Law Firm News

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Jorden Burt LLP

DOL ISSUES INTERIM GUIDANCE ON CROSS-TRADING PROHIBITED TRANSACTION EXEMPTION
The Pension Protection Act provides a new statutory prohibited transaction exemption for any transaction described in ERISA §§ 406(a)(1)(A) and 406(b)(2) involving the purchase and sale of a security between a plan and any other account managed by thesame investment manager providing certain conditions are satisfied. One of the keyconditions is that the investment manager adopt, and cross-trades are effected inaccordance with, written cross-trading policies and procedures that are fair and equitable to all accounts participating in the cross-trading program. A description of the manager's pricing policies and procedures, and the manager's policies and procedures for allocatingcross trades in an objective manner among accounts participating in the crosstrading program, must also be included. The interim regulation, issued February 12, 2007, becomes effective April 13, 2007, and implements the content requirements for the crosstrading policies and procedures.

Under this regulation, the cross-trading policies and procedures must contain: (1) Clear and concise instructions, and be written in a manner calculated to be understood by theplan fiduciary authorizing the cross-trading; (2) A statement of policy which describes the criteria that will be applied by the investment manager in determining that the cross trade will be beneficial to both parties to the transaction; (3) A description of how the investment manager will determine that cross-trades are effected at the “independent current market price” of the security; (4) A description of the procedures for ensuring compliance with the $100,000,000 minimum asset size requirement of the statute; and (5) A description of how the investment manager will mitigate any potential conflict of interest between the parties to the cross-trade.

The policies and procedures must also contain a requirement that the investment manager allocate cross-trades among accounts in an objective and equitable manner, as well as a description of how this will be accomplished. Finally, they must identify the statutorilyrequired compliance officer responsible for periodically reviewing the investment manager’s compliance, a statement of the compliance officer’s qualifications for the position, and a statement describing the scope of the review conducted by the compliance officer.

02-22-2007

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Hogan & Hartson LLP

Hogan & Hartson Expands Corporate, M&A, and Finance Practice With Team in Baltimore and Washington
Hogan & Hartson LLP announced today the addition of three prominent partners to the firm’s corporate, mergers and acquisitions, and finance practice. Glenn Campbell and David Gibbons will reside in the firm’s Baltimore and Washington, D.C. offices and Elizabeth Donley will join the firm’s Washington, D.C. office.

Campbell focuses his practice on corporate governance; joint ventures and strategic alliances; mergers and acquisitions; and corporate finance. He has represented some of the world’s largest companies in numerous business combinations and financing transactions, as well as several pharmaceutical companies in the licensing and development of pre-clinical and clinical stage drugs. Campbell regularly advises clients on acquisitions, divestitures, joint ventures, collaborations, and licensing transactions; the fiduciary obligations of directors in connection with the evaluation and consideration of various transactions; the registration and distribution of debt and equity securities; and the disclosure and reporting requirements of federal securities laws. In 2006 Campbell was recognized by Legal Times as one of the 10 leading deal-making lawyers in the Washington, D.C. metropolitan area.

Gibbons focuses his practice on mergers and acquisitions, private equity, and corporate finance and governance matters. He has more than 15 years of experience in transactional matters, including the acquisition and disposition of assets and securities; mergers and other business combinations; the private and public distribution of debt and equity securities; pharmaceutical and other technology licensing and development arrangements; and commercial exploitation of intellectual assets. Gibbons has represented public and private companies in various strategic acquisitions and divestitures and provides advice to issuers and underwriters on the registration and distribution of equity and debt securities, reporting and disclosure issues, and general corporate governance matters.

Donley focuses her practice on mergers and acquisitions, in addition to other business combinations, licensing transactions, joint ventures and strategic alliances, financial transactions, and general corporate matters. She also has represented leading pharmaceutical companies in the acquisition of drug product lines, the sale and license of clinical and pre-clinical drug products, and general transactional matters. Prior to private practice, Donley was a law clerk to The Honorable J. Owen Forrester of the United States District Court for the Northern District of Georgia.

“We are delighted to welcome this talented team to our already substantial corporate, M&A, and finance practice,” said Steven Immelt, managing partner of the firm’s Baltimore office. “We have known Glenn, David, and Elizabeth for some time. We greatly respect their talents and are excited that they are now our colleagues.”

“We think Hogan & Hartson is a perfect fit for our client and practice needs,” said Campbell. “The firm is well known for its strong corporate, M&A, capital markets and transactions practices, and for providing the highest quality advice and service in cross-border work throughout its U.S. and international offices.”

“We are convinced that combining the depth and quality of Hogan & Hartson’s practices with the practice we have developed together will permit us to better serve our clients’ needs,” Gibbons added.

02-22-2007

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Debevoise & Plimpton, LLP

Providence Equity Partners in Closing of $12 Billion Fund
Debevoise & Plimpton LLP represented Providence Equity Partners Inc. in the closing of a new $12 billion private equity fund, Providence Equity Partners VI. The new fund is Providence Equity Partners' sixth fund since it was founded in 1990. Providence Equity Partners now manages approximately $21 billion in total equity commitments.

Providence Equity Partners Inc. is a leading global private investment firm specializing in equity investments in media, entertainment, communications and information companies. Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.

The Debevoise team was led by partner Michael P. Harrell and associate Jordan C. Murray. Other members of the team included tax partner Adele M. Karig and associates Rafael Kariyev, Jennifer Norman and Andrew M. Ahern.

02-22-2007

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Womble Carlyle Sandridge & Rice, PLLC

Former Maryland Governor Robert Ehrlich Jr. and His Team Join Womble Carlyle
Womble Carlyle Sandridge & Rice, PLLC, today announced that former Maryland Governor Robert L. Ehrlich Jr., and a group of his top advisers are joining the firm. The former Governor will anchor a new Maryland office for Womble Carlyle, along with David B. Hamilton, a longtime associate of his and a senior litigation partner at Baltimore’s Ober, Kaler, Grimes & Shriver. Both Ehrlich and Hamilton will join Womble Carlyle as members.

Ehrlich will be the second governor of a key mid-Atlantic state to join Womble Carlyle. James B. Hunt Jr., a four-term Democratic governor of North Carolina, is a Raleigh, N.C.-based member.

"I am thrilled to join the high-caliber team at Womble Carlyle Sandridge & Rice," said Governor Ehrlich, a Republican. “The talent, commitment, and enthusiasm at all levels of the Womble team are nothing short of outstanding. I look forward to partnering with Governor Hunt and the entire Womble team to provide our clients the loyalty, dependability, tenacity, and vigilance they deserve."

Coming with Ehrlich and Hamilton will be five people who served the Governor as senior policy advisers during his four-year term in Annapolis and his prior years as a member of Congress. They are Edward Miller and J.P. Scholtes, who will join Womble Carlyle as associates, and Paul Schurick, Greg Massoni, and Henry Fawell, who will join the firm as professional staff members. Schurick will be a senior communications consultant, and Massoni and Fawell will be communications consultants.

"This is an outstanding team of extremely talented individuals," said Keith Vaughan, the firm’s managing member. "They bring significant knowledge and experience in a variety of disciplines of importance to business clients. Perhaps most importantly, they are committed to seeking innovative approaches that help businesses succeed, and they have a strong history of doing just that."

The new office, Womble Carlyle’s eleventh, will open on Feb. 26, 2007, at 1302 Concourse Drive in Linthicum, Md., in the Baltimore area and adjacent to Baltimore-Washington International Thurgood Marshall Airport.

As Governor, Ehrlich served as chief executive officer of a $29 billion state government with 80,000 executive branch employees. Governor Ehrlich rose through the Maryland General Assembly and U.S. Congress to be elected Maryland’s first Republican Governor in 36 years in 2002. His tenure as Governor was marked by impressive economic gains, improved student performance in Maryland’s public schools, and a dramatic turnaround of the State’s fiscal health. He also placed renewed emphasis on biotechnology, research and development, transportation, international business recruiting, environmental reform and military base realignment.

Before his election to the governorship, Ehrlich represented the Baltimore suburbs in the U.S. House of Representatives from 1995 to 2003. In Congress, he served on the House Majority Whip Team, co-chaired the House Biotechnology Caucus, and served on the influential Energy & Commerce Committee, where he shaped national policy on health care, telecommunications, and energy. Ehrlich also served in the Maryland General Assembly from 1986 to 1995, where he served on the House Judiciary Committee. Prior to serving in public office, he practiced civil litigation for eleven years at the Ober Kaler firm.

The following are brief biographical sketches of the other people who are joining Womble Carlyle.

David B. Hamilton, Esq. has more than 22 years of experience in complex civil litigation in the banking, health care and technology industries at Ober Kaler. His portfolio included multidistrict litigation, class action defense, and business competition defense in a variety of industries. Hamilton chaired Ober Kaler’s Government Relations Practice, directing the firm's contacts with local and state governments and its related legal work. He also co-chaired the firm’s Litigation Practice. Hamilton was named as one of Maryland's Superlawyers for 2007.

Paul E. Schurick offers more than 25 years of governmental, political, and communications experience, having served as a senior adviser to governors on both sides of the aisle. Schurick most recently served as Director of Communications & Strategic Planning for Governor Ehrlich. Schurick also served as Press Secretary and later Chief of Staff to former Maryland Governor William Donald Schaefer (D).

Gregory H.N. Massoni brings more than 25 years of television and communications experience to Womble. Massoni served as Deputy Director of Communications/Press Secretary to Governor Ehrlich. Previously, he was an Emmy Award-winning producer and director for several television stations, including WJLA-TV in Washington, D.C., and WBFF and WMAR-TV in Baltimore.

J.P. Scholtes, Esq. most recently served as Deputy Counsel to Governor Ehrlich. Scholtes advised the Governor on an array of legal matters, including executive privilege, judicial appointments, and public ethics laws. Scholtes also served as Senior Legislative Assistant to then-Congressman Ehrlich, advising the Congressman on energy, telecommunications, and financial services issues. Scholtes graduated magna cum laude from the Catholic University Columbus School of Law.

Edward B. Miller, Esq. served as Deputy Chief of Staff to Governor Ehrlich, playing a central role in policy development for business and economic affairs, transportation, development, and the environment. He previously served as a corporate attorney with a large Wall Street law firm, where he represented private equity firms, public corporations, financial institutions, and non-profit corporations in connection with mergers and acquisitions, securities and banking transactions. Miller, who earned his law degree from the University of Virginia, also gained in-depth public opinion experience working for two Washington, D.C.-based polling firms.

Henry P. Fawell was most recently Press Secretary to Governor Ehrlich, serving as lead spokesman and regularly conducting on-the-record interviews with print and electronic media. Fawell advised the Governor, his senior staff, and 19 executive departments on policy and strategic communications. Fawell also served as Press Secretary and Legislative Assistant to then-Congressman Ehrlich on Capitol Hill, advising the Congressman on education and tax policy before Congress.

02-22-2007

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Willkie, Farr & Gallagher, LLP

Firm Advises Blackstone Group in Central Parking’s $725.5 Million Deal to Go Private
Central Parking Corporation announced that it has entered into a $725.5 million agreement and plan of merger with KCPC Holdings, Inc., a company formed by affiliates of Kohlberg & Company, LLC, Lubert-Adler, L.P., and Chrysalis Capital Partners, L.P. Willkie advised The Blackstone Group L.P., which assisted Central Parking in evaluating strategic alternatives, including the sale. Under the terms of the merger agreement, Central Parking's shareholders will receive $22.53 per share in cash. Based in Nashville, TN, Central Parking operates more than 3,100 parking facilities containing approximately 1.5 million spaces at locations in 37 states, the District of Columbia, Canada, Puerto Rico, Chile, Colombia, Peru, the United Kingdom, the Republic of Ireland, Spain, Greece, Italy and Switzerland. Blackstone Group was represented by partner David Boston and associate Robert Langdon.

02-22-2007

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Willkie, Farr & Gallagher, LLP

Donald Elliott Chairs Separation of Powers Exchange Between U.S. Supreme Court and Judges of European Court of Justice
E. Donald Elliott chaired a discussion between U.S. Supreme Court Justices and Judges of the European Court of Justice, the highest court of the European Union. Eight Justices of the U.S. Supreme Court and eight Judges of the European Court of Justice participated in the exchange, which was organized by SMU Law School and held at the Supreme Court in Washington. Mr. Elliott stated, "It was fascinating to hear how similar the thought processes and issues are for Justices of the U.S. Supreme Court and Judges of the ECJ, despite the many differences between our two systems.” In addition to leading Willkie's Environment, health and Safety Department, Mr. Elliott is an adjunct professor at Yale and Georgetown Law Schools and has written extensively on administrative law and separation of powers issues.

02-22-2007

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White & Case, LLP

Renmin University Wins Chinese Jessup Competition
A team of students from Renmin University has won the Chinese national championships of the Philip C. Jessup International Law Moot Court Competition after defeating the rival team from Xiamen University. China Foreign Affairs University took third place.

Sponsored by White & Case, Fangda Partners, Lovells and the Wang Family Foundation, the Chinese national championship was held at Shenzhen University on February 6th to 9th, 2007 and attracted more teams across China than ever before, with 26 universities competing. Teams from the top three universities will compete in the worldwide Jessup Competition in Washington, DC on March 25th to 31st, 2007. The top three winning oralists, Mr. Xiao Xiao Zhou (Peking University), Ms. Bin Xin Zhang (Renmin University) and Ms. Wei Li (China Foreign Affairs University) will also be offered the opportunity to gain valuable experience of working in White & Case through internships.

The Philip C. Jessup International Law Moot Court Competition (the "Jessup") is an international law advocacy competition in which teams of law students present oral and written pleadings before a simulated International Court of Justice. Now in its fifth year, the Chinese championship is organized by Dr. Wenqi Zhu, professor of law at Beijing Renmin University, and judged by a panel of volunteers with expertise in international law. White & Case recently announced a four-year sponsorship of the International Law Students Association (ILSA) making the Firm a Global Partner of the Philip C. Jessup International Law Moot Court Competition.

"All 'Jessup mooters' are students who have dedicated their own time and expertise outside of their law school curriculum to take part in the competition", says Hugh Verrier, a White & Case partner who represents Asia on the Firm's management board. "Indeed, the Jessup promotes and rewards the qualities that White & Case considers important in our lawyers – a pride in one's institution; individual excellence, and the desire to always be improving one's self; the love of the law; the ability to work in a team; and an international perspective in life and in work. We are very proud and honored that White & Case is the Global Sponsor of the Jessup."

The Jessup Competition was founded in 1959 and is administered around the world by the ILSA. The Jessup is the most prestigious international law moot court competition in the world. The Jessup is also the largest moot court competition of any kind; more than 1,500 students from more than 300 law schools participate every year. The world champions of recent years have illustrated the competition's global reach, with winners from Singapore, Australia and India. This year, all participating teams debated the problem of "The Republic of Adaria versus the Republic of Bobbia, the Kingdom of Cazalia, the Commonwealth of Dingoth, the State of Ephraim, and the Kingdom of Finbar in the case concerning the Rotian Union."

The Problem
The 2007 Jessup Problem raises issues of State membership in international organizations. It discusses principles surrounding an international organization's responsibilities to non-member States and the rights and responsibilities of Member States vis-a-vis non-Member States. It also raises questions concerning the appropriate mechanism for resolution of disputes between international organizations and non-Member States.

02-22-2007

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