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Crowell & Moring LLP

CROWELL & MORING ANNOUNCES ELECTION OF NINE LAWYERS TO PARTNER AND COUNSEL
Crowell & Moring LLP is pleased to announce it has elected two lawyers to the firm's partnership effective January 1, 2007. It has also promoted seven associates to the position of counsel. The new partners and counsel have been promoted from within the ranks of the firm's Washington, D.C., Brussels, and London offices.

"We extend a heartfelt congratulations to our new partners and counsel on their new positions. We are proud of their accomplishments in advancing through the ranks of the firm. We wish them continued success and are confident that our clients will continue to benefit from their exemplary service," said Crowell & Moring Chairman Kent A Gardiner.

The new partners are:

* Bridget E. Calhoun is a member of the firm's Antitrust Group and a resident in the Washington, D.C. office. Her practice focuses on antitrust law, consumer protection, and product risk management issues. Calhoun's antitrust practice involves counseling and representing clients across a wide range of matters including mergers and acquisitions, joint ventures, cartel investigations, and complex civil litigation. She also has particular experience in counseling corporate clients on price discrimination and distribution law such as discount programs, exclusivity, aftermarket policies, and dealer relations. Calhoun co-chairs the firm's Product Risk Management practice, and advises on the full array of product safety issues that bring Crowell & Moring clients before consumer regulatory agencies in the United States and worldwide.

* Stephen W. Palan is a member of the firm's Intellectual Property Group and a resident in the Washington, D.C. office. His practice focuses on intellectual property litigation and counseling, including world-wide strategic patent procurement and licensing, as well as trade secret protection.

Firm associates promoted to counsel include:

* Gaela Bailey (London);
* Jean M. Baxley (Washington, D.C.);
* Jennifer G. Knight (Washington, D.C.);
* Michael W. Paddock (Washington, D.C.);
* Emmanuel Plasschaert (Brussels);
* Traci L. Rodriguez (Washington, D.C.); and
* Ryan C. Tisch (Washington, D.C.).

01-09-2007

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Bingham McCutchen, LLP

Debtwire Unveils 2007 Distressed Debt Market Outlook for North America
Debtwire, a leading provider of market intelligence on distressed and high yield credits, in conjunction with Bingham McCutchen and Chanin Capital Partners, today announced findings on the outlook for the North American distressed debt market in 2007. This landmark survey provides unique expectations and forecasts from the top hedge funds, proprietary trading desks and other asset managers active in the distressed space.
While most traditional investors look for companies on a growth track, distressed specialists focus on the darker side of the economy. They track industries and corporations that are poised for collapse or those that have already fallen and are undervalued as a result.
Debtwire interviewed 106 of the largest players in the distressed debt market to get their perspectives on what 2007 will bring. This outlook provides a contrarian point of view to the invariably sunny forecasts trumpeted by economists and asset managers alike at the beginning of each year.
"This survey confirms that the distressed community continues to grow and evolve, always looking for the next opportunity and continuing to outperform traditional investments through a combination of skill, savvy, speed of execution, and willingness to accept greater risk in exchange for greater reward," said Evan Flaschen of Bingham McCutchen, one of the leading law firms to the distressed investing community.
"We believe 2007 will be the inflection point for the distressed debt market. As the survey results indicate, the goldilocks economy has about run its course and the market is poised to react to any sustained negative news in housing, consumer spending or the cost of capital (interest rates). Once the goldilocks market turns, significant opportunities will ensue." said Russell Belinsky, Co-Head of Restructuring and Co-Founder of Chanin Capital Partners.

Among the findings:
• It’s the economy, stupid Federal Reserve Chairman Ben Bernanke and Wall Street continue to predict a soft landing for the housing market and steady, if slower, economic growth. Distressed investors tell a very different story. Most of them expect a hard-to-medium landing for the housing market in 2007, increased defaults by home builders and tough times for US retailers as consumers tighten their purse strings.
• Cutting out the middleman Refinancing opportunities from traditional sources are expected to contract in 2007, opening the door for more distressed specialists to pursue direct lending strategies.
• Activism pays The proliferation of hedge funds and the corresponding reduction in outsized returns has distressed investors heralding the success of activist investment strategies during 2006. With new fund raising initiatives expected to become more difficult in 2007, distressed investors believe funds will more aggressively tangle with management and exploit bond indentures.
• Marriage of the mindsets Traditional distressed investors have found expansion into private equity-type investments increasingly attractive. The partnering of distressed and private equity investors on specific transactions is expected to grow in 2007.
About Debtwire
Debtwire publishes real-time news and data for financial professionals in the distressed debt and leveraged finance markets across the world. Debtwire is part of the Mergermarket Group, a division of the Financial Times Group, publisher of the Financial Times newspaper, FT.com, Les Echos, Expansion and FT Deutchsland. The FT Group is a division of Pearson plc, the international media group.

01-09-2007

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Barnes & Thornburg LLP

U.S. House of Representatives Bans Gifts to Members, Staff
The U.S. House of Representatives has adopted an amendment to its internal rules that prohibits Members of the House and their staff from accepting gifts from registered lobbyists and entities that employ or retain lobbyists. The new rules also restrict privately-funded travel.

01-09-2007

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Baker, Donelson, Bearman, Caldwell & Berkowitz, PC

Baker Donelson Named Among Top Labor and Employment Litigation Firms by Employment Law 360
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC has been ranked among the top 10 labor and employment litigation firms in the country by Employment Law 360, a national news source for employment law and human resources professionals.

In a survey of more than 250 of the largest law firms in the U.S., Employment Law 360 researched the number of new employment lawsuits filed in the U.S. district and circuit courts between July 1, 2005 and June 30, 2006. The firms included on the list were ranked based on the number of new cases that each firm was involved in, whether representing the plaintiff or defendant. Baker Donelson was ranked ninth on the list, among some of the largest firms in the country that focus exclusively on labor and employment law.

"Over the years, we at Baker Donelson have worked to build a 'best-of-class' labor and employment practice," said Steven H. Trent, head of the Firm's Labor & Employment Department. "Being named among the top employment litigation firms in the country shows our efforts have been successful.

01-09-2007

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McGuireWoods LLP

McGuireWoods Elects 15 Partners
McGuireWoods LLP is pleased to announce that 15 associates have been elected partners of the law firm, effective January 1, 2007. The promotions boost the partnership ranks firm wide to 385.

* Brian C. Bernhardt, Tax & Employee Benefits, Richmond, Va.
* Jason E. Campbell, Mergers & Acquisitions, Securities & Corporate Services, Jacksonville. Fl.
* La Tisha O. Chatman, Mergers & Acquisitions, Securities & Corporate Services, Norfolk, Va.
* Donald A. Ensing, Capital Markets, Chicago, Ill.
* Jeremy D. Freeman, Government Investigations, Washington D.C.
* Nicky Jatana, Labor & Employment, Los Angeles, Cal.
* Jonathan D. Link, IP Litigation/Patents, Tysons Corner, Va.
* Rachel Williams Mantz, Mergers & Acquisitions, Securities & Corporate Services, Chicago, Ill.
* James F. Neale, Complex Products Liability, Charlottesville, Va.
* Staci E. Rosche, Capital Markets, Charlotte, N.C.
* Jeffrey S. Shapiro, Labor & Employment, Richmond, Va.
* Angela M. Spivey, Environmental Litigation/Toxic Torts, Atlanta, Ga.
* Jennifer J. Stearman, Capital Markets, Baltimore, Md.
* R. Trent Taylor, Environmental Litigation/Toxic Torts, Richmond, Va.
* Christopher J. Thanner, Real Estate Transactions, Jacksonville, Fl.

01-09-2007

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Fulbright & Jaworski L.L.P.

Fulbright Secures Ninth Circuit Win For Lehman Brothers
A Fulbright litigation team, led by Los Angeles partner Helen Duncan, obtained a significant appellate victory for Lehman Brothers in the Ninth Circuit Court of Appeals in In Re First Alliance Mortgage Company.

In a published decision, the Ninth Circuit affirmed judgment for Lehman on claims for fraudulent transfer, equitable subordination, and punitive damages, while reversing a $5 million class action jury verdict against Lehman.

The Court held that, because the jury was improperly given benefit of the bargain damages instructions instead of out-of-pocket damages instructions, the district court should have granted Lehman’s motion for new trial. The court remanded the case for a proper calculation of out-of-pocket damages, which is expected to significantly reduce the award.

The case also created new law in the area of apportionment of liability and contribution/indemnification in actions involving aiding and abetting secondary liability claims. Agreeing with Lehman, the court held that an aider and abettor can seek comparative equitable indemnification from the primary tortfeasor.
Additionally, because prior to trial Lehman had agreed not to challenge the fairness of the plaintiff class’ settlement with the primary wrongdoer in exchange for the plaintiff class’ agreement that the proportional apportionment of liability under Franklin v. Kaypro Corp., 885 F.2d 1222 (9th Cir. 1985) would apply at trial, the court held that Lehman’s liability was limited to 10% of the total damages, the percentage of fault the jury allocated to Lehman.

This ruling was significant because, if Kaypro had not applied, the amount of Lehman’s liability would have been significantly greater under California’s pro tanto apportionment of liability.

The case resulted from Lehman’s banking relationship with a now defunct sub-prime mortgage lender, First Alliance Mortgage Company (FAMCO). Lehman had provided FAMCO with warehouse lending and securitization underwriting services. A class of FAMCO borrowers claimed that Lehman aided and abetted fraud by FAMCO and sought compensatory damages of more than $1 billion plus punitive damages.

The class also sought equitable subordination of Lehman’s $77 million claim in the FAMCO bankruptcy proceeding. In a second action consolidated with the class action, FAMCO’s bankruptcy liquidating trustee also sought equitable subordination and asserted a fraudulent transfer claim, seeking the return of more than $400 million that FAMCO paid Lehman prior to FAMCO’s bankruptcy filing.

After a three-month trial, concurrently tried to the jury and the bench, the jury found Lehman liable for aiding and abetting fraud but allocated only 10% of fault to Lehman, resulting in a $5 million award against Lehman (10% of $50 million). As to the claims tried to the bench (equitable subordination and fraudulent transfer), the district court entered a defense judgment. The district court also granted summary judgment for Lehman as to the class’ punitive damages claim.

Along with Helen Duncan, Los Angeles partners Bob Fischer and Joe Park and senior associate Dinh Ha also worked on the trial and appeal. Los Angeles partner Bob Darby assisted in the bankruptcy aspects of this case. Partner Marcy Greer from the Austin office assisted in the appellate briefing.

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01-09-2007

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Fulbright & Jaworski L.L.P.

Fulbright Attorney Co-Authors Book on Privacy Law
Fulbright attorney Blaze Waleski has co-authored a legal treatise entitled Privacy Law, a new, 600-page book published by Law Journal Press, a division of American Lawyer Media, Inc. Providing an in-depth look into the constitutional foundation of privacy rights and an analysis of consumer expectations, industry standards and the impact of the laws relating to personal information and privacy, Privacy Law also examines the legal obligations and liabilities of those who work with and share private information.

Privacy Law also examines the current regulatory structure and legal compliance issues surrounding the collection, use and dissemination of personal information. The book also covers emerging privacy issues and offers guidance on privacy policies and practices crucial to organizational compliance.

Waleski is an intellectual property and technology practitioner in Fulbright’s New York office, who has published and lectured widely on IP, IT, privacy law and data security issues. Focusing on technology, Waleski handles matters involving technology transfers; technology and software licensing; outsourcing; offshore software development; e-commerce and internet law; technology distribution; new media, privacy compliance and data security programs.

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01-09-2007

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