Law Firm News

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Law Firm News

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White & Case, LLP

White & Case Client Task Force on Stock Option Backdating Launched
In response to the growing number of investigations by the SEC and federal prosecutors, as well as the IRS, into the practice of backdating of employee stock options, White & Case formed a cross-practice task force to provide assistance to clients who have concerns about their compensation policies or are targeted for investigations. Backdating of options occurs when an earlier date is selected as the official grant-date for an executive or employee receiving the options. Generally, companies that are currently being investigated by authorities had chosen grant dates when their options were below current market value.

""News reports indicate that as many as 2,000 public companies may have backdated stock option grants as a way to sweeten their top executives' pay packages from 1996 to 2005, "" said partner Kenneth A. Raskin, head of White & Case's Global Executive Compensation, Benefits and Employment Law practice. ""Companies that fail to properly disclose and properly account for backdating of such grants are subject to investigation. Federal prosecutors also filed charges against two executives at Brocade Communications in San Francisco, alleging the company was overstating its profits as a result of accounting errors connected to backdated options. Just as clients desperately needed counsel to negotiate the quagmire that was SOX, we think clients will have questions about backdating and their own compensation policies, which is why we formed this task force.""

The task force consists of White & Case lawyers from its corporate defense, tax, securities, insurance and executive compensation practices, so that clients can draw on a full range of capabilities whether they need assistance with an ongoing investigation or help conducting an internal audit of their existing policies.

""Backdating definitely raises the hackles of the SEC and federal investigators, prompting them to wonder what else may be amiss at a company,"" said partner Larry Byrne, a former federal prosecutor and head of White & Case's Corporate Defense practice in New York. ""Clearly we want to help our clients comply with all rules to reduce the risk of investigation, but if an investigation does occur, we will counsel them through the process.

08-08-2006

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Mayer Brown LLP

Mayer, Brown, Rowe & Maw advises Capital & Counties on its acquisition of Covent Garden for £421 million
Mayer, Brown, Rowe & Maw LLP's London real estate group has advised new client Capital & Counties, a subsidiary of Liberty International PLC, on the acquisition of a portfolio of properties owned by London's Covent Garden Market Limited Partnership, a joint venture between The Scottish Widows Investment Partnership and Henderson Global Investors, for £421 million.

The assets acquired include 31 properties over a total of 450,000 sq ft focused primarily on the central Piazza at London's Covent Garden. The properties include Covent Garden Market itself as well as the London Transport Museum and Jubilee Hall.

Peter Sugden commented: ""The real estate group's ability to perform on such a large transaction and within the two week timetable set by the sellers is a reflection of the group's capabilities and strength in depth. It was particularly rewarding that this was also on a headline deal for a significant new client of the firm.""

London real estate partners Peter Sugden and James Dodsworth led the Mayer, Brown, Rowe & Maw team advising Capital & Counties, assisted by Iain Roberts and Caroline Humble. Support was also provided by IP partner Mark Prinsley, tax partner Peter Steiner and employment partner Christopher Fisher.

08-08-2006

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Shearman & Sterling LLP

Aramark Agrees to $8.3 Billion Buyout
Shearman & Sterling is advising the Special Committee to the Board of Directors of Aramark in the company's $8.3 billion buyout, which includes $2 billion in debt, by a private equity consortium. The buyers include Aramark Chairman and CEO Joseph Neubauer, as well as GS Capital Partners, CCMP Capital Advisors, J.P. Morgan Partners, Thomas H. Lee Partners and Warburg Pincus LLP.

The Special Committee, composed entirely of independent directors, unanimously recommended the buyout to Aramark's Board of Directors, which approved the agreement and will recommend that stockholders approve the merger. The transaction is expected to close in late 2006 or early 2007, pending stockholder and regulatory approval. Aramark is a world leader in professional services, with 240,000 employees worldwide.

The Shearman & Sterling team was led by partner Creighton Condon (New York - M&A) and also included partners Laurence Bambino (New York - Tax), Stephen Besen (New York - M&A), Alan Goudiss (New York - Litigation), George Karafotias (London - M&A), Jeanne Olivier (New York - Finance) and Linda Rappaport (New York - Executive Compensation & Employee Benefits), Of Counsel Robert Mundheim (New York - Capital Markets), counsel Lona Nallengara (New York - Capital Markets), and associates Kristen Duke-Richardet (New York - Antitrust), Mark Grinfeld (New York - Tax), Denise Ho Taylor (London - M&A), Tyresse Horne (New York - Property), George Katsimatides (New York - M&A), Thomas Marcotullio (New York - M&A), Rebecca Marques (New York - Capital Markets), Daniel O'Sullivan (New York - Executive Compensation & Employee Benefits), Eldyne Perrou (San Francisco - Finance), Jason Pratt (New York - Property), Robert Sein (New York - Property), Sean Skiffington (London - M&A), Brendan Snodgrass (New York - Litigation), Eliza Swann (New York - M&A) and Lisa Toporek (New York - M&A).

08-08-2006

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Leonard, Street and Deinard

Scott Erickson featured in Upsize Magazine
Scott Erickson discusses Leonard, Street and Deinard's First Counsel and Core Counsel programs in the August 2006 issue of Upsize Magazine, a Minnesota publication dedicated to helping small businesses grow their enterprises.

08-08-2006

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Fennemore Craig, P.C.

Fennemore Craig Adds New Director for Natural Resources, Endangered Species, Construction and Utility Law
Fennemore Craig announces today the addition of Todd C. Wiley as director of the firm. Mr. Wiley joins the firm to serve clients in natural resources and endangered species litigation, utilities law and construction law.

Prior to joining Fennemore Craig, Mr. Wiley served as a shareholder in the firm Gallagher & Kennedy in Phoenix.

Mr. Wiley earned his J.D. from the University of Virginia School of Law and his bachelor of science degree, Magna Cum Laude, in political science and philosophy from the University of Wisconsin. He is a member of the Arizona State Bar Construction Litigation, Business and Administrative Law Sections, as well as the Arizona State Bar Trial Practice Section.

08-08-2006

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Salans

Salans advises on the sale of GEF-RIS AG to the Bentley Systems Group
International law firm Salans LLP has advised shareholders of GEF-RIS AG on the sale of all shares in GEF-RIS AG to the Bentley Systems Group.

GEF-RIS AG provides geographic information systems which are used in the planning and administration of public power and utilities. Among the users of these systems are E.ON Hanse, SWB Bremen, DREWAG Dresden, Wien Energie and EMV Koblenz. The Bentley Systems Group is a worldwide software provider for the entire life cycle of global infrastructure facilities and has more than 2,000 employees worldwide. In 2004, Bentley Systems had an annual turnover of USD 336 million.

Berlin partners Andreas Ziegenhagen and Dr. Hermann Meller provided the the shareholders of GEF-RIS AG with legal and tax advice in connection with the sale of the shares.

08-08-2006

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Fraser, Stryker, Meusey, Olson, Boyer & Bloch, P.C.

Andrea Friedlander Scioli Shares Experiences as an Attorney Mom Balancing Work and Family
Fraser Stryker attorney Andrea Friedlander Scioli shares her experiences for the article "Attorney Moms Negotiate Work Options" appearing in the June 2006 issue of Her magazine. Fraser Stryker was the first law firm in Omaha to adopt a formal alternate work schedule policy and Ms. Scioli was one of our first attorneys to take advantage of this benefit. We welcome your review of this article.

08-08-2006

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