Law Firm News

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Law Firm News

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Mayer Brown LLP

Mayer, Brown, Rowe & Maw is awarded a European Commission Contract on REACH
Mayer, Brown, Rowe & Maw LLP's Brussels office is proud to have been awarded an important contract by the European Commission to develop guidelines on data sharing/consortium building and management in the framework of the future EU chemical legislation (REACH).

The future REACH Regulation will organize the Registration, Evaluation and Authorization of most chemicals in commerce and will also have a serious impact on trade in all products formulated or manufactured with these chemicals. It is likely to be effective by mid 2007.

The contract awarded to the firm is one of the REACH Implementation Projects (RIP 3.4). It consists of drafting detailed process description, addressing hurdles to data sharing, and developing industry guidelines on cost sharing, participation in the REACH Substance Information Exchange Forum (SIEF), consortium forming and management, and opt out from joint Registration.

The contract has been awarded to a consortium led by Mayer, Brown, Rowe & Maw in partnership with:
1. the European Chemical Industry Council (CEFIC);
2. the European Non-Ferrous Metals Industry Association (EUROMETAUX); and
3. the European Soap and Detergent Industry Association (AISE).

Also associated to (and consulted on) this project are:
1. The European Association of European Distributors (FECC);
2. The American Chemistry Council (ACC);
3. The Japanese Chemical Industry Association (JCIA);
4. The US Soap and Detergent Industry Association (SDA); and
5. The Chambers of Mines of South Africa.

11-23-2006

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Rutan & Tucker, LLP

Rutan & Tucker signs 12-year lease extension in Costa Mesa
Rutan & Tucker LLP, California’s largest full-service law firm based in Orange County, has signed an agreement with Maguire Properties to extend the firm’s lease on 100,000 square feet in the Pacific Arts Plaza Tower 2 and to add 12,000 square feet to accommodate the firm’s growth. The new lease extends through 2021. Terms of the agreement were not disclosed.

“Signing the new lease culminates nearly a year of negotiations and our careful consideration of a number of alternative locations in Orange County,“ said Mike Hornak, the firm’s managing partner. “We are pleased to remain in Costa Mesa where we have been headquartered for 25 years, and pleased with the significant improvements McGuire Properties is making to the Pacific Arts Plaza.”

In February 2007, the firm will begin building out the added space and making improvements to existing space including updating technology in conference and meeting spaces and reconfiguring portions of the existing floor plan. As part of the agreement, Maguire Properties has planned extensive improvements to the building, including remodeling the first floor lobby, updating the elevator with state-of-the-art systems, and upgrading the landscaping – both hardscape and softscape – of the surrounding area. The centerpiece 1.6-acre “California Scenario” garden collection of sculptures and plantings designed by Isamu Noguchi will remain unchanged.

Designed by Albert C. Martin & Associates, the Pacific Plaza Arts building is located at 611 Anton Blvd. in the county’s center of business as well as culture and entertainment amenities.

11-22-2006

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Davis Polk & Wardwell

Bombardier High-Yield Debt Offering
Davis Polk & Wardwell advised Deutsche Bank Securities Inc., J.P. Morgan Securities Ltd. and BNP Paribas Corp. as representatives of the initial purchasers in connection with the offering by Bombardier Inc. of €1.9 billion principal amount of notes, consisting of €800 million aggregate principal amount of floating rate senior notes due 2013, US$385 million aggregate principal amount of 8% senior notes due 2014 and €800 million aggregate principal amount of 7¼% senior notes due 2016. The proceeds of this offering were used by Bombardier Inc. to purchase approximately €450 million aggregate principal amount of outstanding notes pursuant to a simultaneous tender offer.

Based in Montreal, Canada, Bombardier Inc. is a manufacturer of innovative transport solutions, including regional aircraft, business jets and rail transportation equipment. Bombardier is the third-largest manufacturer of commercial aircraft in the world and has held the number one global market position in the rail equipment and servicing industry since 2003, based on worldwide orders in markets accessible to open bid competition.

The Davis Polk corporate team included partners Richard A. Drucker and Richard D. Truesdell, Jr., associates Jeffrey Pohlman and Gene Oh Kim and law clerk Christopher J. Kodama. Partner Mario J. Verdolini and associate Nora Newton Muller provided tax advice. Partner Gail A. Flesher and associate Marie-Christine Eldridge provided environmental advice. Elizabeth Rollings was the legal assistant for the transaction. All members of the Davis Polk team work in the New York office.

11-22-2006

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Schwartz, Cooper, Greenberger & Krauss, Chtd.

Chicago Daily Law Bulletin
The Chicago Daily Law Bulletin reported that Schwartz Cooper advised LaSalle Bank National Association in connection with a $106 million syndicated senior loan facility and a $9 million mezzanine loan facility that will be used by a consortium of banks to develop the office tower at Chicago's Block 37, located at 22 W. Washington St.

11-22-2006

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Brown, Raysman, Millstein, Felder & Steiner, L.L.P.

Bankruptcy Lawyers Adjust to Drought
San Francisco-based partner Richard A. Lapping is quoted in this article on the decrease in major companies filing for bankruptcy in 2006.

. . ."It was a terrific time for the bankruptcy bar: You had K-mart and United Airlines-we did work with Aloha Airlines," said Richard Lapping, co-chair of Thelen Reid Brown Raysman & Steiner's bankruptcy and creditors' rights group. "These were huge bankruptcy cases that meant a lot of work for a lot of lawyers."

Lapping, like other bankruptcy lawyers, said that trend might return.

"There's a little bit of tension in the economy, and we're getting calls that there may be work in the offing looking forward.

11-22-2006

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

Guggenheim Foundation Wins Second Circuit Appeal in Copyright Infringement Suit
Cleary Gottlieb won another victory for the Solomon R. Guggenheim Foundation last month when the Second Circuit Court of Appeals affirmed the foundation’s prior summary judgment victory in a copyright infringement lawsuit involving a Jeff Koons painting that the foundation commissioned and exhibited in 2000-2002.

The foundation, Deutsche Bank and contemporary artist Jeff Koons were accused of copyright infringement by a former fashion photographer, Andrea Blanch, in connection with Koons’ painting "Niagara," which the foundation and the bank commissioned for exhibition at their Deutsche Guggenheim museum in Berlin. involving a Jeff Koons painting. Koons created "Niagara" by painting a collage of recontextualized images he had gathered from advertisements, retail displays and magazines. Blanch alleged that Koons had unlawfully copied her photograph, which had been published in Allure magazine. It depicts, among other things, a female model’s legs and feet, shod with gold Gucci sandals. Koons had used this photograph in his painting, but argued he was permitted to do so on "fair use" grounds.

Last year, after discovery, Manhattan U.S. District Judge Louis Stanton awarded the defendants summary judgment based on the fair use doctrine, concluding that Koons’ "transformative" use of a relatively non-creative fragment of Blanch’s photograph in a portion of "Niagara" did not infringe Blanch’s copyright. Last month, the Second Circuit rejected Blanch’s appeal, finding that the copyright law’s goals of promoting the progress of art and science would be better served by allowing Koons’ use of her photograph in "Niagara" than by preventing it.

11-22-2006

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

Citigroup in $1.6 Billion Enhanced TruPS Offering
Cleary Gottlieb advised the underwriters, led by Citigroup Global Markets Inc., in an offering of $1.6 billion 6.45% Enhanced Capital Securities (Enhanced TruPS®) issued by Citigroup Capital XVI and guaranteed by Citigroup. The Enhanced TruPS will be listed on the New York Stock Exchange. The offering closed on November 22.

The Enhanced TruPS are "hybrid" securities that combine features of traditional debt — such as regular fixed-rate distributions — and traditional equity — such as subordination in bankruptcy to the claims of holders of debt securities. The sole assets of the trust issuing the Enhanced TruPS are Citigroup-issued junior subordinated debt securities. The junior subordinated debt is "super-subordinated," ranking junior to all of Citigroup’s senior debt, subordinated debt and junior subordinated debt issued with traditional trust preferred securities. Citigroup is entitled to defer interest payments on the junior subordinated debt, and the trust is entitled to defer distributions on the Enhanced TruPS, for up to 40 consecutive quarters. However, after five years of deferral, Citigroup must sell common stock and use the proceeds to pay the deferred interest, except upon the occurrence of certain events that prevent Citigroup from selling stock. Citigroup had also entered into a capital replacement covenant for the benefit of holders of securities ranking senior to the junior subordinated debt; the covenant prevents Citigroup from redeeming the junior subordinated debt unless it does so with the proceeds from the sale of equity or equity-like securities.

Citigroup Inc., a global financial services company with approximately 200 million customer accounts in over 100 countries, provides financial products and services, including banking, securities brokerage and asset management.

11-22-2006

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