Law Firm News

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Law Firm News

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Jenner & Block LLP

Jenner & Block Hosts International LL.M. Student Reception
Jenner & Block recently welcomed 70 graduate students from countries throughout the world to a reception focusing on the increasingly global nature of the practice of law. The students are currently attending Chicago-area law schools where they are earning their LL.M. degrees. After completing their degrees, many will take U.S. bar examinations and spend time working in the U.S. before returning to their home countries.

Jenner & Block Managing Partner Gregory S. Gallopoulos welcomed the students to the event, who are attending LL.M. programs at the University of Chicago Law School, Northwestern University School of Law, and Chicago-Kent College of Law.

Partner Lawrence S. Schaner, who serves as Co-Chair of the Firm’s Arbitration: Domestic and International Practice, helped organize the reception. He noted that many Jenner & Block attorneys have had significant international experiences at different points in their careers. He introduced several Jenner & Block partners who have worked internationally and asked them to share their experiences abroad.

Partner Charlotte L. Wager, the Firm’s Director of Professional Development, said she began her legal education at Queen Mary College, University of London, and discussed the differences between the English and American legal systems.

Partner Terrence J. Truax described his experiences in Japan while working with one of that country's major law firms in Tokyo. Mr. Truax emphasized the importance of developing strong relationships abroad to successfully handle international matters.

In addition, Partner Patricia A. Bronte shared her experiences in Azerbaijan, where she served as a volunteer for the American Bar Association’s Central and East European Law Initiative by promoting the rule of law in that developing nation.

The students attending the reception were from Brazil, Chile, China, England, Germany, Israel, Italy, Japan, Mexico, Spain, and Turkey, among other countries.

01-19-2007

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White & Case, LLP

GE Subsidiary Acquires $610 Million of Thai Bank Shares
White & Case represented GE Capital International Holdings Corporation (GECIH) in the $609.8 million acquisition of the first tranche of 1,391 million new shares, representing approximately 29.01 percent of Bank of Ayudhya Public Company Limited (BAY), Thailand’s sixth largest commercial bank (in terms of assets). GECIH, an indirect subsidiary of General Electric, is entitled to subscribe for additional 600 million new shares of BAY within five years. The deal closed on January 3, 2007.

As part of the deal, White & Case advised GECIH and GE Money Retail Bank Public Company Limited (GEMRB), a Thai retail commercial bank wholly owned by GECIH, in the sale by GECIH of certain assets and liabilities (mortgaged loan, fixed assets and deposits) to BAY and its subsidiaries, with an estimated value of approximately $19.2 million. White & Case also provided labor law advice in order to realize the employment of GECIH and GEMRB personnel by BAY under a dual employment contract. In addition, White & Case assisted GECIH and GEMRB in reviewing various related agreements, including subscription, shareholders, business sales, shared services and secondment agreements. Before the acquisition, BAY's majority stake (approximately 37 percent) was owned by the Rattanarak family.

"We are happy to complete this acquisition, as it was delayed due to the military coup in September," said White & Case partner Peangpanor Boonklum, referring to the overthrow of Thailand’s government by the military on September 19, 2006. "This deal demonstrates the expansion of Southeast Asia’s economy, continuing the trend of overseas lenders acquiring banks in Thailand."

Assisting Peangpanor Boonklum in Bangkok were associates Chatri Trakulmanenate, Alastair Timblick, Catharin Jirarudee, Yaowarote Klinboon and Wilairat Srisakornborisut.

01-19-2007

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Thompson Hine LLP

Hedge Funds Face SEC Deadline for Soft Dollar Arrangements
The clock is ticking toward a January 24 deadline for bringing hedge fund trading and other practices into compliance with new guidance set forth by the Securities and Exchange Commission in a July 2006 directive.

About to end is the six-month grace period for bringing into compliance soft dollar trading commissions and other practices named in an interpretive release. The SEC is likely to put pressure on prime brokers to ensure that the $1 trillion hedge fund industry complies with its soft dollar rules.

“The soft dollar rules will be a back door method for the SEC to attempt to audit hedge fund activities,” says Richard S. Heller, a partner in the investment management practice at Thompson Hine LLP in New York. “This area of the securities industry has operated in a grey area for more than 20 years. All of that is about to change.”

While hedge funds are no longer required to register with the SEC, new rules that govern how brokers use their commissions are designed to prevent abuses, such as payment for meals, rent, travel and other expenses not directly attributable to investment decisions. The SEC came up with the new compliance guidelines after it found numerous soft dollar abuses when it scrutinized the trading records of a sampling of broker-dealers.

“Prime brokers are easily auditable,” says Heller. “Abuses are going to be more readily discerned if they are the subject of inquiries. Hedge funds are going to have to work with them to make sure that they are in compliance under the new rules. A new era of fund and investment advisor transparency is dawning.”

Section 28(e) covers the use of soft dollar arrangements. The SEC’s new interpretation of this includes a three-step test for determining whether a product or service falls under the safe harbor provision of the rule.

To qualify under the new interpretation, research providers and brokers must first meet the soft dollar eligibility requirements, which include substantive advice, analysis and reports, but not mass market publications (like the Wall Street Journal) or tangible products and services, such as office equipment. Commissions must be reasonable in light of services provided.

“The enormous capital committed to hedge funds continues to grow,” says Heller. “The SEC said that it would not oppose the Goldstein decision, which prevents it from directly regulating funds, but that won’t prevent the commission from exploring other ways to regulate the industry. Putting pressure on broker-dealers is just the beginning. A revised definition of who in fact is an accredited investor is also on the table.

01-19-2007

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Thelen, Reid, Brown, Raysman & Steiner, LLP

Thelen Reid Brown Raysman & Steiner LLP Welcomes Recipients of Hurricane Katrina/Rita Relief Efforts
The New York office of Thelen Reid Brown Raysman & Steiner today hosted representatives of the Gulfport School District Network Restoration Project, which received more than $150,000 in financial assistance from the firm as part of Thelen’s Hurricane Katrina/Rita Relief Initiative. As a result of the firm’s efforts and assistance, the School District was able to restore its area-wide computer network, which currently serves over 6,000 students.

“This was a perfect match for our firm,” said Thomas J. Igoe, the New York partner who led Thelen’s Katrina/Rita relief efforts. “I’m glad we were able to identify an opportunity where we could really make a difference in peoples’ lives.”

Terri Burnham, Director of Technology of the Gulfport School District, thanked the firm and described the rebuilding efforts. “We were paralyzed and could not see a way forward. Your gift gave us back our hope and uplifted our students, our teachers, and our community.” She also announced that the new computer center and gallery will be dedicated to Thelen Reid Brown Raysman & Steiner later this spring.

The Gulfport School District includes seven elementary schools, two middle schools, one high school, and an additional school for alternative learning. The school district is fully integrated, with large populations of underprivileged Vietnamese, Hispanic, and African-American children.

Prior to the storm, technology had become an integral part of the teaching curriculum in kindergarten through grade 12. Strong student-to-computer ratios and widespread use of computers enabled students to participate in online projects involving communications around the world, and to conduct research and learn advanced technologies in a wide variety of areas.

Hurricane Katrina knocked out the backbone of this system for the entire District. The schools lost all of the equipment connecting them to the State of Mississippi, including the District and state network routers, all computer system servers, more than 40 computers, seven laptops, five department vehicles, 20 printers, a digital cable analyzer and a variety of other switches and equipment. The capitalized cost of this critical technology and equipment exceeded $350,000.

“We felt it was important to respond immediately to these disasters—both by providing a substantial donation to relief efforts, and also by organizing a larger and enduring effort that would be personal to the firm,” says Mr. Igoe, who visited the District last year.

01-19-2007

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Stinson, Morrison & Hecker, L.L.P.

Midlands Business Journal Highlights the Expansion of the Omaha Office
The Midlands Businss Journal profiled the the Omaha office, which recently added 12 new offices to accommodate a growing roster of attorneys. An increase in business law practice over the past few years has helped to drive expansion in the Omaha office.

01-19-2007

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Roetzel & Andress A Legal Professional Association

Roetzel & Andress' Dietrich Admitted to Colorado Bar
The law firm of Roetzel & Andress is pleased to announce that George A. (Tony) Dietrich recently was admitted to the Colorado Bar. Mr. Dietrich remains a member of the Ohio Bar and is primarily headquartered in the firm's Akron, Ohio, office, though he resides in Steamboat Springs, Colorado, and travels between the two locations to serve Ohio and Colorado clients.

A partner in the Business Services Group at Roetzel & Andress, Mr. Dietrich focuses his practice on the areas of business acquisitions and divestitures; corporate governance; distribution, strategic alliance, technology development, and other commercial agreements; closely-held and emerging businesses; and international transactions. He represents public corporations and private companies of all sizes and structures, and works with them on a variety of commercial and corporate transactions and matters, ranging from financing and restructuring to corporate governance and shareholder rights.

01-19-2007

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Vandeventer Black LLP Attorney At Law

Ottinger Receives VBA Sandra P. Thompson Award
Vandeventer Black attorney Richard H. Ottinger received the Virginia Bar Association (VBA) Young Lawyers Division’s prestigious Sandra P. Thompson Award at the VBA Annual Meeting on January 19. The award, previously known as the Fellows Award until it was renamed in 2002, recognizes an individual for outstanding work and long-term service to VBA.

Ottinger concentrates his law practice in commercial litigation with a particular focus on products liability defense, as well as commercial and private property disputes and is based in Vandeventer Black’s Norfolk office.

Ottinger received a B.A. from Boston University and a J.D. from The College of William & Mary School of Law. He is a 2002 graduate of the Sorenson Institute of Political Leadership.

Ottinger has also received the Virginia State Bar’s prestigious R. Edwin Burnette, Jr. Young Lawyer of the Year award (2003) and the Norfolk & Portsmouth Bar Association’s Walter E. Hoffman Community Service Award (2002). He was selected as one of Hampton Roads’ Top Forty Under Forty for 2002 by Inside Business magazine and as one of “Virginia’s Legal Elite” Young Lawyers by Virginia Business magazine (2004). Richard was also recognized as a VBA Community Servant Charter Member (2005).

The 2007 conference kicked off VBA’S Young Lawyers Division’s 50th anniversary.

01-19-2007

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