Law Firm News

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Law Firm News

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Collier, Shannon & Scott, P.L.L.C.

Kelley Drye Advises Symmetry Holdings Inc. in $150 Million Initial Public Offering
Kelley Drye advised client Symmetry Holdings Inc. ("Symmetry") in its $150 million initial public offering. Symmetry is a special purpose acquisition company created for the purpose of consummating an initial business combination with one or more operating businesses, and managing such businesses. Symmetry will focus its efforts on identifying target industrial, asset-based businesses located in North America, that are in, or suppliers to, the basic industries sector, including energy and energy-related infrastructure.

04-04-2007

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Cleary, Gottlieb, Steen & Hamilton, L.L.P.

Cleary Gottlieb Ranks #2 in U.S. M&A for First Quarter of 2007; Scores High in Other Areas
Cleary Gottlieb ranked #2 for both completed M&A transactions with any U.S. involvement as well as completed deals with a U.S. target in the first quarter, with $88.3 billion and $85.1 billion in deal volume, respectively, according to recently released Thomson Financial league table results for the first quarter of 2007.

Cleary Gottlieb also secured an array of other top ten results in the Thomson Financial M&A league tables. The firm placed third for total deal volume in completed worldwide transactions, with $106 billion in volume. Other categories for which Cleary Gottlieb placed third were: completed deals with any Latin American involvement ($4 billion in volume); completed deals with any German involvement ($13.7 billion in volume); completed deals with any Benelux involvement ($8.6 billion in volume); and announced deals with any Italian involvement ($10.8 billion in volume). Cleary Gottlieb ranked fifth for completed transactions with any French involvement, tallying $7.4 billion in deal volume. For deals with any Spanish involvement, the firm took the #6 spot for announced deals ($9.9 billion in volume) and the #8 spot for completed deals ($2.7 billion). The firm ranked eighth for completed transactions with any European involvement ($24.2 billion in volume) and ninth for number of completed worldwide transactions (41 deals).

Thomson is one of the world's leading information and publishing companies. The American Lawyer, The Wall Street Journal and other leading publications often publish the Thomson rankings.

04-04-2007

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Clausen Miller PC

Susan Gummow Releases 2nd Edition of Bankruptcy and Insurance Law Manual
Bankruptcy professionals acknowledge an expected increase in business. A Standard & Poor’s managing director recently announced in the Chicago Tribune, that the corporate default rate is expected to rise to 2.33 percent by the fourth quarter. Law firms, consultants and financial advisory firms are preparing, by adding professionals who specialize in the area of bankruptcy.

The release of the second edition of Bankruptcy and Insurance Law Manual could not have experienced better timing. The Manual, written by Susan N.K. Gummow (Clausen Miller PC; Chicago), is meant to educate both the bankruptcy professional on insurance law and the insurance professional on bankruptcy principles. Gummow explains, “The Manual is designed to give a basic understanding of each practice area, so a practitioner in either field is able to identify specific issues when insurance and bankruptcy intersect. Rarely do insurance professionals deal with issues related to bankruptcy.”

The Manual has been updated to incorporate BAPCPA changes and includes a glossary of key bankruptcy and insurance law terms. Orders are being accepted through the American Bankruptcy Institute’s website: www.abiworld.org. The cost is $15 for ABI members or $25 for non-members.

04-04-2007

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Clark Hill PLC

Clark Hill PLC Attorney Kevin S. Hendrick Appointed to the Michigan State University Construction Management Alumni and Industry Advisory Association Board of Directors
Clark Hill attorney Kevin S. Hendrick has been appointed to the Michigan State University Construction Management Alumni and Industry Advisory Association Alumni Board of Directors beginning in April 2007. The Construction Management Program was developed in 1948, and has had more than 2,500 graduates since inception.

Hendrick has been practicing law for more than 25 years, and has extensive experience in construction matters, where he has represented contractors, owners, sureties and others in attempting to resolve disputes through litigation, arbitration or other dispute resolution mechanisms. The claims handled by Hendrick in arbitration, mediation and civil litigation, have run the gamut of construction issues, from simple claims by unpaid claimants to complex claims for damages for delay; defects in performance; breach of warranty or poor workmanship; claims concerning the quality and performance of the work; and claims concerning the suitability of plans and specifications to achieve the desired result. Hendrick also has extensive experience and expertise in all manner of commercial litigation and business and insurance claims and disputes.

Hendrick is a member of the American Arbitration Association (AAA), Arbitrator and Mediator on the Construction Arbitration Panel; American Bar Association, Forum on the Construction Industry, Michigan AAA Construction Advisory Council, State Bar of Michigan Alternative Dispute Resolution Council Section Member, and has been named in The Best Lawyers in America in the field of Alternative Dispute Resolution.

Hendrick earned his B.A. from the University of Notre Dame, and his J.D. from the University of Michigan Law School.

04-04-2007

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Squire, Sanders & Dempsey, L.L.P.

KAREN A. WINTERS TO LEAD SQUIRE SANDERS ENVIRONMENTAL PRACTICE
Global law firm Squire, Sanders & Dempsey L.L.P. has selected Karen A. Winters of the firm’s Columbus office to lead its nationally recognized Environmental Health and Safety Practice Group.

“Squire Sanders long has been at the forefront of environmental law in the United States and has growing expertise in the international arena,” said Squire Sanders chair R. Thomas Stanton. “Karen is a powerful advocate with deep knowledge of this increasingly important area of law, and I am delighted she will guide this practice into a new era.”

Winters said issues relating to air quality, energy efficiency and climate change are among the issues of most concern to companies doing business in a global economy.

“I look forward to helping my colleagues find creative ways to assist our clients,” she said.

Winters joined Squire Sanders after more than five years in the Office of the Ohio Attorney General, where she served as an assistant attorney general in several divisions including the Consumer Fraud Division, the Environmental Enforcement Division and the Federal Litigation Division. She was also a member of the chief counsel’s staff.

She is a member of the American Bar Association’s Environment, Energy and Resources Section; the Ohio State Bar Association’s Environmental Law Committee; the Columbus Bar Association’s Environmental Law Committee; and the Columbus Bar Foundation. She is also a member of the American Iron and Steel Institute’s Environment Committee, the Ohio Chamber of Commerce’s Energy and Environment Committee and its Executive Committee, and the Ohio Manufacturers Association’s Environment Committee.

Winters has been named in national professional directories such as The Best Lawyers in America, Law & Politics magazine’s list of Ohio Super Lawyers and Chambers USA – America’s Leading Business Lawyers.

04-04-2007

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Akin Gump Strauss Hauer & Feld, L.L.P.

STEVEN SCHEINMAN NAMED "DEALMAKER OF THE YEAR" BY THE M&A ADVISOR
Akin Gump Strauss Hauer & Feld LLP partner Steven Scheinman has been named “Dealmaker of the Year” by The M&A Advisor for his work over the past year in middle-market turnaround transactions. The restructuring of Satélites Mexicanos, S.A. de C.V. (Satmex), in which Mr. Scheinman played an integral role, was selected as the “Media/Telecom Deal of the Year” at the Inaugural M&A Advisor Turnaround Awards ceremony in West Palm Beach, Florida, on March 19. Overall, Akin Gump and its advised transactions and/or attorneys were nominated in five of the 14 total turnaround categories.

Satmex, a provider of fixed satellite services in Mexico and parts of Latin America, commenced a financial restructuring following a permanent loss of one of its satellites due to malfunction in 2000 and the overall downturn of the telecom sector in 2001. Satmex ultimately defaulted on debts after their maturation in 2004. A group of holders of Satmex's unsecured bonds sought Akin Gump’s expertise to guide them through the restructuring. Upon Akin Gump’s recommendation, the creditor groups filed an involuntary Chapter 11 against the company in New York in May 2005. Consequently, Satmex filed for voluntary bankruptcy under Mexican law, the creditors withdrew the U.S. bankruptcy filing in favor of the Mexican case and the U.S. bankruptcy court retained jurisdiction over certain aspects of the case through a U.S. ancillary proceeding. The restructuring, which was completed in late 2006, required extensive negotiation with the company's existing stakeholders, including the Mexican government, as well as with holders of Satmex's secured notes.

As a result of the restructuring, Satmex was re-capitalized with a significant reduction of overall debt and debt service requirements, foreclosure and possible termination of its government concessions was avoided, the company's new Satmex 6 satellite was launched, and a new board of directors and CEO were installed. Moreover, the turnaround restored industry and investor confidence in the company's well-being, which enhanced Satmex's sales efforts and improved its long-term prospects. As a result, the value of Satmex's debt and equity securities has fully recovered.

In addition to Mr. Scheinman, the Akin Gump team included partners Michael Stamer, Bruce Mendelsohn, Patrick Fenn, Thomas Weir and Mitchell Hurley; senior counsel Patrick Cox, David Staber and John Storz; counsel Shuba Satyaprasad and Carlos Villota; and associate Sharmaine Heng.

J. Kenneth Menges Jr., chair of Akin Gump’s corporate finance and M&A practice group, said, “Akin Gump is widely recognized as a global leader in corporate restructuring. It is through the efforts of outstanding attorneys like Steve Scheinman and his team that we are able to successfully represent the interests of our clients and preserve value in these often highly complex proceedings. Steve’s knowledge of cross-border law and his leadership in helping to bring together the parties in this matter were instrumental in delivering a great outcome.”

Mr. Scheinman added, “I’m honored to receive this recognition by The M&A Advisor and to be selected from a group of such distinguished dealmakers. I'm also grateful to our clients for giving the restructuring process the time it needed achieve this excellent result.”

The Inaugural M&A Advisor Turnaround Awards recognized companies and individuals in the field of turnaround transactions whose accomplishments in the previous calendar year set the standard for professional excellence in small- and mid-cap transactions. Judges were drawn from the ranks of experienced financial industry professionals, academics, journalists, consultants and professional service providers.

04-04-2007

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Davis Polk & Wardwell

Davis Polk Advises Roche on Its Acquisition of BioVeris
Davis Polk & Wardwell is advising Roche Holding Ltd on its proposed acquisition of BioVeris Corporation. Headquartered in Basel, Switzerland, Roche is one of the world’s leading research-focused healthcare groups in the fields of pharmaceuticals and diagnostics. BioVeris Corporation is a global health care and biosecurity company developing proprietary technologies in diagnostics and vaccinology.

According to the terms of the merger agreement, Roche will acquire 100% ownership in BioVeris for $21.50 per share in cash for a total of approximately $600 million. The transaction is expected to close during the third quarter of 2007, pending approval of BioVeris’s shareholders, receipt of certain regulatory approvals and other customary closing conditions.

The Davis Polk corporate team includes partner Christopher Mayer and associates Paul Denley Hodgdon and Marcel Barth, all of the New York office. The tax team includes partner Michael Mollerus and associates Jenny L. Ruzow and Catherine Paskoff Chang (not yet admitted), all of the New York office. Partner Jean M. McLoughlin of the New York office and associates Cynthia Akard and Jeffrey M. Smith, both of the Menlo Park office, are providing employment advice. Partner Ronan P. Harty and associate Stephen M. Pepper, both of the New York office, are providing antitrust advice. The environmental team includes counsel Loyti Cheng and associates Marie-Christine Eldridge and Elisabeth Hanratty (not yet admitted), all of the New York office. Counsel Joseph J. Sperber and associate Sarah M. Carley, both of the New York office, are providing real estate advice. Janine Samuel of the New York office is the legal assistant on the transaction.

04-04-2007

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