Law Firm News

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Law Firm News

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Fried, Frank, Harris, Shriver & Jacobson, L.L.P.

Fried Frank Opens Offices in Hong Kong
Fried, Frank, Harris, Shriver & Jacobson LLP announced today the launch of its office in Hong Kong, in association with local Hong Kong law firm Huen Wong & Co. Fried Frank’s office in Hong Kong will provide clients with access to the firm’s US, European and international expertise in M&A, private equity, capital markets, finance, real estate and litigation, working in combination with Huen Wong & Co.’s M&A, capital markets, real estate and litigation practices.

The firm is also pleased to announce that Huen Wong, Michael M. Hickman, Raymond Kwok, Victoria Lloyd, and Liang Tsui have joined Fried Frank as partners, and that Stephen Mok, Philip T. Nunn, Joseph Lee and Gilbert Ho will be joining as partners in early 2007.

“Asia is very important for the firm’s international growth plans and Fried Frank’s strength and depth of expertise across a range of practices will provide a strong platform in the region,” said Valerie Ford Jacob, Fried Frank’s Chairperson.

“Fried Frank is very effective at combining well-configured international expertise together with local law capability. The addition of this team, with strong relationships in China, provides us with an opportunity to capitalize on the growing demands from our existing clients as well as forge new relationships throughout Asia,” said Justin Spendlove, the firm’s Managing Partner.

“I am looking forward to working with Fried Frank, a market leader both in the US and Europe. As someone who has observed Fried Frank’s impressive growth in the international arena over the past several years, I am pleased to partner with a firm with such momentum behind it. I am excited by the prospect of extending that leadership position to Hong Kong as well as throughout Asia,” said Huen Wong.

Fried Frank has had an international presence since 1970 when it became one of the first US firms to open an office in London. Over the past 18 months Fried Frank has doubled the size of its European practice in London, Paris and Frankfurt. With the addition of the new lawyers in Asia, Fried Frank will have approximately 120 lawyers in its offices outside of the US. In 2006, the firm advised on some of the most noteworthy matters of the year including the $67 billion ATT/BellSouth merger, the largest M&A transaction of 2006; the largest restructuring in France this year, advising Silver Point on its acquisition of CF Gomma Barre Thomas; and the formation of the largest European private equity fund, Permira IV.

12-12-2006

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Freshfields Bruckhaus Deringer

Polestar completes the critical phase of its restructuring
Polestar, Europe's leading independent printing group, has completed the critical phase of its financial and corporate restructuring. All told, the balance sheet has been de-levered by over £700m. The senior lenders have unanimously agreed to convert a significant proportion of their debt into equity, and will also be providing the restructured group with a £15m new money revolving credit facility and a £50m new money mezzanine facility.

A precedent-setting restructuring of the group's final salary pension scheme, which had a FRS17 funding deficit estimated to be £126m, has also been achieved, by transferring the scheme with its liabilities to a funded new company, separate from the restructured group. Working with The Pensions Regulator, this is good news for the scheme pensioners and members.

Freshfields Bruckhaus Deringer advised the steering committee of the senior lenders, which consists of JPMorgan Chase Bank, N.A, Deutsche Bank AG London, The Royal Bank of Scotland plc and BlueBay Asset Management plc.

Freshfields finance partner Richard Tett said: 'This is great news for the business, the employees and the pension scheme members. The deal involved innovative legal technology both on a restructuring and a pensions front. Together they achieved a successful restructuring without interruption to the Group's business, the loss of any of its 5,500 strong workforce, and with the unanimous support of its senior lenders.'

The Freshfields finance team was led by partners Chris Howard and Richard Tett, assisted by finance associates, Diane Richardson, Ben Jones and Ryan Beckwith. The team also included corporate partner Frank Miller, corporate associate Tim Wilmot and Charles Magoffin, senior associate in the employment, pensions and benefits group.

12-12-2006

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Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer advises Nintendo on product development and introduction of new Wii console
Freshfields Bruckhaus Deringer has advised Nintendo on the product development and worldwide introduction of the Wii console. The team, led by Frankfurt IP/IT partner Stefan Krüger, advised the Japanese company in particular on regulatory aspects, data protection, e-commerce, copyright law, contract law and the protection of young people online.

In addition to the hardware itself, the new Nintendo console includes a 'virtual console' that accesses an online network built by Nintendo. The user can download internet games, news and photos, as well as new games and old games from previous Nintendo consoles.

Freshfields Bruckhaus Deringer has advised Nintendo for several years on data protection, branding issues, e-commerce and the legal issues regarding the development and sale of video games.

As well as Stefan Krüger, the Freshfields Bruckhaus Deringer team comprised associates Manuela Finger, Manuel Biehler and Birte Fehling (all of the Frankfurt IP/IT practice).

12-12-2006

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Curtis, Mallet-Prevost, Colt & Mosle, LLP

Curtis client Access completed a sale of its 25% + 1 share stake in Svyazinvest, the Russian national telephone company, to OAO Comstar United Telesystems (“Comstar”) in the largest Russian transaction of the year
Curtis client Access completed a sale of its 25% + 1 share stake in Svyazinvest, the Russian national telephone company, to OAO Comstar United Telesystems (“Comstar”) in the largest Russian transaction of the year. As part of the same transaction, Access acquired the right to purchase 11% of the shares of Comstar, a Russian company that did an IPO in February of this year. Access purchased the Svyazinvest stake in 2004 from the Soros group in a transaction handled by Evan Borenstein and Jeff Ostrager.

The Curtis team who handled the transaction was led by William Bricker and included Evan Borenstein, Eileen Matthews, Jeff Ostrager, Doug Glazer, Ed Cukier, Olga Beloded, Valarie Hing and Tom Mackay.

12-12-2006

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Cravath, Swaine & Moore, LLP

NYC BAR JUDICIAL SELECTION TASK FORCE, CHAIRED BY BOB JOFFE, ISSUES REPORT
The New York City Bar Association Judicial Selection Task Force has issued a report recommending that judges be selected by commission-based appointments rather than elections. The report also recommends interim legislation to render the Supreme Court judicial convention system constitutional and improve the methods used to select judicial candidates, rather than permitting nomination of Supreme Court justices by direct primary.

Cravath Presiding Partner Robert D. Joffe Chaired the Task Force, and Litigation Associate Niki Kerameus served as its Secretary. The Task Force was created to study judicial selection reform proposals following the decision by Judge John Gleeson that found the current judicial convention process for selecting New York Supreme Court Justices unconstitutional.

12-12-2006

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Cleary, Gottlieb, Steen & Hamilton, L.L.P.

ENI Obtains Record Fine Annulment
Cleary Gottlieb represented ENI S.p.A., one of the world’s largest energy companies, in a successful appeal which lead to the annulment of the highest antitrust fine ever issued in Italy (and one of the highest ever in Europe).

The Italian Antitrust Authority had fined ENI € 290 million for an alleged exclusionary abuse in the management of the TTPC pipeline, carrying natural gas from Algeria to Italy. However, upholding ENI’s claim, the Regional Administrative Court in Rome annulled the fine. The reasons for the decision will be published at a later date.

12-12-2006

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Clark, Thomas & Winters,, P.C.

State & Local Tax Issues Affecting Business
The State and Local Taxation practice group of Clark, Thomas & Winters has published a report analyzing major changes to the Texas Franchise Tax. The report covers the Margin Tax which expands the types of businesses subject to the revised Franchise Tax. Many businesses previously exempt from the Texas Franchise Tax are now subject to the new Margin Tax.

To see a copy of the report, click on the following highlighted link: THE CTW TAX REPORT: State and Local Tax Issues Affecting Business.

12-12-2006

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