Law Firm News

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Law Firm News

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Bingham McCutchen, LLP

Bingham McCutchen Advises Ad Hoc Bondholder Committee On Financial Restructuring Returning $32,350,000 to Bondholders
LONDON (23 January 2006) -- The London office of Bingham McCutchen,
the international law firm based in the United States, has advised an ad hoc
committee of bondholders on a financial restructuring of Barak I.T.C. (1995)
- The International Telecommunications Services Corp. Ltd., an Israeli
international telecommunications company.
The restructuring of $183 million of New York law governed high yield
discount notes issued in 1997 has been implemented by means of a Plan
of Arrangement under Section 350 of the Israeli Companies Law, together
with an order under Section 304 of the US Bankruptcy Code. Under the
terms of the Plan, shareholders have invested $32.35 million by way of
equity in Barak, all of which has been distributed by Barak to Bondholders.
Simultaneously, the principal face value of outstanding Bonds has been
reduced from $122.383 million to $65.0 million, the restructured Bonds
have been given second lien security over the Company’s assets and
$60.617 million of Bonds previously repurchased by the Company have
been cancelled. Barak has funded further cash payments to the
Noteholders from its own resources.
James Roome, co-head of Bingham’s financial restructuring group,
commented, “The successful restructuring of Barak’s Bonds represents a
good outcome for both shareholders, who have subscribed new equity to
maintain their interests in Barak, and for Bondholders, who receive a
valuable package of cash and restructured Bonds. This deal positions
Barak, as a majority-owned subsidiary of IDB/Clal, to take a leading role in
the consolidation of the Israeli telecommunications market.”

01-23-2006

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Bell, Boyd & Lloyd, L.L.C.

Illinois Attorney General Proposes Legislation Affecting Illinois Hospitals
The Illinois Attorney General announced earlier today two significant pieces of proposed legislation affecting Illinois hospitals. If enacted in their proposed form, the legislation would have a material effect on the operations of virtually all Illinois hospitals.

The Hospital Fair Billing and Collection Practices Act (HB 4999) would apply to all Illinois licensed hospitals. This legislation sets forth a series of mandated policies and procedures regarding the billing and collection practices of hospitals. These include rights of disclosure and access to patient billing practices, dispute resolution procedures and patient access to billing information. A hospital representative would have to determine that legal action is appropriate before undertaking an enforcement action and the governing body of the hospital would have to be involved in the approval of any post-judgment action. This act also includes provisions applicable to collection agencies which have contracted with Illinois hospitals.

The Tax-Exempt Hospital Responsibility Act (HB 5000) only applies to tax-exempt hospitals in Illinois and is intended to impose charity care obligations on hospitals that benefit from Illinois tax exemption.

This legislation has three principal components. A tax-exempt hospital would have to make free or discounted charity care available to uninsured individuals who apply for charity care and who have income levels below certain percentage levels of the federal poverty guidelines. Under this requirement, free care must be provided to uninsured individuals who have income levels below 150% of the federal guidelines and discounted care available to those uninsured individuals with income levels between 150% and 250% of the federal guidelines, based on a sliding scale and hospital costs. An uninsured patient who has income in excess of 250% of these guidelines would be entitled to free care after incurring more than $10,000 in hospital bills in any twelve-month period. The 2005 federal poverty guidelines are $9,570 for a single person and $19,350 for a family of four. Exemptions would apply to critical access hospitals and to government hospitals, among others.

A tax-exempt hospital would have to designate a certain portion of its operating costs to charity care. The proposed percentage is 8% of the hospital's operating costs, as reported with its Medicare Cost Report. Under this requirement, charity care would be defined as:

a. charity care provided under the above free-and-discounted-care requirements,
b. care delivered through a community medical clinic,
c. care provided in settings approved by the Illinois Attorney General,
d. care reimbursable under the crime victim compensation fund, and
e. the shortfall between the cost of delivering care to Medicaid patients and Medicaid reimbursement rates

The third component includes a variety of procedural obligations. These requirements include notice of charity care policies, processes regarding the determination of uninsurability and applications for charity care, charity care reporting with the Illinois Attorney General and the filing of complaints of violations, fines and the availability of injunctive relief under the act.

In order to implement and enforce the Tax-Exempt Hospital Responsibility Act, various changes would be made to various state tax-exemption statutes. Continued tax-exemption would be dependent on compliance with the act.

If you would like copies of this legislation or would like further specific information regarding the legislation, please contact Richard Sevcik at rsevcik@bellboyd.com or 312-807-4332.

01-23-2006

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Alston & Bird LLP

Former Chief Counsel to Eurex US Joins Alston & Bird
Paul M. Architzel Was Principal Architect of the Commodity Futures Modernization Act of 2000

Alston & Bird LLP announced today that Paul M. Architzel, former chief regulatory counsel to Eurex US, has joined the firm as counsel in the Washington, D.C. office. With more than 30 years of futures regulation expertise, Mr. Architzel will continue his practice in Alston & Bird’s Financial Services and Products Group.

“Futures markets are an important component of today’s capital markets. As principal architect of the Commodity Futures Modernization Act of 2000 and with decades of experience in the regulation of U.S. futures markets, Paul is a major asset for Alston & Bird and our clients,” said Frank “Rusty” M. Conner, head of the firm’s Financial Services and Products Group and partner-in-charge of the firm’s Washington, D.C. office.

Prior to joining Alston & Bird, Mr. Architzel advised Eurex, the world’s largest derivatives exchange, on the formation of its United States subsidiary and managed all aspects of its application for designation as a U.S. contract market, serving as chief regulatory counsel to Eurex US. During his tenure at Eurex, he negotiated a regulatory services contract for the provision of market, trade practice and financial surveillance, and negotiated membership agreements and commercial contracts. In addition, Mr. Architzel drafted and managed an application for a precedent-setting Global Clearing Link to the Commodity Futures Trading Commission (CFTC).

“It’s an honor to join Alston & Bird. I look forward to the new challenges that lie ahead and feel confident my background in futures markets and their regulation will enhance the firm’s financial services practice,” Mr. Architzel said.

Prior to joining Eurex US, Mr. Architzel was Chief Counsel of the Division of Market Oversight at the Commodity Futures Trading Commission. In recognition of his accomplishments and contributions to the CFTC, Mr. Architzel received a Presidential Rank Award of Distinguished Executive.

Mr. Architzel is an adjunct professor at the Georgetown University Law Center. He is a frequent speaker and has authored several articles on issues regarding futures regulation. He received a B.A. from State University of New York-Albany and his J.D. from George Washington University.

01-23-2006

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Seyfarth Shaw LLP

Dennis Greenstein Quoted in The New York Times
On January 22, 2006, Dennis Greenstein was quoted in “Real Estate Q&A,” a column of The New York Times’ Sunday Real Estate Section. A reader wrote that a newly erected building adjacent to his co-op had obliterated the river views of all the apartments on his side of the building, significantly reducing their value. Should the co-op shares, the reader asked, be reallocated based on the altered value of these apartments?

When share allocations are established in a co-op building, Dennis counseled, they should bear a reasonable relationship to the relative value of each apartment. In determining the value of the apartments, the person who calculates the share allocation must take into consideration factors that may not be present when the calculation is made but that may manifest themselves in the future.

“The fact that some apartments had lot-line windows was most likely factored into the estimate of the value of each of those apartments when the share allocation was made,” he said. He added that even if that was not done, it is probable that the statute of limitations would bar any attempt to change the allocation now.


01-22-2006

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Lieff, Cabraser, Heimann & Bernstein, L.L.P.

Ameriquest's Settlement With State Attorneys General Does Not Resolve Pending Private Actions
January 22, 2006 -- The law firms of Lieff Cabraser Heimann & Bernstein, LLP, and Roddy Klein & Ryan announced today that Ameriquest Mortgage Co. is expected to announce tomorrow that it will pay $325 million to various state Attorneys General to settle certain regulatory complaints related to predatory home mortgage lending. Much of the money will be used by the states to pay restitution to affected homeowners. It is important to recognize that the settlement will not resolve all claims of consumers alleged in various private actions against Ameriquest, including at least twelve (12) pending class actions.
"The size of the Attorney General settlement reflects the enormous scope of wrongdoing underlying Ameriquest's lending practices," said Kelly Dermody of Lieff Cabraser Heimann & Bernstein, LLP in San Francisco, one of the attorneys representing Ameriquest customers in the private litigation. "The settlement is an important first step, but apparently provides relief for only a fraction of Ameriquest's total potential liabilities," she added.
Under the settlement, eligible homeowners must determine whether to accept money in exchange for giving up their legal claims and defenses. Ameriquest customers who choose not to accept money from the settlement retain their right to other, potentially greater, relief from a private action. It is also possible that such customers could get less relief from the private actions, or no relief at all.
"We applaud the Attorneys General for taking action on behalf of American homeowners, but there are so many loans involved here that consumers are likely to receive restitution for only a small portion of their claims," said Gary Klein of Roddy Klein & Ryan in Boston, another of the private attorneys pursuing claims on behalf of his clients against Ameriquest. "We are presently evaluating the settlement to determine what our clients will give up if they accept funds from their state's Attorney General. We are likely to ask for guidance from various Courts on how to give Ameriquest customers fair information about the difficult choice they face about whether to release their claims."
Ameriquest has been sued for predatory lending in many jurisdictions across the country. Many of those cases have recently been consolidated in the federal District Court in Chicago before Judge Marvin E. Aspen. Claims against Ameriquest include allegations of misrepresentation, overcharge of fees, failure to provide necessary information about loan terms, and violations of various state and federal consumer protection laws.
Many of the homeowners affected by Ameriquest's practices paid thousands or tens of thousands of dollars in questionable fees and charges. Many of the pending lawsuits allege that consumers retained the right to cancel their mortgages and thus may legally recover some or all of the points paid and other finance charges. For many consumers, the remedy potentially available through private litigation would provide $10,000 dollars or more in relief

01-22-2006

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Hahn, Loeser & Parks, L.L.P.

Alan Kopit gives advice in, "How to Turn Down the After-Work Party"
The New York Times
Alan Kopit comments on why companies should be careful when they serve alcohol at company sponsored events. They could be a liability if an employee gets drunk, gets in a car, and injures someone (or damages property).

01-22-2006

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Franczek Sullivan, P.C.

Franczek Sullivan P.C. - Scott [Attorneys]
Sally J. Scott is is a partner at Franczek Sullivan P.C. Throughout her legal career, Ms. Scott has concentrated exclusively on representing management in all aspects of labor and employment law. Ms. Scott has counseled clients and litigated matters relating to discrimination claims, sexual harassment, wrongful discharge and breach of contract. Ms. Scott also has extensive experience with the Occupational Safety & Health Act (OSHA). Her expertise includes counseling clients on compliance with OSHA regulations, guiding employers through OSHA inspections, and contesting and successfully litigating OSHA citations. Her labor experience includes collective bargaining; arbitrations; union organizing campaigns; defending unfair labor practice claims; and advising clients regarding plant closures and relocations. Ms. Scott was the editor of Franczek Sullivan’s newsletter, Human Resources Law & Practice Forum, the law firm’s client e-mail bulletins and the publication Employment Discrimination: An Employer’s Guide. Ms. Scott is also a frequent speaker on a variety of labor and employment topics.



Before joining Franczek Sullivan P.C. in February of 1994, Ms. Scott practiced at the law firm of Seyfarth Shaw Fairweather & Geraldson (1990-1994). Ms. Scott graduated from the University of Michigan Law School in 1990 and received a bachelor of arts degree in history from Calvin College in 1987.

01-22-2006

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