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Law Firm News

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Hunton & Williams, LLP

New Bond Legislation Enacted, Energy Bond Bills Filed, IRS Targets 501(c)(3) Bonds, and Hunton & Williams Announces Special Tax Practice
the Tax Increase
Prevention and Reconciliation Act of 2005
(“TIPRA” or the “Act”) became law. Among
its many provisions, three directly relate to
tax-exempt bonds.
First, the Act affects qualified small issue
bonds (commonly referred to as IDBs) under
Section 144(a) of the Internal Revenue
Code of 1986, as amended (the “Code”).
IDBs are used to finance manufacturing
facilities and the acquisition of land and
equipment by certain farmers. To qualify
currently, a borrower’s capital expenditures
in the locality of the project, including the
IDBs being issued and any similar bonds,
may not exceed $10 million during the applicable
six-year window beginning three years
prior to the issuance. In the absence of the
Act, Section 144(a)(4)(G) provides that a
borrower financing capital improvements
with IDBs issued after September 30, 2009,
will be permitted to have additional capital
expenditures of up to $10 million. Under the
Act, the additional capital expenditures
provision is accelerated to apply to IDBs
issued on and after January 1, 2007. With
that change, IDBs may effectively be issued
in an amount up to $10 million, and the borrower
will have the added flexibility of being
able to make up to $10 million of additional
capital expenditures in the borrower’s
locality. This change could make certain
projects, currently prohibited, eligible for
tax-exempt financing. Entities considering
IDBs should take this change into account
in scheduling their issues.
A second change affects bondholders more
than issuers. The Act provides that taxexempt
bond interest paid after December
31, 2005, will be subject to the same information
reporting requirements as interest
paid on taxable obligations found in Section
6049(b)(2)(B) of the Code. Currently, there
are some differences.
Lastly, the Act stiffens provisions of Section
149(f) of the Code applicable to pooled
financing issues (that do not include certain
private activity bonds) by requiring that the
issuer (i) at closing must reasonably expect
that, by the first anniversary of the issue, at
least 30 percent of the “net proceeds” of the
bonds will have been used to make loans,
and (ii) receives before issuance written
loan commitments for potential borrowers
of at least 30 percent of the net proceeds
of the issue. Excepted from the second
requirement are state-level pools for subordinate
state units and water-infrastructure
revolving loans that are federally sponsored.
No Extension of Qualified Zone
Academy Bonds Yet
One early version of the Act contained
provisions renewing Qualified Zone
Academy Bonds (QZABs), found in Section
1397E of the Code, for which new allocation
is unavailable after 2005. The final version
of the Act did not contain this provision.
Proceeds of QZABs are used for improvements
to certain eligible public schools. It
is generally expected that additional tax
legislation will extend the QZAB program in
the near future.
Clean Renewable Energy Bonds
In other recent news, several bills have
been introduced expanding Clean
Renewable Energy Bonds (CREBs), found
in Section 54 of the Code. The purposeof CREBs is to provide governmental
bodies (typically states and their political
subdivisions) and mutual and cooperative
electric companies access to interest free
capital for certain qualifying renewable
energy facilities that produce electricity
(e.g. wind, geothermal, biomass, solar,
landfill gas, trash combustion, and hydropower
projects). The program currently
provides $800 million in allocation for
bonds that must be issued before January
1, 2008. The application deadline for the
existing allocation was April 26, 2006.
The Bond Buyer (5/9/06) has reported
that the Department of Treasury received
more than 700 applications for CREBs
projects aggregating $1.2 billion. Of that
amount, it is reported that approximately
$700 million relates to governmental
projects for which only $500 million of
the $800 million in current allocation is
available.
Most recently, a U.S. Senate Bill
entitled “Clean Energy Development for a
Growing Economy Act of 2006” (referred
to as the “Clean EDGE Act of 2006”)
was introduced by Sen. Cantwell (D-WA)
extending the CREBs program for six
years through December 31, 2013, and
adding $4.8 billion in allocation with $800
million for each of those six years. For
more information on the Clean EDGE Act
of 2006, please see the subsection immediately
below. Prior to that bill, a U.S.
Senate bill entitled “Enhanced Energy
Security Tax Incentives Act of 2006” was
introduced by Sen. Bingaman (D-NM)
extending the CREBs program for three
years through December 31, 2010, and
adding $2.4 billion in allocation with $800
million for each of the next three years.
Clean EDGE Act of 2006
Similar to other recent energy bills,
the Clean EDGE Act of 2006 contains
a variety of provisions promoting tax
credit bonds for energy-related projects,
including clean energy coal bonds and
freedom from fossil fuel bonds. Each of
these programs is based on a tax-credit
bond structure similar to CREBs with the
intention of promoting development by
non-tax reporting entities. Coal bonds
may be used for qualifying advanced coal
projects (as defined in Section 48A(c)(1)
of the Code, i.e., certain integrated
gasification combined cycle and other
advanced coal-based generation technology
projects). Fossil fuel freedom bonds
are intended for many projects, including
alternative fuel infrastructure, public
transit infrastructure and development,
and greenhouse gas reduction systems.
Many energy-related bills have been
introduced, and there is no guarantee
that any of these bills, including those
discussed above, will be enacted into law
either in their introduced forms or at all.
Audit Initiatives for 501(c)(3) Bonds
and Swaps
The Internal Revenue Service has
announced two new audit initiatives for
tax-exempt bonds. One will focus on
post-issuance compliance by borrowers
of proceeds of qualified 501(c)(3) bonds
issued in the years following May 15,
1997. The second initiative will focus on
the use of interest rate swaps in connection
with bond issues, and will not be
restricted to 501(c)(3) bonds. The latter
initiative is intended to address compliance
with the regulations that permit
the cost of hedging to be included in
measuring the bond yield for the hedged
bond issue.
The IRS has said that the 501(c)(3) initiative
will be launched in July. Some issuers
of the bonds selected for the swap initiative
may receive notice of an audit even
before July. Issuers and users of 501(c)(3)
financing and interest rate hedges (for
the former, especially those with bonds
issued in the two years after May, 1997)
should consider the benefit of undertaking
pre-emptive self audits to confirm compliance
with the applicable regulations. The
IRS has a voluntary compliance program
under which an issuer may discuss, on
an anonymous basis, potential solutions
to non-compliance discovered before an
IRS audit is opened. If such discussion
matures into payment to the IRS as a
result of the identified problem, such payment
will almost certainly be substantially
less than for the same problem if first
identified during an audit. An organization
identifying and addressing a tax problem
prior to an IRS audit will be in a significantly
better position than an organization
that addresses the issue only after it is
raised in an IRS audit. Hunton & Williams
has given advice on such self-audits
in the past and stands ready for such
service now.
Special Tax Representations
Hunton & Williams serves clients and
other law firms, including solo practitioners,
throughout the nation with a
variety of special needs related to public
finance and tax-exempt bonds. Often,
this service comes in the form of acting
as special tax counsel for complicated or
uncommon tax matters or supplemental
advice, audits and other regulatory matters,
with the Internal Revenue Service.
To better serve our clients in this area of
the practice, William H. McBride, one of
our senior bond partners and a former
President of the National Association
of Bond Lawyers, has established an
office in Washington. This will enable him
to meet with clients and the IRS more
conveniently. Both Mr. McBride and John
Earwood, who is helping him in the special
tax work, are members of the District
of Columbia Bar.
We are well situated to assist with all
tax matters in public finance, including
special tax advice, tax credit transactions,
federally tax-exempt bonds, and other tax
incentives. Our geographical presence
in eight states, including the District of
Columbia, has allowed us to serve as
bond, underwriter’s, tax or disclosure
counsel on transactions in approximately
40 states, D.C. and the U.S. Virgin
Islands. If you have any questions or
would like additional information on our
public finance practice, including our special
tax practice, please do not hesitate to
contact us.

05-23-2006

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Goodwin Procter, LLP

Philip H. Ebling Joins Goodwin Procter in San Francisco
Goodwin Procter LLP, one of the nation’s leading law firms with offices in Boston, Los Angeles, New York, San Francisco and Washington, DC, today announced that Philip H. Ebling has joined the firm as a partner in its Real Estate Investment Management Practice, resident in the San Francisco office.

Ebling specializes in complex real estate matters, including acquisitions and dispositions, secured and mezzanine financing, private equity investments, REIT investments, commercial and retail leasing, equity fund formation, hospitality management agreements, and construction and land use matters.

Prior to joining Goodwin Procter, Ebling served as regional general counsel for Centex Homes, a Dallas-based homebuilder. Before that, he was an attorney at Heller Ehrman White & McAuliffe LLP for nearly 20 years. He earned his B.A. from Stanford University and J.D. from Harvard University Law School graduating cum laude.

Goodwin Procter recently opened offices in San Francisco and Los Angeles with six attorneys who joined from Pillsbury Winthrop Shaw Pittman and two from Cooley Godward. The firm’s California platform features two of its preeminent practices — real estate/real estate capital markets and complex litigation — and broadens the reach of its nationally recognized technology, life sciences, private equity and intellectual property practices.

05-23-2006

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Gardner, Carton & Douglas, L.L.P.

GCD Lawyers Named Top Healthcare Practitioners by Nightingale’s Healthcare News
Rob McCann and Doug Swill have been named among the
country’s top healthcare lawyers in two recent special reports published in Nightingale’s Healthcare
News, a bi-monthly newsletter for professionals serving the healthcare industry, healthcare executives
and others.
In the December 2005 Nightingale’s, GCD partner Rob McCann was named among “Outstanding
Healthcare Antitrust Lawyers—2006,” one of only nine selected nationwide to receive this distinction. The
special report notes that Mr. McCann has acted as general or special counsel to healthcare clients in
more than 50 mergers and acquisitions, as well as numerous federal antitrust investigations and litigation.
Mr. McCann’s practice also focuses on mergers, acquisitions and other business transactions for
hospitals, health care systems and provider-sponsored managed care organizations.
Mr. McCann has published numerous articles on a wide range of health care-related topics,
including, most recently, a review of state and federal laws applicable to health care advertising and
marketing, a retrospective analysis of the government's hospital merger enforcement policy, and a
perspective on revisions to the federal antitrust enforcement policy statements for the health care field.
He is also the author of the capital financing chapter of a treatise on health care corporate law.
Doug Swill, a partner in the Chicago, IL office, and vice-chair of the Health Law Department, is
named among “Outstanding Physician Practice Lawyers—2006,” one of only 10 attorneys selected
nationwide to receive the honor, in the March 2006 Nightingale’s. Mr. Swill’s practice focuses on the
representation of hospital based healthcare systems, physician and faculty practice organizations and
other healthcare organizations. He regularly counsels clients with respect to corporate and regulatory
matters including hospital and physician relationships, joint ventures and affiliations, Medicare and
Medicaid reimbursement and compliance matters and a variety of medical staff and physician
organization issues.
Prior to joining Gardner Carton & Douglas in 1993, Mr. Swill was an Assistant State’s Attorney in
Chicago and practiced in the Office of the State’s Attorney’s Federal Litigation and Hospitals
Departments.
Mr. Swill is a frequent speaker on governance, corporate and regulatory health care topics before
many professional groups, boards of directors and senior management meetings. He has been selected
in the Leading Lawyers in Illinois in Health Law.
In 2005, Nightingale’s also named GCD’s Health Law Department among the nation’s top 10
largest healthcare practices.
Founded nearly 100 years ago, Gardner Carton & Douglas LLP is a leading national law firm with offices in
Chicago, Washington, DC, New York, Milwaukee and Albany. The firm has more than 230 lawyers and
advisors practicing in corporate law, corporate restructuring, customs and international trade, government
relations, health law, HR law (employee benefits and employment), intellectual property, litigation and
dispute resolution, real estate and environmental law, and wealth planning and philanthropy. GCD is the
by-invitation firm representing Chicago in the World Law Group, a global consortium of firms in large cities
worldwide, and the Midwest home of the MIT Enterprise Forum, a nationwide volunteer organization that
promotes world-class business innovation.

05-23-2006

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Fulbright & Jaworski L.L.P.

Fulbright Mentors Nigerian Attorney in U.S. State Department Program
A Nigerian lawyer who runs a small African firm got a chance this month to see how Fulbright & Jaworski L.L.P., one of America’s largest law firms, operates during a State Department mentorship program.
Nigerian attorney Hauwa Shekarau with
Fulbright senior partner Linda AddisoonHauwa Shekarau, 38, spent more than two weeks visiting with Fulbright attorneys in Houston and Washington, D.C. She also got to meet with a variety of business and political leaders, including First Lady Laura Bush, Secretary of State Condoleezza Rice and United States Senators Kay Bailey Hutchison and Hillary Rodham Clinton.

“One of the things I have learned in the course of this mentoring partnership is you put the right peg in the right holes and then you achieve good results,” Ms. Shekarau said during her visit to Fulbright’s Houston office.

When Ms. Shekarau first learned she was headed to Fulbright, she said she found it “mind boggling” that the firm employs more than 960 attorneys worldwide. Ms. Shekarau employs six attorneys at her firm in Nigeria’s capital, Abjua.

In Africa, Ms. Shekarau said employment is often based solely on who a person knows. She took note of how Fulbright’s hiring is based on the experience a person brings.

“Everybody comes and does his work and somehow, because they all fit in nicely, you have a very successful office,” Ms. Shekarau said.

Ms. Shekarau, who is the president of the Nigerian branch of the International Federation of Women Lawyers, also known as FIDA, is working to overturn discriminatory laws against women.

For example, Ms. Shekarau said Nigerian women are prevented from working in mines – one of the country’s more profitable jobs. And when a man dies, his wife is immediately suspected of causing his death, she added.

“It’s been very, very exciting for me,” Ms. Shekarau said of her time at Fulbright, which wrapped up when she left Tuesday.

Fulbright partner Linda Addison was invited last year by FORTUNE Magazine to attend its Most Powerful Women Summit. As a result, she was asked to mentor Ms. Shekarau during the FORTUNE/U.S. State Department’s inaugural International Women Leaders Mentoring Partnership.

“I was delighted, but I was surprised to be asked to mentor a lawyer, because I had understood that this program was for international women business leaders,” Ms. Addison said. “Hauwa is a leader in international human rights and women’s rights, and I see exactly why she was selected by the State Department.”

Fulbright partners Peggy Heeg and Mark Baker and associates Nnedinma Ifudu and Sarah Devine were among those who took time out to meet with Ms. Shekarau.

“I am pleased to have the opportunity to participate in this program and to teach that one person can make a difference,” Ms. Addison said. “Women and men become empowered when they see what is possible and what others internationally have achieved.”

Ms. Addison, who began trying cases in the late 1970s when many firms would not give women that opportunity, shared with Ms. Shekarau her belief that vision and persistence pay off.

“There is something to be said simply for sticking with it,” she said. “It is just remarkable what hard work and persistence will achieve. … A number of people, both male and female, tend to give up too soon and too easily. Hauwa is obviously somebody who doesn’t ever give up.

05-23-2006

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Foley & Lardner

Foley & Lardner Named to BTI “Power Elite” List
Foley & Lardner LLP announced today that the firm has been named to the 2006 BTI “Power Elite” list, a ranking of the top 21 law firms with the strongest market positions based upon the quality of their client relationships. Foley & Lardner ranks fifth, which represents the firm's highest ranking in the survey and an improvement of three positions from BTI's 2005 list. Foley & Lardner also is one of only 14 law firms nationwide to appear on the list in consecutive years.

The list is compiled by the BTI Consulting Group, a Boston-based market research and management consulting firm that features the “Power Elite” list in its 2006 BTI Power Rankings: The BTI Client Relationship Scorecard. The BTI Power Rankings gauge the market position of law firms in six critical areas that define client relationships, including primary relationships, “go-to” status and client recommendations. The research is based on independent, individual interviews with 376 corporate counsel at Fortune 1000 companies.

The BTI Consulting Group is the leading provider of strategic market research to law firms and professional services firms. BTI conducts the only continuous benchmarking market study in the legal services industry based on more than 1,000 independent interviews with general counsel and key decision makers that hire law firms.

Foley & Lardner LLP provides the full range of corporate legal counsel. Our attorneys understand today's most complex business issues, including corporate governance, securities enforcement, litigation, mergers and acquisitions, intellectual property counseling and litigation, outsourcing and information technology, labor and employment, and tax. The firm offers total solutions in the automotive, emerging technologies, energy, entertainment and media, financial services, food, golf and resort services, insurance, health care, life sciences, nanotechnology, and sports industries.

05-23-2006

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Bullivant Houser Bailey

Bullivant’s Whittemore elected to American Board of Trial Advocates
Richard J. Whittemore, a senior trial attorney in the Portland office of Bullivant Houser Bailey PC, has been elected to membership in the American Board of Trial Advocates (ABOTA) and the Oregon Chapter of ABOTA.


Whittemore focuses his practice on business threatening litigation matters, including products liability defense, toxic tort litigation, estate litigation, and other complex business litigation matters. In 2005, Whittemore was noted a “first class lawyer” by renowned survey guide Chambers USA for his litigation expertise.


Whittemore joins five other ABOTA members from Bullivant - Stephen F. English, David A. Ernst, David R. Foster, Douglas G. Houser, and Thomas R. Merrick.



About ABODA
Founded in 1958, the American Board of Trial Advocates is a national association of experienced trial lawyers and judges. ABOTA and its members are dedicated to the preservation and promotion of the civil jury trial right provided by the 7th Amendment to our United States Constitution. The Foundation of ABOTA is an affiliated charitable entity, the mission of which is to support the purposes of ABOTA through education and research. ABOTA membership consists of more than 6,000 lawyers and judges spread among 94 Chapters in all 50 States and the District of Columbia.

05-23-2006

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Buchanan Ingersoll & Rooney PC

Pittsburgh Litigation Attorney Dave Porter Elected to Grove City Board of Trustees
Litigation attorney David J. Porter was recently elected to the Board of Trustees of Grove City College. Porter, a graduate of Grove City College , is a shareholder in Buchanan Ingersoll's Pittsburgh office.

Founded in 1876, Grove City College is located 60 miles north of Pittsburgh, PA. With an enrollment of 2,300 students, it is a private Christian college teaching the liberal arts, sciences and engineering.

About Porter

David J. Porter handles complex business disputes in state and federal courts and before arbitration panels throughout the country. He represents clients in a variety of fields, including financial services, communications and First Amendment, corporate control, trade secrets and restrictive covenant litigation and civil rights and public law.

Porter is an elected member of the American Law Institute, an officer of the Allegheny County Bar Association's Civil Litigation and Federal Court sections, and president of the Federalist Society for Law & Public Policy Studies chapter in Pittsburgh. He has lectured at continuing legal education presentations on federal civil litigation, intellectual property, trade secrets and restrictive covenant issues, and advanced trial practice.

05-23-2006

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