity commitments came from Wafra Investment Advisory Group and DB Private Equity, while debt financing was led by Brightwood Capital. www.logix.com

• Clayton Dubilier & Rice is among those preparing to submit final bids for Leroy-Somer, the alternator business of Emerson Electric (NYSE: EMR), according to Reuters. The deal is expected to be valued at around $1.1 billion, with a pair of Chinese strategics also reportedly interested. Read more.

• Crimson Ventures has acquired a minority equity stake in Thrivist LLC, a Franklin, Tenn.-based learning and analytics platform for K-12 schools. No financial terms were disclosed. www.thrivist.com

• Oak Hill Capital Partners has agreed to acquire Oxford Networks, a provider of fiber-optic bandwidth infrastructure services in Maine, New Hampshire and Massachusetts. Sellers include Novacap and Bank Street Capital Partners. No financial terms were disclosed for the deal, following which Oak Hill will merge Oxford Networks with FirstLight Fiber (which Oak Hill agreed to buy in March from Riverside Partners. www.oxfordnetworks.com

• Serent Capital has acquired a minority equity stake in Docutech, an Idaho Falls, Idaho-based provider of compliance and documentation technology. No financial terms were disclosed. www.docutech.com

• Thoma Bravo has completed its previously-announced acquisition of Elemica, a Wayne, Penn.-based supply chain operating network for process industries. No financial terms were disclosed. www.elemica.com

IPOs

• There is no IPO news this morning.

EXITS

• Google (Nasdaq: GOOG) has acquired Anvato, a Mountain View, Calif.-based media streaming and monetization platform. No financial terms were disclosed. Anvato had raised just over $3 million in VC funding in 2008, from firms like Oxantium Ventures. Read more.

OTHER DEALS

• Humana (NYSE: HUM) shares fell 11% yesterday, following reports that the U.S. Department of Justice has serious concerns about its proposed acquisition by Aetna (NYSE: AET). Read more.

• LeadPages, a Minneapolis-based landing page and lead generation platform, has acquired Drip, a Fresno, Calif.-based marketing automation company. No financial terms were disclosed. LeadPages has raised around $38 million in VC funding from Drive Capital, Foundry Group and Arthur Ventures. www.leadpages.net

FIRMS & FUNDS

• IDeA Capital Funds of Italy has held a EUR 260 million first close on a new corporate credit recovery fund. Backers include Bayside Capital, the credit affiliate of H.I.G. Capital. www.ideasgr.com

MOVING IN, ON & UP

• José Manuel Barroso, former president of the European Commission, has been named non-executive chairman of Goldman Sachs International. He also will serve as an advisor to Goldman Sachs. www.goldmansachs.com

• PwC named Bob Saada as U.S. deals leader. He has been with the firm for over 20 years, most recently overseeing deals for the New York Metro and Washington, D.C. Metro markets. www.pwc.com

• Trive Capital, a Dallas-based private equity firm, announced several promotions: Dan Lenahan to managing director, Jonathan Nunnaley to CFO and both Andrew Frank and Nick Miner to senior associates. www.trivecapital.com

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