Law Firm News

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Law Firm News

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Howrey, LLP

EU Proposes Breaking Up Electricity, Gas Companies
According to Bloomberg News, new draft European Union legislation proposes breaking up Electricite de France SA and E.ON AG or ending their network-management role in a push for more competition that would also impose curbs on OAO Gazprom. The legislation would essentially force electricity and natural-gas producers to sell their transmission networks, spin off that business or hand over operation of the grid to an independent company.

“Thomas Chellingsworth, an energy lawyer at Howrey LLP in Brussels, said political and legal considerations forced the commission to offer the choice of an independent system operator -- a model based on experience in Scotland.”

“Breaking up companies is about the most far-reaching form of intervention you can have,' Chellingsworth said. “I like the independent system operator option. It's a form of trusteeship and it respects the past business decisions of integrated groups.

09-19-2007

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Howrey, LLP

Eighty Percent of White Collar Criminal Defense Attorneys Would Preserve Corporate Criminal Liability
Eighty percent of white collar criminal defense attorneys favor preserving corporate criminal liability, according to a survey released today by Corporate Crime Reporter.”

“But a majority of those who would preserve it would strictly limit its application.”

“The survey question – Should corporate criminal liability be eliminated? – was e-mailed to partners at the nation’s top 100 law firms who practice in the field of white collar criminal defense.”

“Jan Handzlik, a partner at Howrey in Los Angeles, says that criminal sanctions should be imposed on corporations “sparingly and only in those few cases in which it's truly warranted.

09-19-2007

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Howrey, LLP

Howrey LLP Advises Constantia Industries in EC Clearance for Acquisition for Particleboard Division by Kronospan
The European Commission has cleared under the EU Merger Regulation the planned acquisition of part of the raw and coated particle board business of Constantia Industries AG of Austria by Kronospan Holding GmbH of Germany, a member of the Kronospan Group. Both companies are active in the manufacture and supply of wood-based products, in particular raw and coated particle board, decorative laminates and components, all used in the furniture industry. The Commission's in-depth investigation has shown that the concentration, as initially notified, would have led to a substantial impediment of effective competition in the raw particle board sector. To address the Commission’s concerns, the parties have modified the proposed transaction to the effect that Kronospan would acquire only two of the three companies originally targeted, with the third - the Austrian Fundermax business - remaining with Constantia. Moreover, Kronospan has committed itself not to acquire Fundermax for a certain period of time.

The transaction has also been investigated by the Romanian Competition Council, which reached conclusions similar to the European Commission.

“This clearance decision has demonstrated that the Commission is willing to engage in complex economics and work constructively with the parties to come to a solution that allows a dynamic market to continue developing” says Howrey Partner Peter D. Camesasca who advised Constantia together with Götz Drauz, former Deputy Director-General in DG Comp with particular responsibility for mergers. “The smooth interaction between the Commission and the national authorities in this case has once again shown that the Form RS referral system functions well and ensures a consistent result can be obtained even where multiple filings are necessary”.

09-19-2007

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Howrey, LLP

Thirteen Howrey Attorneys Recognized as Texas Super Lawyers
Thirteen Howrey attorneys from the Houston office have been recognized this year by Texas Super Lawyers. Attorneys are selected as “Super Lawyers” based on their achievements and excellence in their respective areas of law. Super Lawyers is a nationally known publication which determines the top 5% of attorneys in Texas through peer nominations, panel reviews, and independent research.

“Howrey is proud that Super Lawyers has once again recognized the strength of our Texas attorneys. The Houston office continues to demonstrate the depth and quality of its attorneys,” said Robert F. Ruyak, Chairman and CEO of Howrey. “Congratulations to this year’s thirteen honorees – they have made our firm very proud.”

Texas Super Lawyers is published in the October 2007 issue of Texas Monthly.

Those listed by Texas Super Lawyers are Steve Cagle, Rodney Caldwell, Sashe Dimitroff, Mike Dowler, John Keville, Susan Knoll, John Lynch, Tom Miller, Floyd Nation, John Norris, Jack O’Neill, John O’Neill, and Richard Stanley.

09-19-2007

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Edwards & Angell, L.L.P.

EAPD Scores High in Corporate Equality Index
Edwards Angell Palmer & Dodge is pleased to announce that it has achieved a near perfect score in the 2008 Corporate Equality Index and Best Places to Work Survey from the Human Rights Campaign Foundation. The report, released each fall, provides and in-depth analysis and rating of large U.S. employers and their policies and practices pertinent to gay, lesbian, bisexual and transgender employees, consumers and investors. Ninety percent represents a near perfect score on Edwards Angell Palmer & Dodge’s policies regarding GLBT personnel and related issues.

09-19-2007

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Dykema Gossett PLLC

Jough Joins Dykema
Dykema announces that Katherine L. Jough has joined the firm’s Real Estate Practice Group as Of Counsel in the firm’s Chicago office. Ms. Jough’s practice focuses on commercial financing and commercial real estate. She represents institutional investors in debt (construction, mezzanine and permanent) and equity investments in all types of real estate, restructurings, leasing and the acquisition and sale of real property.

Prior to joining the firm, Ms. Jough was a partner at a law firm in Washington, D.C. where she represented institutional investors in real estate investments nationwide and advised her clients in a general counsel capacity.

A resident of Chicago, Ms. Jough received her B.A., with general honors and Phi Beta Kappa, from Vassar College and her J.D. from Washington & Lee University.

09-19-2007

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Bracewell & Giuliani LLP

New Political Challenges for Foreign Investment in America
In reaction to public protests surrounding recent high-profile foreign acquisitions of American assets, Congress has added more regulation, more publicity and more political risk to foreign investment transactions in the United States.

The new law, the Foreign Investment and National Security Act of 2007, was signed by President Bush in July and goes into effect in October. It expands the powers of a special U.S. government committee to investigate and block foreign investments. The committee is called the Committee on Foreign Investment in the United States or CFIUS.

"For twenty years CFIUS quietly, privately, and often informally, reviewed a small percentage of foreign acquisitions of American defense manufacturers and specialized tech companies," said George Foote, a partner in the Washington, D.C. office of the international law firm Bracewell & Giuliani LLP. "The original CFIUS approach reflected the Cold War view of national security. The new law is based on post-September 11 concepts of security that are not tied so closely to the identity of the home country of the acquiring company. That difference can be a game changer in cross-border deals."

In 2006, CFIUS recommended approval of the acquisition of P&O, an international company that manages American ports, by Dubai Ports World, an Arab-controlled company. Because of the concerns about port security after the September 11 attacks, the acquisition quickly became a political hot potato.

The resulting outcry led Congress to add more formality and publicity to once-informal processes at CFIUS. Congress drafted a bill that requires certain reviews and makes full investigations more likely.

"The scope of what is important to national security has been dramatically expanded for purposes of a CFIUS review," said Mr. Foote, "Now, foreign investment in many more companies will require CFIUS filings and investigations will become more common. For example, any power or pipeline company or even a company with a major stake in the economy could be considered a national security asset that requires domestic control, and a foreign bid to acquire it might be blocked by the new CFIUS process."

Mr. Foote said, "CFIUS decisions will be more open and political. CFIUS could become a political forum where many economic and political interest groups will have a chance to weigh in on a wide range of deals. The CFIUS process potentially is a weapon for almost any American entity that is the target of a foreign acquirer. A demand for CFIUS review might be deployed on behalf of a company, even a foreign company, that is competing for an American target company."

Foreign investors have reacted unfavorably to the new law that could lead to restrictions on what has traditionally been -- and remains -- one of the most open economies in the world.

"The new law could raise the cost and lower the chance for approval of foreign acquisitions and could discourage or defeat some investments," said Mr. Foote. "It remains to be seen whether, in practice, the national security benefits of the new law will outweigh the new costs to corporations and the risk of reduced foreign investment in America."

09-19-2007

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