Law Firm News

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Law Firm News

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Bilzin Sumberg Baena Price & Axelrod LLP

Bilzin Sumberg Attorneys Elected to Key Biscayne Athletic Club Board of Directors
Miami, FL –Bilzin Sumberg announced today that two of the firm's partners have been named to the Key Biscayne Athletic Club Board of Directors. Richard M. Goldstein has been appointed as a board member and Glen H. Waldman has been elected vice president of the board.
Richard M. Goldstein co-chairs the Tax Group at Bilzin Sumberg, where he handles complex tax planning and structuring for corporate mergers and acquisitions, as well as matters involving partnerships and limited liability companies. Goldstein represents numerous family businesses, U.S. residents and non-resident aliens, multi-national entities and both publicly and privately held companies.
Glen H. Waldman is a member of the firm's Litigation Group, where he focuses his practice on complex commercial litigation and reinsurance law. Waldman has tried both jury and non-jury cases in many areas, including construction, mold litigation, real estate, contracts, insurance, fraud, fraudulent transfers and banking.
The Key Biscayne Athletic Club (KBAC) is a non-profit organization dedicated to organized recreational activities and team sports for the children of Key Biscayne. The club provides sports and recreation activities to more than 750 children annually. For over 30 years, KBAC has coordinated baseball, flag football, soccer, swimming and tennis with the Village of Key Biscayne Department of Recreation.
About Bilzin Sumberg
Bilzin Sumberg Baena Price & Axelrod LLP is a full-service commercial law firm with over 100 attorneys and offices in Miami and Tallahassee. The firm has extensive experience in the areas of commercial real estate; litigation; restructuring and bankruptcy; land use and government relations; environmental law; corporate and securities law; commercial finance; technology & telecommunications; and tax, trusts and estates. For more information, visit the firm's website at www.bilzin.com

01-11-2006

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Sills, Cummis, Epstein & Gross, P.C.

Jeffrey J. Greenbaum - Follow the E-mail Trail
effery J. Greenbaum, a Member of the Firm, was interviewed for an article on the new federal rules governing electronic document storage which was published in the January 2007 issue of CFO magazine. The article is titled “Follow the E-mail Trail.” According to Mr. Greenbaum, “It’s a wake-up call for corporations, particularly those that have yet to grasp their obligations to produce electronic documents.” The article continues, “Greenbaum says the rules cover just about anything that can be construed as electronic communication. ‘[The statutes] include more than just E-mail; they address anything that can be stored in any type of electronic manner.

01-10-2006

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Young Basile

Federal Circuit Proposes En Banc Rehearing Procedure Changes
On January 10, 2006, The U.S. Court of Appeals for the Federal Circuit proposed a revision to its Internal Operating Procedure 14 on Petitions for Rehearing En Banc. Comments must be received by the close of business on January 31, 2006 with regard to the following three new sentences have proposed for additon:

During the en banc process, even after the normal time for panel action has
expired, but before a majority of the court has voted to take the case en banc,
the panel may reclaim jurisdiction over the petition for the purpose of
modifying the decision or opinion. Following such action, circulation to the
full court of the modified opinion, if precedential, would occur as usual,
within a new 8-day circulation period beginning to run again from the date of
the modification. If the panel changes the opinion or judgment, any party may
take whatever action is available to it in accordance with the provisions of
Fed. R. App. P. 35.
It's too bad that the complete set of IOPs are not already posted on the Federal Circuit's website. Nonetheless, Professor Hal Wegner has already commented that

"With cases such as LizardTech being denied en banc review because of the
difficulty of gaining seven votes, there had been comment within the patent
community about the difficulty of obtaining the votes necessary for en banc
review. With the anticipated senior status of one of the members of the court
two weeks from now, the majority is reduced to six members of the
court. Furthermore, under an amendment this past year to FRAP Rule 35(a),
if one of the judges is disqualified from voting whether to grant an en banc
rehearing, his or her vote does not count in making up a majority. Formerly, the
local court rule required seven of the twelve judges to affirmatively vote for
en banc rehearing, even if one or more of the judges was disqualified from
voting."

01-10-2006

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Wiley, Rein & Fielding, L.L.P.

WRF Partner Kirk Nahra Named Chairman of IAPP's Newsletter Advisory Board
Kirk J. Nahra, a partner in Wiley Rein & Fielding LLP’s Privacy, Health Care, Insurance and Litigation practices, has been elected to serve as Advisory Board chairman of the International Association of Privacy Professional's (IAPP) monthly newsletter, The Privacy Advisor. The IAPP is the nation's leading association for privacy and security professionals, helping its members build and maintain privacy programs while effectively navigating the rapidly changing regulatory and legal environments.

Nahra, who also serves as editor of The Privacy Advisor, said "we are eager to hear from our new board members what privacy and security issues are crossing their desks everyday. We are seeking the valuable expertise of these privacy pros who will bring diverse perspectives from backgrounds in law, online marketing, financial services, government and other various industries. We've been able to cover the privacy waterfront with this board."

01-10-2006

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White & Case, LLP

Breakthrough US$100M Financing Enables Investment in Mauritanian Oil and Gas
London, January 10, 2006 ... White & Case advised ANZ Investment Bank as sole lead arranger and bookrunner in a breakthrough financing that establishes a successful template for international investment in natural resource reserves in areas of Africa with difficult political risk profiles. In the transaction, Hardman Resources, an independent Australian oil exploration firm, secured a US$100m seven-year financing to fund its share of the US$500m development costs of the offshore Chinguetti oil field in the Islamic Republic of Mauritania. The transaction is the first internationally syndicated financing in the country.

Discovered in 2001, the Chinguetti oil reserve has, according to Hardman, proven reserves of 175m barrels of oil and is widely thought to contain more than 375m. Production is scheduled to begin in early 2006, marking the first regular oil production in Mauritania. Analysts have speculated that Mauritania could host an as yet undiscovered entire hydrocarbon system.

The financing employed a reserve-based loan structure, where the funding available is determined by the oil producer's proven reserves in the ground and the latent cash flow that these assets are projected to generate, rather than the more conventional method of securing lending against existing oil sales. Although reserve-based loans have been used quite extensively in the United States, their deployment in other countries is a relatively recent phenomenon. The structure provides oil exploration businesses – both majors and non-majors – with the ability to secure long-term funding for the development of oil fields in emerging markets.

With oil production in mature production areas declining, demand spiralling due to the hunger of the resurgent Asian economy and continuing fears over the political stability of the Middle East, Africa's huge reserves of natural resources will be key to the growth of the world economy in the next 20 years.

Apart from the Chinguetti reserve, new oil fields have been discovered in the Democratic Republic of Congo (M'Boundi) and Algeria (Ledjmet). Fields are already being explored or are at various stages of production in Madagasgar, Gabon, Cameroon and Nigeria.

Commenting on the significance of the transaction, White & Case partner Jason Kerr said: "One of the key issues concerning investing in Africa has always been political risk and Mauritania, for example, has had its fair share. However, despite this, and without any foreign government or Export Credit Agency underwriting of the financing, this deal shows that the complexities and risks associated with investing in Africa can be successfully managed."

The White & Case team advising ANZ on the financing was led by White & Case partners Jason Kerr and David Baker working closely with a team of more than 10 lawyers in the Firm's London and Paris offices.

About White & Case
White & Case LLP is a leading global law firm with nearly 2,000 lawyers in 38 offices in 25 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

01-10-2006

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Weil, Gotshal & Manges, LLP

Weil, Gotshal & Manges Advises Hughes Supply in its $3.47 Billion Sale to Home Depot
Weil Gotshal Press Release - Tuesday, January 10, 2006
New York, January 10, 2006 - Weil, Gotshal & Manges LLP, the international law firm, advised Hughes Supply in the agreement for Home Depot to acquire the company for an aggregate consideration of $3.47 billion.

Hughes Supply will be part of Home Depot Supply, a division that has built a leadership position in a range of markets serving business-to-business customers, such as homebuilders, professional contractors, municipalities and maintenance professionals.

The addition of Hughes Supply more than doubles the size of Home Depot Supply with projected 2006 combined sales approaching $12 billion.

Weil, Gotshal & Manges LLP’s Team

Lead Partners: Thomas Roberts, Marita Makinen
Associates: Pepper Brill, Robert Mobassaly, Roy Wiesner
Tax Partners: Michael Kam, Helyn Goldstein
Associates: Jose Singer-Freeman, Chayim Neubort
Antitrust Partners: Steven Newborn, Lee Van Voorhis

About Weil, Gotshal & Manges

Weil, Gotshal & Manges is an international law firm of over 1,200 lawyers, including approximately 300 partners. Weil Gotshal is headquartered in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Providence, Shanghai, Silicon Valley, Singapore, Warsaw, Washington DC and Wilmington.

01-10-2006

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Weil, Gotshal & Manges, LLP

Weil Gotshal Advises Morgan Stanley in 2005 ABS CDO Deal of the Year
Weil Gotshal News - Tuesday, January 10, 2006
Sourcemedia’s Asset Securitization Report, a leading news source for the securitization industry, named BlackRock Financial Management’s Tourmaline CDO the ABS CDO Deal of the Year for 2005. Weil Gotshal advised client Morgan Stanley & Co. at all stages of the deal, as the investment bank acted as the initial purchaser, placement agent and synthetic security counterparty.

According to the Report, the Tourmaline transaction, chosen “because of its precedent-setting innovation,” came to fruition in a challenging economic environment in which finding readily-available quality collateral for asset-backed CDOs at the right price is difficult. The efforts of our client and others involved paid off, however, when the deal, touted as “the first marketed CDO considered to be a true ‘hybrid’ deal to come to the US market with both unfunded and funded assets and liabilities,” closed in September of 2005.

The award was announced in the article “Tourmaline CDO wins 2005 deal of the year,” which appeared in the Asset Securitization Report on January 9, 2006.

For more information regarding Weil Gotshal’s Structured Finance/Derivatives practice, please contact Eric Peterman or Frank Nocco in the firm’s New York office.

01-10-2006

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