Law Firm News

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Law Firm News

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Davis Polk & Wardwell

Primus Guaranty Ltd. Notes Offering
Davis Polk & Wardwell advised Wachovia Capital Markets LLC, Morgan Stanley & Co. Incorporated and Lehman Brothers Inc. as representatives of the several underwriters in connection with an SEC-registered offering by Primus Guaranty, Ltd. of $125 million aggregate principal amount of its 7% senior notes due 2036. The notes, sold in $25 authorized denominations, were marketed to retail investors and listed on the New York Stock Exchange.

Primus Guaranty, Ltd., a holding company incorporated in Bermuda, conducts its business through several operating subsidiaries mainly engaged in the business of providing credit protection to counterparties through credit default swaps.

The Davis Polk corporate team included partner Richard A. Drucker and associates Diego A. Rotsztain, Luis I. Mendoza III and Gene Oh Kim (not yet admitted). Partner Michael Farber and associate Alon Gurfinkel provided tax advice. All members of the Davis Polk team are based in the New York office.

12-28-2006

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Davis Polk & Wardwell

The Wet Seal, Inc. Common Stock Offering
Davis Polk & Wardwell advised Credit Suisse Securities (USA) LLC as sole book-running manager on a $110.4 million SEC-registered offering of 18,400,000 shares of common stock of The Wet Seal Inc. The shares were sold by S.A.C. Capital Associates, LLC, Prentice Capital Partners, LP, Prentice Capital Partners QP, LP, Prentice Capital Offshore Ltd., GPC XLIII, LLC and GMM Capital, LLC and are listed on the Nasdaq Global Market.

Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. The Wet Seal currently operates a total of 432 stores in 46 states, the District of Columbia and Puerto Rico, including 338 Wet Seal stores and 94 Arden B stores

The Davis Polk corporate team included partner Alan F. Denenberg and associates Sarah K. Solum, Robert J. Maynes and Sarvenaz Madi of the Menlo Park office and associate Byron B. Rooney (not yet admitted) of the New York office. Partner Rachel D. Kleinberg of the Menlo Park office provided tax advice. Eric C. Valle and Michael Nguyen of the Menlo Park office were the legal assistants on the transaction.

12-28-2006

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Davis, Brown, Koehn, Shors & Roberts, P.C.

Davis Brown Staff leads the way in Combat Hunger Drive
As one of its community projects, the Davis Brown Law Firm has supported the yearly Combat Hunger Drive that benefits the Des Moines-area Food Bank. The Food Bank of Iowa is a private, non-profit charitable organization whose mission is to alleviate hunger and reduce food waste. The Food Bank solicits, warehouses, and distributes grocery products through a network of 280 non-profit food providing organizations in 42 counties. Each year, the Firm is divided into three teams, Staff, Litigation and Business. Each team must contribute food or money for points. The team with the most points gets their name added to a traveling trophy and is treated to a lunch celebration, paid for by the losing groups.

This year, in an impressive effort, the Staff Team of the Davis Brown Law Firm made it an official dynasty by winning the Combat Hunger competition for the third year in a row. The Staff Team gathered 667 food and perishable items and another $261.00 in cash donations.

The Litigation Division Team captured second place in the overall competition. The Litigation Division Team Gathered 260 food and other donated items, and another$641.00 in cash donations. Also, the Litigation Division Team won the per capita category of the contest.

The Business Division Team came in third with a collections total consisting of 348 food and perishable items and $533.00 in cash donations.

Total collections of food and money for 2006 are a new firm record. Of this year's total, the firm collected 1,275 food and dry good items and $1,435.00 in cash. As a result, the estimate total value of all food and dry goods donated was in excess of $3,600.00, pushing the total firm contributions to the Food Bank of Iowa to more than $5,000.00.

For their efforts and victory, the Firm staff was awarded a free pizza luncheon served by representatives of the Business and Litigation Divisions, and the plaque on the trophy updated to reflect the Staff victory.

Davis Brown Law Firm is very proud of everyone who participated in this worthy competition through their contributions and/or moral support, and special thanks goes to those silent benefactors who made this drive their personal cause through generosity.

12-28-2006

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Davis, Brown, Koehn, Shors & Roberts, P.C.

Recent Changes in Health Savings Account Rules
Legislation signed by the President makes several significant changes to the current health savings account rules. These changes are effective January 1, 2007 and include the following:

Annual Contribution Limit

Current Law: Currently, the law limits a participant's contribution to the lesser of the individual's deductible or the maximum allowed under the law.

New Law: The new legislation no longer applies the deductible limit but allows the individual to contribute up to the maximum allowed under the law regardless of what the individual's deductible is under the high-deductible health plan ("HDHP"). For 2007, the law allows an individual with single HDHP coverage to contribute up to $2,850 and allows an individual with family HDHP coverage to contribute up to $5,650.

Mid-Year Enrollment in an HDHP

Current Law: Currently, individuals who sign up for HDHP coverage mid-year must pro-rate the maximum annual contribution by the number of months the individual had HDHP coverage.

New Law: Effective January 1, 2007 an individual who enrolls mid-year may contribute the entire maximum annual contribution even if he/she did not have HDHP coverage for the entire year. If, however, the individual does not keep HDHP coverage during the following calendar year, the HSA contributions attributed to months the individual did not have HDHP coverage will be taxed and subject to a 10% penalty. An exception to this requirement applies to individuals who no longer maintain HDHP coverage due to death or disability.


Rollovers from Health FSAs and HRAs

Current Law: At present, rollovers and transfers from a health FSA or HRA are not prohibited.

New Law: The new rules allow distributions from a health FSA or HRA, provided, (i) only one rollover is made between January 1, 2007 and December 31, 2011, (ii) the rollover amount does not exceed the lesser of the individual's health FSA or HRA balance as of September 21, 2006 or the balance on the distribution date, and (iii) the individual has HDHP coverage during the month the rollover occurs and for the 12 month period following the rollover (unless due to death or disability). If the individual does not retain HDHP coverage during the 12 month period following the rollover, the rollover is subject to income taxes and a 10% penalty. Rollovers made available by employers in this manner must be made to all employees with HDHP coverage.

Non-Highly Compensated Employees

Current Law: Currently, employer contributions to employee HSAs may not vary (except with respect to full-time/part-time employees).

New Law: This legislation permits employers to make larger HSA contributions to non-highly compensated employees than for highly compensated employees. In 2007 an employee is considered a non-highly compensated employee if he or she earns less than $100,000 in 2006. Comparable contributions, however, must be made for all non-highly compensated employees.

Health FSA Grace Period

Current Law: If an employer's health FSA allows an individual to use health FSA funds for qualified expenses incurred between January 1 and March 15 ("grace period") of the following calendar year, the individual will be ineligible for an HSA until April 1 even though he or she had HDHP coverage or had a zero balance in his or her health FSA during the grace period.

New Law: Effective January 1, 2007, the individual will be eligible for HSA coverage if the individual has a zero balance at the end of the plan year or transfers the balance remaining in the health FSA at the end of the plan year to an HSA.

Cost-of-Living Adjustments

Current Law: Currently cost-of-living adjustments to the maximum annual limit on HSA contributions are determined by August 31 of the preceding calendar year.

New Law: Effective January 1, 2007, cost-of-living adjustments will be made on March 31 of the preceding calendar year.
There are several questions and nuances created by the new legislation. The IRS has indicated they intend to issue guidance on these issues soon. Employers should look for more information on the new legislation in the coming months.

12-28-2006

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Winstead, Sechrest & Minick, P.C.

Talmage Boston Column Gives Six Tweaks for the New Year
Instead of New Year's resolutions that are often forgotten by the end of January, Dallas shareholder Talmage Boston shares some suggested New Year's tweaks in his latest column he writes regularly for Park Cities People. To read his article, click on the attachment. Article is displayed with the permission of Park Cities People, Dec. 28, 2006 publication.

12-28-2006

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Williams Mullen, P.C.

Thirty-one Williams Mullen Attorneys Named "Virginia Super Lawyers - Rising Stars"
Thirty-one Williams Mullen attorneys have been recognized as Virginia Super Lawyers Rising Stars by publisher Law & Politics.

Super Lawyers Rising Stars are chosen by a survey of the Super Lawyers in each state and through publisher Law & Politics' independent research. Super Lawyers are instructed to vote for lawyers they have personally observed in action whether as opposing counsel or co-counsel, or through other first-hand courtroom observation. The annual Virginia Super Lawyers Rising Star list, published for the first time in January 2007, comprises the top attorneys who are either 40 or under or who have been practicing 10 or fewer years.

12-28-2006

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Weltman, Weinberg & Reis, Company

Four Weltman, Weinberg & Reis Co., L.P.A. Partners Recognized as Ohio Super Lawyers
Weltman, Weinberg & Reis Co., L.P.A., the nation’s largest creditors’ rights law firm based on revenues according to Collections & Credit Risk magazine, is pleased to announce that four of its partners were selected as Ohio Super Lawyers for 2007.

Alan H. Weinberg, Allen J. Reis, Rosemary Taft-Milby and Scott Weltman were each chosen for this honor and were among the top five percent of Ohio’s licensed attorneys named an Ohio Super Lawyer. The list, a joint project of Law and Politics Magazine and Cincinnati Magazine, surveyed more than 28,000 attorneys across Ohio. The attorneys were asked to nominate the best lawyers in the state that they have personally observed in action.

Alan H. Weinberg is the Managing Partner of WWR and previously managed the Litigation & Defense department in WWR’s Cleveland office. Mr. Weinberg is licensed in Ohio and is admitted to practice before the U.S. District Court (Northern District of OH) and the U.S. Supreme Court. He is a member of the Ohio State Bar Association and Cleveland Bar Association (Bankruptcy and Commercial Law sections). Mr. Weinberg is certified as a Creditors’ Rights Specialist by the American Board of Certification. He is a member of the Commercial Law League of America, the Northern Ohio Credit Association (past President) and the Ohio Creditors Attorney Association (Educational Chairperson). Mr. Weinberg also serves as a Board Member and Annual Fundraising Event Chairperson for Care Alliance. This is the third consecutive year that Mr. Weinberg has been named an Ohio Super Lawyer.

Allen J. Reis is the Managing Partner of the Columbus offices of WWR and practices in the Legal Action Recovery department. He is located in WWR’s Grove City operations center. Mr. Reis is licensed in Ohio and is admitted to practice before the U.S. District Court (Northern District of OH, Southern District of OH). He is a member of the American Bar Association, the Ohio State Bar Association and the Columbus Bar Association (Financial Institutions, Municipal Court committees). Mr. Reis is a member of Phi Alpha Theta and serves as a Building Committee and Youth Leader for the YMCA.

Rosemary Taft-Milby is the Managing Partner of the Litigation & Defense department in WWR’s Cleveland office. She is licensed in Ohio and Kentucky, and is admitted to practice before the U.S. District Court (Northern District of OH, Eastern District of KY, Western District of KY), the U.S. Supreme Court, the Sixth Circuit Court of Appeals and the U.S. Court of Claims. Ms. Taft-Milby is certified as a Creditors’ Rights Specialist by the American Board of Certification. She is one of only six women in America to be so certified. Ms. Taft-Milby is a member of the American Bar Association, Kentucky Bar Association, Ohio State Bar Association (Women in the Profession and Litigation sections), Cleveland Bar Association (commission of Women in the Law) and the Ohio Women’s Bar Association. In 2004, she received the YWCA Woman of Professional Excellence Award. This is the fourth consecutive year that Ms. Taft-Milby has been named an Ohio Super Lawyer.

Scott Weltman is the Managing Partner of the Probate department of WWR and also practices in the Complex Collections department of the Cleveland office. He is licensed in California and Ohio and is admitted to practice before the U.S. District Court (Central District of CA) and the U.S. Supreme Court. Mr. Weltman is a member of the American Bar Association, the State Bar of California, the Ohio State Bar Association and the Cuyahoga County Bar Association. He is also a member of Beta Gamma Sigma, Order of the Coif and Phi Kappa Phi. Mr. Weltman serves as a Board Member for the Friends of the IDF, the Menorah Federal Credit Union and Adult Guardianship Services.

12-28-2006

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