Law Firm News

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Law Firm News

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Davis Polk & Wardwell

CVS to Acquire Sav-on and Osco Drugstores From Albertson's
Davis Polk & Wardwell is advising CVS Corporation on its acquisition of the standalone drugstore business of Albertson's, Inc. At the same time as agreeing to the transaction with CVS, Albertson's entered into a merger agreement with SUPERVALU INC., as well as a separation and purchase agreement to sell certain non-core assets to Cerberus.

Based in Rhode Island, CVS is the largest retail pharmacy in the United States, operating more than 5,400 retail and specialty pharmacy stores in 37 states and the District of Columbia. Albertson?s is an Idaho-based supermarket chain that operates approximately 2,500 stores in 37 states under names such as Albertson's, Acme Markets, Bristol Farms, Jewel and Shaw's, as well as standalone drugstores under the Sav-on and Osco banners.

Under the deal terms, CVS will acquire from Albertson's approximately 700 standalone Sav-on and Osco drugstores, a distribution center located in La Habra, California, and an owned real estate portfolio for $3.93 billion in cash. CVS intends to sell the real estate interests at or soon after closing in a sale-leaseback transaction for $1 billion in value. The transaction is expected to be completed in mid-2006, pending review under the Hart-Scott-Rodino Act and other customary closing conditions. The transaction is also conditioned on closing of the merger with SUPERVALU and the sale to Cerberus.

The Davis Polk corporate team includes partners Louis L. Goldberg and John D. Amorosi and associates Tom Kozak and Edward H. Traum. Partner Ronan P. Harty is providing antitrust advice. Partner Michael Mollerus and associate Gregory T. Hannibal are providing tax advice. Associates Ada Dekhtyar Karczmer and Bernice A. Grant are providing employment advice. All lawyers work in the New York office.

01-23-2006

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Davis Polk & Wardwell

CVS to Acquire Sav-on and Osco Drugstores From Albertson's
Davis Polk & Wardwell is advising CVS Corporation on its acquisition of the standalone drugstore business of Albertson's, Inc. At the same time as agreeing to the transaction with CVS, Albertson's entered into a merger agreement with SUPERVALU INC., as well as a separation and purchase agreement to sell certain non-core assets to Cerberus.

Based in Rhode Island, CVS is the largest retail pharmacy in the United States, operating more than 5,400 retail and specialty pharmacy stores in 37 states and the District of Columbia. Albertson?s is an Idaho-based supermarket chain that operates approximately 2,500 stores in 37 states under names such as Albertson's, Acme Markets, Bristol Farms, Jewel and Shaw's, as well as standalone drugstores under the Sav-on and Osco banners.

Under the deal terms, CVS will acquire from Albertson's approximately 700 standalone Sav-on and Osco drugstores, a distribution center located in La Habra, California, and an owned real estate portfolio for $3.93 billion in cash. CVS intends to sell the real estate interests at or soon after closing in a sale-leaseback transaction for $1 billion in value. The transaction is expected to be completed in mid-2006, pending review under the Hart-Scott-Rodino Act and other customary closing conditions. The transaction is also conditioned on closing of the merger with SUPERVALU and the sale to Cerberus.

The Davis Polk corporate team includes partners Louis L. Goldberg and John D. Amorosi and associates Tom Kozak and Edward H. Traum. Partner Ronan P. Harty is providing antitrust advice. Partner Michael Mollerus and associate Gregory T. Hannibal are providing tax advice. Associates Ada Dekhtyar Karczmer and Bernice A. Grant are providing employment advice. All lawyers work in the New York office.

01-23-2006

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Crowell & Moring LLP

DISTINGUISHED CYPRIOT HUMAN RIGHTS LAWYER JOINS INTERNATIONAL LEGAL TEAM IN $10 BILLION INVESTMENT CLAIM AGAINST TURKEY; CONFIRMS THAT RATIFICATION OF 2001 INVESTMENT TREATY CONSTITUTES RECOGNITION OF CYPRUS
Washington, D.C. — January 23, 2006: Cypriot investment firm Libananco Holdings Company Ltd. announced today that Nicosia-based barrister Achilleas L. Demetriades had joined the international legal team prosecuting a US$10 Billion claim against the Republic of Turkey for its unlawful 2003 expropriation of the assets of Cukurova Elektrik Anonim Sirketi (CEAS) and Kepez Elektrik Turk Anonim Sirketi (Kepez), two of Turkey’s largest hydroelectric companies.

Mr. Demetriades successfully waged a 17-year fight against Turkey in the European Court of Human Rights (ECHR) in the precedent-setting Loizidou case, which arose from Turkey’s 1974 military invasion and occupation of northern Cyprus. Mr. Demetriades’ client, a Cypriot citizen, had been denied access to her property in Turkish-occupied northern Cyprus. The ECHR ruled that Turkey’s actions constituted a violation of human rights and ordered Turkey to pay substantial damages. In 2003 Turkey complied with the monetary part of the ECHR judgment and paid substantial compensation, including interest and legal costs.

Mr. Demetriades joins a legal team headed by Washington, D.C. lawyer Stuart H. Newberger of the international law firm Crowell & Moring LLP, which last month provided formal notice to Turkey that, unless the dispute was amicably resolved, Libananco Holdings would initiate a US$10 Billion expropriation claim at the World Bank’s International Centre for the Settlement of Investment Disputes (“ICSID”). Because Turkey has failed to respond to the initial notice, Libananco’s attorneys today provided a second notice to Turkish Prime Minister Erdogan restating their desire to amicably resolve the matter. In that same letter, however, Libananco noted that Turkey had enthusiastically ratified the treaty that forms the basis of Libananco’s claims, the Energy Charter Treaty (“ECT”), and speculated whether this recognition of Cyprus, which also signed the ECT, might account for Turkey’s hesitance to negotiate.

The refusal of Turkey to acknowledge the initial notice letter raises a serious question of its willingness to comply with international law and the conditions for its accession to the European Union. In order to join the EU, Turkey must confirm its recognition of EU member Cyprus, which the current Turkish government has refused to do. However, Libananco’s attorneys pointed out today that Turkey already confirmed its recognition of Cyprus in 2001 when it ratified the Energy Charter Treaty after Cyprus itself had ratified the same treaty. As Mr. Newberger noted today in his letter to Prime Minister Erdogan, by ratifying the ECT Turkey expressly promised to protect Cypriot investors in Turkey from acts of expropriation and to submit investment disputes for arbitration at ICSID. The letter further noted that the current President of Turkey Ahmet Sezer expressly approved the Grand National Assembly’s ratification of the ECT in 2001, and personally vowed that Turkey “accepted, ratified, and confirmed” the terms of the Treaty, and “promis[ed] that they will be inviolably observed.”

“Turkey’s acts of expropriation of these utilities are not only contrary to the Energy Charter Treaty, but clearly constitute a violation of the right to property which, in Europe, is a fundamental human right,” Mr. Demetriades said from Nicosia.

Under ICSID arbitration procedures, Turkey has until February 2006 to amicably resolve the investment dispute with Libananco. If an amicable resolution is not reached, Libananco will commence arbitration before a three-member tribunal to assess damages for Turkey’s unlawful expropriation of the utilities. Because Turkey expropriated all of the assets of both utilities, Libananco could receive more than US$10 billion from Turkey in damages, interest and costs.

01-23-2006

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Crowell & Moring LLP

Distinguished Cypriot Human Rights Lawyer Joins International Legal Team In $10 Billion Investment Claim Against Turkey; Confirms That Ratification Of 2001 Investment Treaty Constitutes Recognition Of Cyprus
Cypriot investment firm Libananco Holdings Company Ltd. announced today that Nicosia-based barrister Achilleas L. Demetriades had joined the international legal team prosecuting a US$10 Billion claim against the Republic of Turkey for its unlawful 2003 expropriation of the assets of Cukurova Elektrik Anonim Sirketi (CEAS) and Kepez Elektrik Turk Anonim Sirketi (Kepez), two of Turkey’s largest hydroelectric companies.
Mr. Demetriades successfully waged a 17-year fight against Turkey in the European Court of Human Rights (ECHR) in the precedent-setting Loizidou case, which arose from Turkey’s 1974 military invasion and occupation of northern Cyprus. Mr. Demetriades’ client, a Cypriot citizen, had been denied access to her property in Turkish-occupied northern Cyprus. The ECHR ruled that Turkey’s actions constituted a violation of human rights and ordered Turkey to pay substantial damages. In 2003 Turkey complied with the monetary part of the ECHR judgment and paid substantial compensation, including interest and legal costs.
Mr. Demetriades joins a legal team headed by Washington, D.C. lawyer Stuart H. Newberger of the international law firm Crowell & Moring LLP, which last month provided formal notice to Turkey that, unless the dispute was amicably resolved, Libananco Holdings would initiate a US$10 Billion expropriation claim at the World Bank’s International Centre for the Settlement of Investment Disputes (“ICSID”). Because Turkey has failed to respond to the initial notice, Libananco’s attorneys today provided a second notice to Turkish Prime Minister Erdogan restating their desire to amicably resolve the matter. In that same letter, however, Libananco noted that Turkey had enthusiastically ratified the treaty that forms the basis of Libananco’s claims, the Energy Charter Treaty (“ECT”), and speculated whether this recognition of Cyprus, which also signed the ECT, might account for Turkey’s hesitance to negotiate.
The refusal of Turkey to acknowledge the initial notice letter raises a serious question of its willingness to comply with international law and the conditions for its accession to the European Union. In order to join the EU, Turkey must confirm its recognition of EU member Cyprus, which the current Turkish government has refused to do. However, Libananco’s attorneys pointed out today that Turkey already confirmed its recognition of Cyprus in 2001 when it ratified the Energy Charter Treaty after Cyprus itself had ratified the same treaty. As Mr. Newberger noted today in his letter to Prime Minister Erdogan, by ratifying the ECT Turkey expressly promised to protect Cypriot investors in Turkey from acts of expropriation and to submit investment disputes for arbitration at ICSID. The letter further noted that the current President of Turkey Ahmet Sezer expressly approved the Grand National Assembly’s ratification of the ECT in 2001, and personally vowed that Turkey “accepted, ratified, and confirmed” the terms of the Treaty, and “promis[ed] that they will be inviolably observed.”
“Turkey’s acts of expropriation of these utilities are not only contrary to the Energy Charter Treaty, but clearly constitute a violation of the right to property which, in Europe, is a fundamental human right,” Mr. Demetriades said from Nicosia.
Under ICSID arbitration procedures, Turkey has until February 2006 to amicably resolve the investment dispute with Libananco. If an amicable resolution is not reached, Libananco will commence arbitration before a three-member tribunal to assess damages for Turkey’s unlawful expropriation of the utilities. Because Turkey expropriated all of the assets of both utilities, Libananco could receive more than US$10 billion from Turkey in damages, interest and costs.

01-23-2006

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Crain, Caton & James, P.C.

Final Briefs Due In Appeal Of Historic Rule 11 Award
On May 18, 2005, United States District Judge Jane J. Boyle of the Northern District of Texas awarded $530,667.32 in attorneys fees as Rule 11 sanctions to eleven defendants represented by George W. Lederer, Jr. of Crain Caton & James as lead counsel. The sanctions were ordered to be paid 25% by the Plaintiffs Skidmore Energy, Inc. and Geoscience International, Inc. and 75% by their attorney Gary Sullivan. The highest previously reported award of sanctions in Texas was in the amount of $203,641 (See Mercury Air Group, Inc. v. Mansour, 237 F3d 542 (2001)).
Gary Sullivan has not appealed the sanctions award. Skidmore and Geoscience have appealed to the U.S. Fifth Circuit Court of Appeals for their 25% of the sanctions. Final briefs are due January 23, 2006.
The Plaintiffs filed suit on September 19, 2003, against Maghreb Petroleum Exploration S.A. and 20 other defendants, most of whom were foreign citizens or foreign corporations, alleging violations of the Sherman Antitrust Act, the Racketeer Influenced and Corrupt Organizations Act, as well as fraud, breach of fiduciary duty, civil conspiracy and other claims. Plaintiffs sought damages of $3 billion dollars.
Eleven of the Defendants moved for Rule 11 sanctions on the grounds that the Plaintiffs’ claims were frivolous, inflammatory and wholly lacking in evidentiary or legal support. The Court found that the bulk of Plaintiffs’ causes of action, including sensational allegations of racketeering, money laundering, financing terrorism, bribery and extortion were without evidentiary support and had been filed for an improper purpose, namely to harass and embarrass the Defendants.
The 11 Defendants who moved for sanctions, included George Lederer’s partner, Reuven Bisk and the Crain Caton law firm. The other 9 Defendants were foreign individuals and corporations residing outside the United States.
All of the 21 Defendants were dismissed from the case for pleading and jurisdictional defects. Of the 11 Defendants who moved for sanctions, nine were dismissed for lack of personal jurisdiction. The remaining two Defendants were dismissed for failure to state a claim under Rules 12(b)(6) and 9(b) of the Federal Rules of Civil Procedure.
George Lederer praised Judge Boyle for her actions. “Judge Boyle was meticulous and exhaustive in her analysis and review of this case. She held two hearings on the motion for sanctions, including an evidentiary hearing that lasted a full day. Her ruling is great for Texas litigants because it puts people on notice that the courts are not going to be a vehicle for frivolous and outrageous claims.”

01-23-2006

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Cozen O' Connor

Cozen O'Connor Attorney Jeffrey L. Nash Receives Humanitarian Award
CHERRY HILL, N.J. – January 23, 2006 – Cozen O'Connor member Jeffrey L. Nash is the recipient of the 2005 Paul Porado Humanitarian Award from the Larc School in Bellmawr, N.J.

The award recognizes Nash for his longtime support of the school for individuals with disabilities, including his involvement in Larc’s annual AmeriHealth Ben Franklin Bridge Challenge.

“We are thrilled to present the Paul Porado Humanitarian Award to Jeff Nash, who, like the award’s namesake, has shown remarkable compassion and inspiring acts of kindness,” said Larc School Executive Director Susan Weiner.

The award is named for Larc’s cherished friend and former treasurer of the board of directors, Paul Porado, who died in November 2004, to honor his life and his dedication to those in need.

“There is no more meaningful work we can do in our community than to assist those who are most in need,” Nash said. “This recognition is a tribute to the many dedicated people with whom I work that volunteer their time and efforts to help individuals with disabilities,” he said.

Nash practices in the firm’s Cherry Hill office, where he concentrates in subrogation and recovery. He is a Camden County freeholder and vice chairman of the Delaware River Port Authority. He is the recipient of 2005 Camden County College Pro-Beneficio-Dato Distinguished Public Service Award and the 2004 New Jersey Boy Scouts of America Distinguished Citizen Award.

A resident of Cherry Hill, N.J., Nash earned his undergraduate degree (B.A., 1981) at George Washington University and his law degree (J.D., 1983) at Hofstra University School of Law. He is admitted to practice in New York, Pennsylvania and New Jersey.

01-23-2006

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Chadbourne & Parke LLP

Allison Alcasabas to Represent Firm’s Products Liability Clients in Europe
NEW YORK – January 23, 2006 – The international law firm of Chadbourne & Parke LLP announced today that Allison Alcasabas, a partner in the Firm’s litigation department, has recently relocated from Chadbourne’s New York office to its affiliated multinational partnership, Chadbourne & Parke MNP, in London.

In this capacity, she will manage a substantial and growing products liability practice in Europe. Ms. Alcasabas has assisted in the defense of complex products liability cases around the world.

"This move augments our products liability capabilities and was taken to meet the growing needs of our litigation clients," said Thomas Bezanson, head of Chadbourne’s Products Liability practice. "Allison has substantial products liability experience, and her relocation to London supports our strong commitment to bolstering our litigation practice in London and Europe to meet the growing needs of our clients."

Ms. Alcasabas has over 13 years’ experience defending manufacturers in various industries, including tobacco, aviation, and automobiles. Most recently, she has represented a major tobacco company in the preparation for and defense of product liability litigation throughout Europe. She also has represented manufacturers in litigation in the United States, including the defense of several product liability trials in New York and in other jurisdictions around the country. Additionally, Ms. Alcasabas has assisted in product liability litigation against manufacturers in South Africa, Australia and Canada

In addition to her Chadbourne work, Ms. Alcasabas actively participates in the product liability activities of various legal organizations, including the ABA and the Defense Research Institute (DRI). She also is a member of the DRI’s Commercial Litigation section’s steering committee, serving as the committee’s European/international representative.

Ms. Alcasabas graduated from Bucknell University, B.A., cum laude, 1989, and Cornell Law School, J.D., 1992. At Cornell, she was on the Cornell Law Review (Editor, 1991-1992; Staff Member, 1990-1991). She joined Chadbourne in 1998 and was made partner in 2004.

Chadbourne’s products liability practice has long represented companies in a wide range of actions, including lawsuits involving manufacturers of tobacco products, alcoholic beverages, cosmetics, and over-the-counter and prescription pharmaceuticals. Much of Chadbourne’s experience has involved acting as international or national counsel in large-scale products liability litigation. In addition, the Firm has advised regional, national and international manufacturers, distributors, and other businesses outside the litigation setting.

01-23-2006

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