SULLIVAN & CROMWELL LLP Partner Frank Aquila appeared on a CNBC Power Lunch segment, "Inside the M&A Pipeline," that discussed current merger and acquisition activity. "[A]s the recession sort of bottomed out a lot of companies had very good cash flow – they cut early in the recession, they were able to beat profit expectations, build up cash positions, and to a certain extent, the last two years there hasn't been a lot of activity and so there's a pent up demand for these really strategic transactions. So I think we're seeing just the beginning of it," Mr. Aquila said. The segment also noted the likelihood of companies to receive financing, focusing on "cash-rich" businesses. "Even though credit is coming back, you're going to see the companies with a lot of cash on hand be able to do deals – buying and selling," he added.