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Vulture Fund' Ruling Sets Precedent for Third World Debt - Zambian Government 'entirely vindicated' in crucial legal victory
The English Commercial Court in London has today delivered a detailed attack on a US-backed 'vulture fund' - Donegal International Limited - in a judgment that will have widespread repercussions for debt in the Third World.

The Government of Zambia is the first to have fought back against the practices of so-called 'vulture funds', which buy up the debt of nations cheaply before suing that country for the full value of the debt plus interest.

The case related to attempts by Donegal to enforce a claim against Zambia for US$55 million in respect of a of distressed Zambian sovereign debt which Donegal bought from Romania eight years ago for just US$3.2 million.

The key payment terms of the agreement between Donegal and Zambia which Donegal was suing on were struck out as penal, thus drastically reducing the initial liability of US$55 million. The final sum to be paid will be determined following further hearings.

The English proceedings were brought by Donegal against Zambia to enforce a Settlement Agreement.

In handing down his judgment Mr Justice Andrew Smith found that:

* Michael Sheehan of Donegal had lied to or misled the courts of three different jurisdictions in relation to the debt - England, the US and the BVI;
* Sheehan and his 'consultants' were dishonest and thoroughly unreliable; and
Donegal's injunction over Zambia's assets (secured in Zambia's absence) should be discharged because of the misleading nature of the evidence with which it was secured.

Janet Legrand, the Partner at DLA Piper acting for the Republic of Zambia, commented: "This judgment is fantastic news for both the Government of Zambia and its people. The actions of the current government in contesting Donegal's claim have been entirely vindicated and mark a significant milestone in the efforts of that administration to fight corruption and maintain a stable economic course.
"Other countries in the region who have similarly fallen prey to the vultures should be encouraged that the Courts will not accept cynical practices, which frustrate and undermine efforts of all those involved in seeking to restructure debt for the benefit of the world's poorest individuals."

It emerged from the judgment that Donegal had bought the debt from behind the backs of representatives of the Zambian Government, who had been negotiating the buy back of the debt from Romania in December 1998 for US$3.6 million.

02-20-2007

Miller Canfield Announces New CEO
The law firm Miller, Canfield, Paddock and Stone, P.L.C announces that attorney Michael W. Hartmann has been named Chief Executive Officer. Hartmann, a principal and commercial litigator in the Detroit office, joined the firm in 1975 and has been Chair of the Managing Directors, the firm’s management board, for the past three years.

“Globalization is changing the practice of law and creating new opportunities and challenges for our clients. Our success depends on our ability to promptly solve our clients’ legal problems in a cost-effective manner in this ever-changing world. I am excited and honored to take on this important role,” said Hartmann.

Hartmann replaces Thomas W. Linn who steps down after serving eight years as CEO and 12 years as a Managing Director. Linn, as Chairman Emeritus, will resume his practice and help implement expansion initiatives for the firm. He led the firm during a period of growth and success including the successful merger with Windsor’s largest law firm in 2002, and oversaw expansion in Eastern Europe, making Miller Canfield the only Michigan-based law firm with offices in Canada and Poland.

02-20-2007

Adams Elected as President of the Arizona Board of Charter Schools
Lewis and Roca is pleased to announce that Lynne Adams, a Partner with the firm’s Phoenix office, has been elected as the President of the Arizona State Board for Charter Schools. Adams has served on the Board since 2004.

Adams is a partner in the firm’s Commercial Litigation Practice Group and focuses her practice on complex litigation matters, school law and Arizona’s Open Meeting Law. Prior to joining Lewis and Roca, Adams served as Chief Counsel of the Education and Health Section of the Arizona Attorney General’s Office. In that capacity, she oversaw all aspects of the Education and Health Units, including litigation, appeals, licensing, and enforcement matters. In addition, Adams represented the State of Arizona in several cases addressing the State’s constitutional obligations related to education.

Adams received her J.D. from Columbia University School of Law (1987) and her B.A. from Brigham Young University (1984).

02-20-2007

Blake Shepard Jr. Receives Hennepin County Bar Association's 2007 Pro Bono Publico Award for Excellence by a Private Sector Attorney
Blake Shepard, Jr., Shareholder, was selected by the Hennepin County Bar Association as the recipient of the Pro Bono Publico Award for Excellence by a Private Sector Attorney. Shepard is the chair of the Products Liability and Tort Litigation practice group.

Shepard was honored for his dedication to the expansion of Leonard, Street and Deinard’s pro bono representation of disabled clients in Social Security-related cases. Under his leadership, the number of Social Security pro bono cases handled by Leonard, Street and Deinard attorneys per year has risen from six to 24. He was also instrumental in developing a resource manual and providing training opportunities for Leonard, Street and Deinard attorneys providing pro bono legal services in Social Security-related matters.

“It’s a very prestigious award and Blake is a very deserving recipient,” said Theresa Hughes, Leonard, Street and Deinard pro bono director. “In the last four years, the number of Social Security Insurance/Social Security Disability Insurance cases handled by the firm’s attorneys each year has grown from six to more than 20. The majority of these matters were supervised by Blake.

02-20-2007

Environmental Law ALERT
As demand for renewable fuels continues to expand, ethanol producers are moving fast to build and, in some cases, expand production facilities. However, in certain situations, plant expansions put ethanol producers at risk of losing their air emissions permits and being out of business until they are re-permitted.

Clean Air Act Requirements. Under the Clean Air Act, a "major" source of emissions is required to undergo rigorous pre-construction review and to install state-of-the-art technology to control emissions. These requirements emanate from one of two Clean Air Act programs, New Source Review (NSR) or Prevention of Significant Deterioration (PSD), depending on whether the source is in an area attaining the National Ambient Air Quality Standards. Currently, an ethanol plant that has a potential to emit more than 100 tons per year of a criteria pollutant is considered to be a major source. However, NSR and PSD are not triggered by construction of minor sources.

Expansion Plans Can Violate Existing Permits. A potentially serious problem can arise for ethanol plants that expand shortly after they are built. The problem exists for facilities built as "minor" sources and those that agree to be "synthetic minors" through permit limitations. Subsequent expansion of these plants will generally cause a plant to become a major source, but unless the expansion itself increases emissions of a criteria pollutant by more than 100 tons per year, the result will be a major source that was not subject to major-source review.

Sham Permitting Can Result in Loss of Air Permit. The U.S. Environmental Protection Agency and state regulators will respond by investigating whether there has been intentional circumvention of the regulations, or sham permitting. The investigation will typically focus on (a) how much time passed between initial permit application and application to expand, and (b) statements made by plant owners—such as to banks and stockholders—about the plant's expected level of operation. If the regulator can show that a plant always intended to operate at major-source levels, the minor-source permit will be voided as a sham permit.

While any emitting source can be subject to investigation for sham permitting, today's booming ethanol market makes this industry particularly susceptible. Ethanol plant owners, developers and contractors should be aware of this risk and the scrutiny being given to this industry by state and federal regulators.

02-20-2007

CLEAR Commission Submits Criminal Code Reforms to Illinois General Assembly
A blue-ribbon commission that includes Jenner & Block Partner Terri L. Mascherin recently helped craft new legislation for the Illinois General Assembly that aims to streamline the Illinois Criminal Code and allow for more clear and efficient guidelines for courts handling criminal law matters.

Since its last comprehensive overhaul in 1961, the Code has received harsh criticism by defendants, practitioners, and judges, who have expressed concerns about its complexity and perceived inconsistent treatment of issues. The Criminal Law Edit, Alignment and Reform (CLEAR) Commission was formed two years ago by staff at Chicago Metropolis 2020, a business-based civic organization, to examine ways to address these concerns, which Ms. Mascherin says, “Lead to inconsistent and illogical results.”

"Our Criminal Code is a mishmash," Sen. Kirk Dillard, R-Hinsdale, co-sponsor of the proposed legislation, in a statement released by the commission.

According to Sen. Dillard, "This carefully crafted revision will reorganize and shorten the Code without changing the original intent of the legislature. After going over every sentence, word and comma in the Code, this diverse group of experienced judges, prosecutors, police officers and public defenders has reached consensus on how it can be streamlined and made easier for everyone to understand."

Ms. Mascherin brought to the commission her significant experience as a defense attorney, including successfully challenging death sentences imposed on two men on Illinois’ death row and defending challenges to the clemency orders issued by former Illinois Governor George Ryan. She is past Chair of the Steering Committee of the American Bar Association’s Death Penalty Representation Project. For her work in death penalty cases, Ms. Mascherin received the 2004 Cunningham Carey Award from the Illinois Coalition to Abolish the Death Penalty for her work to promote effective representation of defendants in capital cases.

In addition to Ms. Mascherin, the proposed legislation is the product of collaboration amongst some of Illinois’ most prominent prosecutors, defense attorneys, state legislators, judges, law enforcement officers, and public officials, including Attorney General Lisa Madigan. Justice Gino DiVito and former Illinois Governor James R. Thompson serve as Co-Chairs of the CLEAR Commission.

The Illinois General Assembly will vote on the revisions proposed by the CLEAR Commission later this Spring.

02-20-2007

Steege Joins Discussion at the University of Chicago Graduate School of Business Sixth Annual Private Equity Conference
Jenner & Block Partner Catherine L. Steege recently moderated a panel which explored the challenges caused by untested capital structures and non-traditional lenders at the sixth annual University of Chicago Graduate School of Business Beecken Petty O’Keefe & Company Private Equity Conference. More than 325 members of the Private Equity community, alumni and University of Chicago Graduate School of Business students attended the conference. Jenner & Block was also a Platinum sponsor of the event.

Ms. Steege, a member of the Firm’s Bankruptcy, Workout and Corporate Reorganization Practice, identified three mains areas of focus for the discussion which included; the influence of hedge funds; issues arising from the growth of second lien financing and the influx of claims; and the ways in which restructuring transactions and bankruptcy are changing and how debtors, investors and creditors are dealing with these issues.

Other topics of discussion included the changes in the market as capital becomes less available, claims trading, due diligence methodology, and the impact of such changes on unsecured creditors, among other things. The speakers also answered questions and provided advice to the graduate students on how to succeed in each of their industries.

Panelists included Andrew Tumbull, Director, Houlihan Lokey Howard & Zukin; Sara Lipsomb, Principal and Founder of Sara D. Lipscomb Consulting; Lewis Schoenwetter, Managing Director, H.I.G. Capital; and Josh Davis, Director, Laminar Direct Capital.

02-20-2007

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