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Frost, Brown & Todd, L.L.C.

Governor Fletcher Appoints Commission Members to Study State Retirement Systems
Governor Ernie Fletcher has appointed Frost Brown Todd attorney Deborah Holland Tudor to the Blue Ribbon Commission on Public Employees Retirement Systems. These appointments complete the membership of the commission, which was created by Executive Order in February 2007. Gov. Fletcher has directed the commission to evaluate all aspects of the Kentucky Retirement Systems (KRS), which includes state employees, state police and county employees, and the Kentucky Teachers’ Retirement System (KTRS).

The 24-member commission will study methods to address the current unfunded liabilities accrued bythese individual retirement plans, including pension and health insurance benefits. Over the coming months, the commission will develop a plan to fulfill its retirement obligations to current retirees and employees while examining the appropriate level of benefits for future employees. The plan must be presented to the governor no later than Dec. 1, 2007.

“When our state employees, county employees, state police and teachers began their careers in public service, they were promised a level of benefits upon which they have based their retirement plans and those promises will be kept,” Governor Fletcher said. “The committee’s charge is to focus on how we meet those commitments and responsibly plan for the future.”

The commission will be chaired by Finance and Administration Cabinet Secretary John Farris. Other members include: Personnel Cabinet Secretary Brian Crall, vice-chair; Cabinet for Health and Family Services Secretary Mark Birdwhistell; Brad Cowgill, State Budget Director; Kentucky State Police Commissioner John “Jack” Adams; and Sen. Charlie Borders and Rep. Harry Moberly, Chairmen of the Appropriations and Revenue Committees of the General Assembly.

Retirement systems representatives are: Kentucky Retirement Systems Executive Director Bill Hanes; Kentucky Teachers’ Retirement System Executive Secretary Gary Harbin; and Kentucky Public Employees’ Deferred Compensation Authority Executive Director Robert Brown.

Additional stakeholders will be represented by Sylvia Lovely, Kentucky League of Cities; Bob Arnold, Kentucky Association of Counties; Frances Steenbergen, Kentucky Education Association; and Lee Jackson, Kentucky Association of State Employees.

The other citizen members named by Governor Fletcher include David Jones of Louisville, founder and former chairman of Humana, Inc.; John Hall of Lexington, former CEO of Ashland, Inc.; David Dowell, Lexington, Russell Capital Management; Andrew Jacobs, Lexington, Stites & Harbison; Todd Lowe, Simpsonville, Parthenon LLC; James Parsons, Newport, Taft, Stettinius & Hollister; and Shawn Ridley, Louisville, Atlas Brown. The commission will be supported by independent experts and outside consultants.

Other groups and associations, including the Jefferson County Teachers’ Association, the Kentucky Firefighters Association, the Kentucky Emergency Management Association, the Kentucky School Boards Association, the Kentucky Association of School Superintendents, Kentucky Association of School Administrators, local health departments, community mental health centers and others will provide additional input to commission members during this intensive review.

04-13-2007

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Freshfields Bruckhaus Deringer

Freshfields advises PPR on acquisition of major stake in PUMA
Freshfields Bruckhaus Deringer announced this week that it advised PPR, the French luxury goods and retail group, on the acquisition of a 27.1 per cent stake in PUMA, the sport fashion company, for €330 per share. Following the acquisition, PPR intends to launch a friendly takeover offer in cash on the remaining PUMA shares at the same price of €330 per share. The offer price values PUMA at €5.3bn.

PPR is a global luxury goods and retail group that includes Gucci Group brands, Gucci, Bottega Veneta, Yves Saint Laurent, YSL Beauté, Balenciaga, Boucheron, Alexander McQueen and Stella McCartney, as well as retail chains such as Fnac and Conforama. PPR generated sales of €17.9bn in 2006.

PUMA is a global sport lifestyle company that distributes products in over 80 countries. Its revenue for 2006 was €2.4bn.

The Freshfields team was led by corporate partners Christoph von Bülow and Heiner Braun (partner from 1 May 2007, both Frankfurt) and included partners Thomas Bücker (corporate, Frankfurt), Angela Hildebrand (IT/IP, Frankfurt), Martin Schiessl (tax, Frankfurt), Rick van Aerssen (corporate, Frankfurt), Thomas Wessely (competition, Brussels), Sarah Murphy (US capital markets, London) and Elmar Schnitker (employment, pensions and benefits, Cologne).

04-13-2007

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Curtis, Mallet-Prevost, Colt & Mosle, LLP

Curtis attorney Peter Stewart will moderate a Solar Energy Panel at the Sixth Annual NanoBusiness Alliance Conference.
Curtis attorney Peter Stewart will moderate a Solar Energy Panel at the Sixth Annual NanoBusiness Alliance Conference on Monday, April 16, 2007 at the Marriott Marquis in Times Square. The NanoBusiness Alliance is an industry association for the emerging nanotechnology industry.

04-13-2007

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Cravath, Swaine & Moore, LLP

CRAVATH WINS DISMISSAL IN MERCK SECURITIES CLASS ACTION
the United States District Court in New Jersey granted the Merck & Co.'s motion to dismiss with prejudice a consolidated securities class action filed by investors against Merck in connection with disclosures by Merck regarding VIOXX. In his ruling, Judge Stanley R. Chesler found that the securities action should be dismissed because all of the plaintiffs' claims were time-barred under the applicable statutes of limitations. Cravath is lead counsel for Merck in the securities action. The Cravath team was led by partners Robert H. Baron, Evan R. Chesler and David Greenwald and associate Karen R. King.

04-13-2007

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Schnader Attorney At Law

Judge Lewis Comments Again on Wecht Case
Judge Timothy Lewis was quoted in the Pittsburgh Tribune-Review article “Pittsburgh Judge Will Remain on Wecht Case.”

After seven months, the Third Circuit United States Court of Appeals decided that a federal judge in Pittsburgh, Pennsylvania can preside over the government’s criminal case against Dr. Cyril H. Wecht. Dr. Wecht’s lawyers asked the court to remove United States District Judge Arthur J. Schwab from the case claiming the judge showed bias by improperly admitting more than 300,000 pages of documents as government exhibits and because he had improper communications with prosecutors related to the disciplinary reports of the lead agent for the Federal Bureau of Investigation in the case.

Judge Lewis said that he is not surprised by how long it took the appeals panel to rule. “This is a high-profile case with important and unusual issues,” he said. “Obviously, the court wanted to take a good, long, hard look at the questions here.

04-13-2007

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Buckingham, Doolittle & Burroughs, LLP

Jeanie Coy Auseon Exhibits Works at Buckingham, Doolittle & Burroughs, LLP
The law firm of Buckingham, Doolittle, & Burroughs, LLP (“BDB”) is currently featuring works by Columbus artist Jeanie Coy Auseon in the lobby on the 3rd floor of 191 West Nationwide Boulevard, Columbus. The design of the law firm’s office, which is in the Arena District, includes space that enables BDB to exhibit the work of local artists on a regular basis. Ms. Auseon’s art will be on display through the end of April.

Dr. Auseon grew up knowing she was an artist. For many years she was an art teacher and arts coordinator. During that time, she considered teaching to be her artform. Her understanding that art has cognitive as well as affective meanings fueled how she taught others and how she continues to teach herself. During her career in education, she was honored to receive several recognitions for her teaching.

In her current work, she creates abstract surface designs by elaborating on the spontaneous, and sometimes unexpected, interactions of dyes, forms of resist and printing on fabric. Her works are inspired by shapes, colors, patterns, lines and textures from many cultures, by randomness and repetition in nature, and by the illusion of movement, balance, and depth on two dimensional surfaces.

04-13-2007

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Davis Polk & Wardwell

Davis Polk Advises Old Lane on Its Acquisition by Citi
Davis Polk & Wardwell is advising Old Lane Partners, LP on the announced acquisition by Citi of the outstanding partnership interests of Old Lane. Old Lane is a highly-regarded manager of a global, multi-strategy hedge fund and a private equity fund with total assets under management and private equity commitments of approximately $4.5 billion. Citi is the leading global financial services company. The financial terms of the transaction are not being disclosed.

According to the definitive agreement, Citi will acquire 100% of the outstanding partnership interests in Old Lane Partners, LP and Old Lane Partners, GP, LLC. Old Lane will operate as part of Citi Alternative Investments, Citi's integrated alternative investments platform. Following completion of the transaction, Mr. Vikram Pandit will become chief executive officer of Citi Alternative Investments, a business head, and a member of Citi's Operating and Management Committees.

The Davis Polk corporate team includes partners Louis L. Goldberg and Marc O. Williams and associates Himanshu P. Singh, Florian Feder (not yet admitted) and Joanna A. McGinley (not yet admitted). Partners Avishai Shachar and Harry Ballan and associates Neil Barr and Alon Gurfinkel are providing tax advice. Partners Beverly Fanger Chase and Kyoko Takahashi Lin are providing employee benefits advice. Partners Yukako Kawata and Nora M. Jordan and associates Caroline Rebecca Adams, Scott L. Beal and Gregory S. Rowland are providing investment management advice. Associates Frank J. Azzopardi and Matthew J. Bacal are providing intellectual property advice. Samuel Lines is the legal assistant on the transaction. All members of the Davis Polk team work in the New York office.

04-13-2007

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