Law Firm News

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Law Firm News

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Baker & McKenzie, L.L.P.

Baker & McKenzie Advises on the First-Ever Credit Card Securitisation in Russia
Baker & McKenzie, the global law firm, has announced today that it has advised Home Credit and Finance Bank LLC (HCFB) on the first-ever Russian securitisation of credit card receivables (revolving card loans) originated by HCFB. The securitisation transaction was arranged by ABN AMRO and UniCredit (HVB) and closed on August 23, 2007. Moody’s Investors Service assigned a senior notes rating of Baa2.

The transaction is structured to take advantage of master trust technology which will enable the issuance of future notes through the same structure. It will also allow the issuance of future series with different structural characteristics through new issuer vehicles. The transaction uses a sophisticated sale mechanic to sell credit card receivables generated under credit card agreements entered into with HCFB’s customers. The “true sale” of credit card receivables is structured under Russian law and allows HCFB to add new credit card receivables into the securitisation structure.

The securitisation is arranged to finance a total amount of over RUR11.5 billion (app. USD450 million) of the bank’s assets at a competitive rate with the initial funding provided though a warehouse facility.

“After completing the first ever Russian law ‘true sale’ securitisation in Russia, HCFB is able to tap the market with this innovative transaction. This is a very important transaction for the Russian market which securitises a new asset class – credit card receivables. The structure is complex and innovative for the Russian and international capital markets and it provides a flexible platform to HCFB for future issuances, in order to support a dynamic and growing credit card business. This transaction will open the doors to other Russian originators of credit card receivables, which is a fast growing asset class in Russia,” comments Vladimir Dragunov, partner and Head of Russian Securitisation and Structured Finance Practice at Baker & McKenzie.

Advice on securitisation and structured finance was provided by an international team led by Vladimir Dragunov, a Partner in the Firm’s Moscow office and Rebecca Ford, a Partner in the Firm’s London office.

08-28-2007

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Baker & Hostetler, L.L.P.

Workman Addresses American Bankruptcy Institute
Partner Donald Workman, who is head of Baker Hostetler's Bankruptcy & Creditors' Rights practice for the Washington, D.C., office, was invited to be a panelist by the American Bankruptcy Institute, the premier organization of bankruptcy professionals, at its recent program, "China's New Enterprise Bankruptcy Law—Will the World's Largest Nation Become the Next Big Restructuring Playground?"

The panel discussed China's transition to a modern market-based economy, which comes closer to reality with the implementation of China's new bankruptcy law. The new law promises to protect creditors and investors in a single, unified insolvency regime. All companies in China—whether state-owned, private or foreign—will follow the new rules for reorganization, conciliation and liquidation.

The panelists analyzed the essential elements of the new law, which will certainly have a profound effect on doing business in the (soon-to-be) world's largest exporter. On the panel with Workman were: Dr. Jingxia Shi (Prof. of Law, China Univ. of International Business and Economics); Yong (James) Wang (Kirkland & Ellis, LLP; New York, NY); and George M. Kelakos, moderator (Crystal Capital Fund, LLP; Stamford, CT).

08-28-2007

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Simpson, Thacher & Bartlett, LLP

Joyce Xu to Co-Chair and Speak at the American Conference Institute's Equity Derivatives Boot Camp
Corporate Counsel Joyce Xu will be co-chairing the American Conference Institute's Equity Derivatives Boot Camp at the Flatotel in New York City, September 26-27, 2007. At this conference representatives from industry leaders, including Goldman Sachs, Merrill Lynch, JPMorgan Chase Bank N.A., Morgan Stanley, Citigroup Inc., HSBC, BNP Paribas, Lehman Brothers, Societe Generale and Ernst & Young LLP as well as leading practitioners will discuss business and legal issues raised by various equity derivatives products. Ms. Xu will discuss legal issues raised by issuer call spreads.

08-28-2007

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Nelson Mullins Riley & Scarborough LLP

Corporate Attorney Joins Nelson Mullins in Washington
An experienced corporate and transactions attorney has joined Nelson Mullins Riley & Scarborough LLP in its Washington office. Hilary B. Weckstein joins the Firm as an associate and will focus on general corporate representation, including representing public and private companies in mergers and acquisitions, capital raising, and other financing transactions.

Ms. Weckstein also has experience in assisting public companies in their securities law reporting obligations. She also assists in bank debit card and credit card company representation along with bank regulatory and health care transactional issues.

Ms. Weckstein is admitted to practice in the District of Columbia, the State of New York, and the State of New Jersey. She is a member of the Business Law Section of the New York State Bar Association and a member of the American Health Lawyers Association.

Before joining Nelson Mullins, Ms. Weckstein was with another Washington law firm where she focused on middle market corporate transactions (M&A, venture capital, private equity, investment fund formation, and lending transactions) concentrated in the health care industry.

Ms. Weckstein earned her Juris Doctor from the College of William & Mary Marshall-Wythe School of Law in 2005 where she served as an articles editor for the William & Mary Bill of Rights Journal. Ms. Weckstein earned her Bachelor of Arts degree, cum laude, in 2002 from Columbia University.

Ms. Weckstein is conversational in Spanish

08-28-2007

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Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P.

Geary Named Chair of the ABA's Life Insurance Law Committee
Jones Walker partner Cove Geary has been named Chair of the Life Insurance Law Committee of the American Bar Association’s Section on Tort Trial and Insurance Practice. The committee brings together attorneys practicing in issues related to the life insurance industry to exchange ideas, enhance their education, and network in a collegial atmosphere.

Geary serves as co-chair of Jones Walker’s Insurance, Banking & Financial Services Industry Group, and his practice includes insurance coverage
litigation and representation of life, health, and disability insurers and ERISA plans in individual cases and class actions

08-28-2007

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Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P.

Mauldin elected Chair of the Board of Trustees of the Rotary Club of Baton Rouge, Inc. Foundation
Jones Walker Tax & Estates partner Mick Mauldin was recently named the Chair of the Board of Trustees of the Rotary Club of Baton Rouge, Inc. Foundation. Mick has been involved with the Rotary Club of Baton Rouge for 8 years. Established to provide a vehicle to support charitable endeavors throughout the Baton Rouge community, the Foundation has provided more than 170 grants and scholarships to a wide variety of worthy causes. The total gifts disbursed to date by the foundation totals over $689,900.

08-28-2007

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Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P.

Charles Landry Speaks at "New Directions for Louisiana" Summit
Jones Walker attorney Charles Landry recently spoke at the Center for Planning Excellence's seminar titled, "New Directions for Louisiana: A summit on smart growth in Louisiana," which took place August 21–22, 2007, and featured speakers such as Senator Mary Landrieu and Congressman Richard Baker. Over 450 people attended the seminar, including members of the Louisiana congressional delegation, mayors from across the state, and community leaders. Mr. Landry spoke August 22 in a moderated session on Traditional Neighborhood Developments along with Steve Oubre of Architects Southwest. The Center for Planning Excellence is a non-profit organization that coordinates urban and rural planning efforts in South Louisiana.

08-28-2007

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