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Miller, Canfield, Paddock & Stone, P.L.C.

James Lancaster Rejoins Miller Canfield
The law firm of Miller, Canfield, Paddock and Stone, P.L.C. announces that James R. Lancaster has rejoined the firm as a principal in the Lansing office in the Environmental and Regulatory Group. He returns to Miller Canfield after serving two years as the Senior Vice President and General Counsel for the Michigan Economic Development Corporation (MEDC).

Lancaster will focus his practice on assisting business and local government clients in identifying and obtaining tax credits and financing to promote economic development. This will include programs administered by the MEDC, the Michigan Strategic Fund (MSF) and the Michigan Economic Growth Authority (MEGA).

He will also be involved in assisting high technology ventures with a particular emphasis on representing emerging technology companies, helping to obtain funding from the 21st Century Jobs Fund. While at the MEDC, he negotiated agreements for the MEDC with funding recipients from the Michigan Technology Tri-Corridor, the predecessor to the new 21st Century Jobs Fund. Lancaster helped draft the legislation forming the 21st Century Jobs Fund that was created by the state and the MEDC.

He will also continue working in the practice areas he was involved in prior to joining the MEDC. These include environmental law, the development and advocacy of governmental policy, administrative and regulatory law, condemnation, election and campaign finance law, construction, land use and zoning law, and general civil litigation.

“We are pleased to have Jim return to the firm,” said Thomas W. Linn, CEO of Miller Canfield. “Because of his experience at the MEDC, he will be working closely with our business and government clients, and in particular, with our High-technology Ventures Group, to help clients meet immediate deadlines to obtain funding through the 21st Century Jobs Fund.”

Lancaster received his J.D. from the University of Michigan Law School. He obtained his bachelor’s degree, magna cum laude in mathematics, from Albion College.

He is a member of the American Bar Association, State Bar of Michigan, and Ingham County Bar Association with involvements in the Litigation, Natural Resources, Construction Litigation, Real Property, and Business Law Sections. He is a court-appointed mediator with the Ingham County Circuit Court, and serves as a panelist for the State Attorney Discipline Board.

The 350-attorney law firm of Miller, Canfield, Paddock and Stone, P.L.C. was established in Detroit in 1852 and has offices in Ann Arbor, Detroit, Grand Rapids, Howell, Kalamazoo, Lansing, Monroe, Saginaw, and Troy, Michigan. Other offices are located in New York City, Naples and Pensacola, Florida, Windsor, Ontario, and in Gdynia, Warsaw, and Wroclaw, Poland.

03-17-2006

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Winstead, Sechrest & Minick, P.C.

House immigration bill is \'misguided\' Business needs to weigh in -- now -- on this important issue
In his recent State of the Union address, President George W. Bush called for ""an immigration system that upholds our laws, reflects our values, and serves the interests of our economy."" It's the economy part of that equation that has been somewhat ignored of late. The Senate is turning its attention to immigration reform, following passage of a draconian bill by the House of Representatives late last year. Right now, by all indications, these two chambers of Congress are moving in completely opposite directions on immigration reform. Whether that remains the case, or whether we end up with sensible immigration reform in 2006, will largely depend on employers' making their voices heard.

At least the Senate seems to take the call to serve our national economic interests seriously when it comes to immigration reform. Late last year, the Senate bundled H-1B cap reform and solutions for the employment visa backlog into the Omnibus Budget Reconciliation Act of 2005 (those provisions were unfortunately absent from the House version of the bill which ultimately passed). In addition, there are now no fewer than four guest worker initiatives pending in the Senate. Everyone from Texas' John Cornyn (who chairs the Immigration subcommittee), to Senators John McCain, Ted Kennedy, Chuck Hagel and Arlen Specter has drafted a reasonably well-thought-out guest worker program. While these four pending guest worker bills have many differences, each one supports the larger economic interests by providing a mechanism for the millions of undocumented workers to step out from the shadows and work lawfully.

On the other extreme lies HR 4437, otherwise known as The Border Protection, Antiterrorism, and Illegal Immigration Control Act of 2005, which was passed by the House of Representatives in December. Despite its reassuring title, this bill is more a legislative tantrum than a rational response to the threat of terrorism that supposedly precipitated it. And its economic consequences may come as an unwelcome surprise to the business community. There's no question that enforcement must be part of immigration reform. But the one-dimensional approach the House has endorsed fails to balance the need for enforcement with the legitimate concerns of American business.

Consequently, the silent toll of HR 4437 falls most heavily on employers. The familiar I-9 verification system, which was carefully crafted to minimize adverse economic impact, is scrapped in favor of a mandatory electronic verification system which actually criminalizes employers who fail to comply. The bill effectively transforms the American business community into a giant police force working for the Department of Homeland Security.

Ominous marker

More ominous, HR 4437 makes what is today only a civil violation into an ""aggravated felony,"" thereby instantly turning millions of undocumented persons in this country into felons. The bill extends this punitive reach (including jail time) to employers large and small as well as their employees -- anyone who aids or interacts with an undocumented person or in any way assists illegal immigrants.

Unfortunately, HR 4437 does not speak to anything that will work in the real world. It offers no accommodation for industries that, for better or worse, have come to rely on unauthorized workers. It is deliberately silent on providing temporary documentation for guest workers. For the employers of the estimated 11 million illegal immigrants already in this country, the House-passed bill offers no pathway to legal status. It falls short of President Bush's call for keeping America competitive by upholding our laws, reflecting our values, and serving the interests of the economy.

Now that the House has laid down such an ominous marker, how the Senate responds could have pronounced economic consequences for Texas and the nation. As the Senate turns its attention to this multifaceted issue, it is critical for employers to let Congress know where they stand on H-1B cap relief, immigrant visa backlog relief, employment verification requirements and the guest worker initiatives. Economic interests can coexist with secure borders. To paraphrase Edmund Burke, the only thing necessary for a misguided immigration-reform bill to become very bad law is for good members of the business community to do nothing.

Bayless is a shareholder in the Government Relations/Public Policy Practice of Winstead Sechrest & Minick P.C. Graham is a shareholder in Winstead's Labor and Employment Practice.

03-17-2006

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Jenner & Block LLP

MCCA: Ling Provides Insight Into New Executive Compensation Rules
Companies should be cautious when drafting executive compensation agreements under a new federal tax provision that regulates deferred compensation plans, according to panelists at today’s Minority Corporate Counsel Association panel entitled, “Executive Compensation: What’s Changed in Light of Corporate Scandals?”

Jenner & Block Partner S. Tony Ling, who served as a panelist at the discussion, advised the attendees to seek outside legal counsel when dealing with the complex tax provision, which sets out rules for how and when executives can elect to receive deferred compensation, as well as the form in which they can receive such payment.

Mishandling the tax requirements outlined in the provision could be extremely costly for the executive, he added, since violations of the law can result in the recipient paying an excise tax equal to 20% of amount of deferred compensation.

The panelists noted that many of the new rules were introduced in light of recent high-profile corporate scandals and alleged executive wrongdoing.

For instance, Mr. Ling said the purpose of the new tax law is to prevent what is known as an ""acceleration"" of compensation deferrals when an exective leaves a company. For public companies, under the new rules, an executive can no longer ""leave his company one day and receive the lump sum of his deferred compensation the next day,"" he said, because the new law stipulates any payment of deferred compensation must be subject to a six month delay.

While companies should realize that this new law mandates a change in the way they look at executive compensation agreements, they’ll ""generally be fine"" if they can show a good faith compliance with the new rules, Mr. Ling concluded.

The panel also included Michael A. Lawson of Skadden Arps, Slate, Meagher & Flom LLP and Gregory T. Alvarez of Jackson Lewis LLP.

03-17-2006

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Orrick, Herrington & Sutcliffe LLP

Congressional Panel Looks into Tax Preferred Financing; New Tool Used for Renewable Energy Projects
A Congressional sub-committee took up tax-exempt and tax-credit bond financing at a hearing in Washington, D.C. on March 16. Edwin Oswald, an Orrick tax partner in Washington, D.C., discusses the significance of these hearings in this Q&A. Oswald recently was appointed to the 12-member Board of Directors of the National Association of Bond Lawyers. NABL is a professional association with more than 3,000 members who specialize in state and local government financing. NABL frequently comments on legislation, regulations, rulings and other actions affecting state and local government obligations in proceedings before administrative agencies and courts.

In this Q&A, Oswald also discusses alternative energy initiatives, which were promoted by President Bush in the most recent State of the Union address and which received a boost in the Energy Tax Incentives Act of 2005. One of that new law's features allows state and local governments, Indian tribes and cooperative or mutual electric companies to issue ""clean renewable energy bonds"" to finance renewable energy and clean coal facilities. Among Oswald's clients are the American Public Power Association.

What challenges does the municipal market face today?

The municipal market is facing a number of challenges. One, there likely will be an increase in the number of enforcement actions by the Internal Revenue Service's bond division challenging the tax-exempt status of interest on outstanding municipal bonds. Two, we can also expect the Securities and Exchange Commission to further focus on the adequacy of municipal disclosure and risk. Three, there will likely be a number of initiatives to reform or restructure the federal income tax system, something we might hear more about during this Congressional election year.

What are the prospects for federal tax reform at the present time?

Although there are no real prospects for tax reform at the present time, the current federal budget deficit and the expected increase in expenditures on entitlements in the outer-years may cause some examination of the tax system in order to capture additional revenue.

Is Congress currently taking any steps to review tax-exempt financing?

Yes. The House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing on March 16 on tax-exempt and tax-credit bond financing. The National Association of Bond Lawyers has been asked to testify at the hearing.

What is the purpose of the hearing?

One purpose of the hearing will be to explore the economic efficiencies and cost to the federal government of financing activities through both tax-exempt and tax-credit bond financing. For example, the subcommittee may explore whether certain public purposes such as Amtrak rail transportation may warrant the more significant federal subsidy provided by tax-credit bonds.

What is a tax-credit bond?

A tax-credit bond is a relatively new type of debt instrument. In a tax-credit bond financing , a bondholder is provided federal tax credits in lieu of interest paid by the issuer. Thus, tax-credit bonds provide an issuer with the ability to borrow at a 0% interest rate. As part of the Energy Tax Incentives Act of 2005, Congress created a new category of tax-credit bonds know as ""clean renewable energy bonds"" or ""CREBs"" to finance certain renewable energy projects. Eligible issuers of CREBs include state and local governments and cooperative or mutual electric companies. See article by Edwin Oswald and Michael Larsen of Orrick, explaining CREBS in detail.

The Organization for Economic Development and Cooperation (OECD) adopted special financing terms to promote renewable energy projects in developing countries in 2005. David Robbins, an Orrick global finance partner, authored an article in Project Finance magazine analyzing the technologies most likely to benefit.

About Orrick
Orrick, Herrington & Sutcliffe LLP is an international law firm with approximately 850 lawyers in North America, Europe, and Asia. The firm focuses on litigation, complex and novel finance, and innovative corporate transactions. Orrick clients include Fortune 100 companies, major industrial and financial corporations, commercial and investment banks, high-growth companies, governmental entities, start-ups, and individuals. The firm's 16 offices are located in Hong Kong, Taipei, Tokyo, London, Milan, Moscow, Paris, Rome, Los Angeles, New York, Orange County, Pacific Northwest, Sacramento, San Francisco, Silicon Valley and Washington, D.C.

03-17-2006

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Fulbright & Jaworski L.L.P.

Fulbright Partner Among Global Leaders of International Arbitration under 45
the International Journal of Public and Private Arbitration, has identified Fulbright arbitration partner Kevin O’Gorman as a runner up to its list of 45 global leaders in international arbitration under age 45. The group was selected through a systematic research process conducted at the end of last year. O’Gorman was one of only eight lawyers based in the United States to be named in the survey.

O’Gorman specializes in international arbitration and litigation. He has represented a broad range of clients in arbitrations before the International Chamber of Commerce, the London Court of International Arbitration, the International Centre for Dispute Resolution, the International Centre for Settlement of Investment Disputes and under the UNCITRAL Arbitration Rules. He is currently the Vice Chair of the ABA’s International Commercial Dispute Resolution Committee and previously served as Team Leader and Senior Legal Secretary to the Claims Resolution Tribunal for Dormant Accounts in Zurich, Switzerland.

03-17-2006

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Holland & Knight, L.L.P.

Judith Mercier Named Chair of Holland & Knight\'s Women\'s Initiative
Judith ""Judy"" M. Mercier, a partner in the Orlando office of Holland & Knight, has been named chair of the firm’s Women’s Initiative.

The Women’s Initiative of Holland & Knight is part of a firmwide commitment to diversity. Launched in the mid-1990’s, the program’s mission is to develop professional opportunities and create a positive and supportive environment for the firm’s woman attorneys, and to distinguish Holland & Knight among national law firms in terms of the visibility and contributions of its women attorneys.

The Women’s Initiative helps the firm’s women partners and associates increase new client generation and expand relationships with existing clients, many of whom are also women. At the local level, Women’s Initiative groups in every Holland & Knight office regularly host a variety of events to provide a forum for networking with businesswomen and corporate counsel in their respective markets. Events include educational programs, luncheons and breakfast meetings featuring lectures by prominent women attorneys, judges and community leaders.

Mercier practices in the area of commercial litigation, including but not limited to contract disputes, business torts, ERISA litigation and media law. She has significant experience with class actions in both state and federal court as well as with large, complex cases requiring litigation management and logistic skills. Mercier has successfully represented clients in jury and non jury trials, arbitrations and administrative proceedings.

03-17-2006

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Jones Day, P.C.

Jones Day Advises Malaysian-Based Tanjong Group On The Acquisition Financing Of Two Egyptian Power Companies
Jones Day has advised Malaysian-based Tanjong group of companies on the US$312 million acquisition financing of the Suez Gulf and Port Said East power projects in Egypt from EDF International.

The success of the deal has almost doubled Tanjong’s total generation capacity to 2,855MW and gives the company control of approximately 10% of Egypt' s total power generation capacity. Tanjong currently owns and operates three gas-fired power plants in Malaysia with a total generation capacity of 1,490MW.

The acquisition represents a strategic investment by the Tanjong group to expand its power generation business internationally and capitalize on its existing core competencies and expertise particularly in the operation and maintenance of power plants.

Jones Day team was led by Arman Galledari, Partner, with assistance from Herman Yip and a team of lawyers from the Firm's Energy Delivery & Power, and Lending/Structured Finance & Derivatives practices, in Singapore , London and New York .

""The transaction represents an increasing trend of acquisition financings being completed on a non-recourse basis in recent times in Asia . We see similar deals continuing at a robust pace as the power industry continues to consolidate globally, and our in-depth knowledge of this industry allows us to provide the highest quality legal services to clients across the globe"", said Arman Galledari, Partner at Jones Day.

The deal involves an acquisition financing of a US$150 million non-recourse loan facility which represents approximately one-half of the purchase price and US$162 million in replacement credit support facilities for the project companies.

The 682.5MW Suez Gulf power project is located on the western coast of the Gulf of Suez , approximately 52 kms south of Suez City , Egypt . The 682.5MW Port Said East power project is located on the coast of the Mediterranean Sea , approximately 45 kms south-east of Port Said City, Egypt .

ABOUT JONES DAY:

Jones Day is an international law firm with 30 locations in centers of business and finance throughout the world. With more than 2,200 lawyers, it ranks among the world's largest law firms.
Jones Day acts as principal outside counsel to, or provides significant legal representation for, more than half of the Fortune Global 500 companies, as well as to a wide variety of other entities and individuals. Surveys repeatedly list Jones Day as one of the firms most frequently engaged by U.S. corporations and many of the firm's lawyers have achieved international recognition in their disciplines.

03-17-2006

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