Law Firm News

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Law Firm News

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Farella Braun + Martel LLP

Important Deadline Approaching for Participation the California Climate Action Registry
This past September, California enacted a groundbreaking law requiring the California Air Resources Board (ARB) to develop rules that will, by 2020, reduce statewide greenhouse gas (GHG) emissions, back to 1990 levels. This landmark legislation, known as the "California Global Warming Solutions Act of 2006" (Assembly Bill (AB) 32, Núñez), also requires ARB, by January 1, 2008, to publish rules for mandatory GHG emissions reporting which incorporate, to the maximum extent feasible, the standards and protocols developed by the California Climate Action Registry (Registry). (California Health and Safety Code Section (§) 38530(b)(3).) The Registry was created by law in 2001 for the purpose of developing a voluntary inventory and standardized methodologies for measurement of GHG emissions. Its members come from a broad spectrum of the private, public and non-profit sectors.

AB 32 provides that those who participate in the Registry by December 31, 2006 and develop a reporting program will not have to significantly alter their program, except to ensure it is complete and verifiable. (Ibid.) Additionally, it also provides that ARB must adopt mandatory reduction rules by January 1, 2011 which ensure, to the extent feasible, that those who undertake voluntary reductions prior to implementation of any mandatory reduction requirement "receive appropriate credit for early voluntary reductions". (Ibid, § 38562(b)(3).)

It is still too soon to predict the categories of sources that ARB may target for reductions. However, participation in the Registry may be the best way for a source owner to assure that it receives credit for any reductions achieved prior to the effective date of any mandatory reduction requirement. Sources throughout the public and private sector are expected to undertake significant voluntary GHG emission reduction measures and energy conservation efforts in the next few years.

According to the Registry, all that an entity needs to do at this time (prior to December 31, 2006) to enroll in the Registry and thereby assure that its GHG reporting program is recognized under AB 32 is sign and submit the Registry's "Statement of Intent" and pay the appropriate registration fee. By signing the "Statement of Intent", a participant commits to inventory its direct and indirect GHG emissions within California and, if it chooses, other states as well. The participant then has until August 31 to inventory and report its emissions, which may be done through use of the "Climate Action Registry Reporting On-Line Tool" (known as "CARROT"), and until December 31 to have them certified by an approved third-party certifier.

Farella Braun + Martel's Environmental Department has extensive experience advising clients on issues involving California and federal air quality compliance and, now, global climate change. For questions about AB 32 or additional information about Farella Braun + Martel's Air Quality and Climate Change practice.

11-20-2006

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Bingham McCutchen, LLP

BINGHAM MCCUTCHEN LLP PLAYS LEADING ROLE IN TMD FRICTION DEAL
The London office of Bingham McCutchen LLP represented the mezzanine lenders of TMD Friction in its restructuring which closed on 10 November, 2006.

The mezzanine lenders agreed to exchange their €185 million debt for approximately 95% of the equity in TMD Friction, a German-based international brake pad manufacturer. Simultaneously, all of the group's senior loans were refinanced through new €375 million senior, second lien and mezzanine facilities arranged by Credit Suisse. Shareholder loan notes with a face value in excess of €400 million were cancelled and shareholders were issued with 5% equity and warrants for further shares.

The Bingham team was led by London-based partners James Roome and Sarah Coucher.
“The restructuring of highly leveraged companies backed by private equity sponsors can involve difficult negotiations but this transaction was achieved in less than 8 months,” said Roome, co-head of Bingham’s Financial Restructuring Group. “The transaction was brought to closing despite a number of unpredictable regulatory and legal issues in Germany, which have led to problems in other restructurings.

11-20-2006

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Bingham McCutchen, LLP

SEC FORMER SPECIAL COUNSEL JOINS BINGHAM MCCUTCHEN IN DC
Bingham McCutchen LLP, a 950-lawyer international firm, announces the arrival of E. David Hwa as of counsel in Bingham’s Broker-Dealer Group in Washington, D.C.

With 15 years of experience at the Securities and Exchange Commission, Hwa brings extensive knowledge of SEC requirements and procedures to one of the country’s leading broker-dealer practices featuring more than 100 attorneys in 12 offices who advise and defend on the full range of market and regulatory issues.

Before joining Bingham, Hwa was special counsel in the Division of Market Regulation’s Office of Broker-Dealer Finances in the SEC’s Washington D.C. office. While at the Office of Broker-Dealer Finances, he provided industry guidance on broker-dealer issues such as capital and trading, possession and control, customer protection reserve requirements, books and records, policies and procedures, AML, SIPC, regulation T and rule filings. He also liaised with the NYSE and NASD regarding broker-dealer issues.

Hwa also worked in the Office of Interpretation and Guidance and assisted the head of office in providing general guidance to the industry regarding all issues covered by the Division of Market Regulation such as broker-dealer registration, trading, settlement, clearing and rule filing.

Before transferring to Washington, Hwa worked as an attorney in the SEC’s Pacific Regional Office’s Office of Enforcement. He has conducted numerous
investigations and litigation, where he gained extensive deposition, discovery, trial and settlement experience.

Hwa is a graduate of Georgetown University Law School, where he earned an LL.M in Securities and Financial Regulation, and Pepperdine University Law School. He also holds an MBA from the University of Denver Graduate School of Business Management.
Bingham provides broker-dealer clients with a broad spectrum of services on the regional, national and international levels. Clients include major national and many regional and local broker-dealers, as well as securities exchanges, investment advisers, market makers, alternative trading systems, intermediaries, mutual fund distributors and dual-registered firms. Bingham also represents boards of directors, audit committees and individuals.

11-20-2006

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Bingham McCutchen, LLP

BINGHAM MCCUTCHEN STRENGTHENS SECURITIES LITIGATION PRACTICE WITH ADDITION OF NEW PARTNER
Bingham McCutchen announces that Frances S. Cohen has joined its Securities Litigation Practice Group as a partner in the Boston office.

Bringing more than 20 years of complex-litigation experience to the firm, Cohen joins Bingham from Dechert LLP, where she was a partner in the Financial Services and Securities Litigation Group in Boston. She has experience representing financial services institutions in class-action litigation and in Securities and Exchange Commission and National Association of Securities Dealers investigations and enforcement proceedings.

“Fran adds even more strength to an already vigorous Securities Litigation Practice, an integral part of the firm’s Securities Area,” said Roger Joseph, Bingham partner and co-chair of the Securities Area. “Fran brings strong capabilities in many areas, including investment management litigation. Her arrival demonstrates the firm’s commitment to invest in and continue to support all of our securities practice groups.”

For Cohen, the decision to join Bingham was based on its national platform and legal talent.

“Bingham’s substantial Boston office and broad national securities practice appealed to me,” Cohen said. “The talent of the attorneys and the resources of the securities practice at Bingham will allow me to provide the best possible services to my clients as well as existing clients of the firm.”

Cohen has represented mutual funds and brokers during investigations by the SEC and the NASD and in related class actions. Among other cases, she has represented clients in SEC investigations relating to directed brokerage, market-timing, trading practices and gifts and gratuities. Cohen has defended clients in class and derivative litigation, including the Maryland market-timing multi-district litigation.

Cohen has also tried prominent public-interest cases in Boston, including defending Boston Mayor Thomas M. Menino, School Superintendent Thomas W. Payzant and the
Boston School Committee in class actions challenging affirmative action student-assignment policies. She obtained a judgment in U.S. District Court for the District of Massachusetts in favor of the defendants, which later was upheld on appeal.

A graduate of Columbia Law School and the University of Pennsylvania, Cohen is active in the Boston Bar Association. She is co-chair of the Federal Practice and Procedure Committee and is a past member of the BBA’s Council and was co-chair of the Massachusetts Practice and Procedure Committee and Summer Jobs Initiative.

11-20-2006

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Barnes & Thornburg LLP

Barnes & Thornburg LLP Names 2007 Firm Management, Managing Partner
Barnes & Thornburg LLP has named its management committee for 2007, including its re-election of Alan A. Levin as firm managing partner and committee chairman for a three-year term.

Levin, a partner in the Indianapolis office, has served as firm managing partner for nine years. He joins the following office managing partners on the management committee:

• Bobby B. Gillenwater, Fort Wayne
• Robert T. Grand, Indianapolis
• Tracy T. Larsen, Grand Rapids
• Mark E. Rust, Chicago
• Richard H. Streeter, Washington, D.C.
• J. Scott Troeger, Elkhart
• Nelson J. Vogel, Jr., South Bend

The following partners also serve on the management committee:

• Fredric P. Andes, Chicago
• Brian L. Burdick, Indianapolis
• Jan M. Carroll, Indianapolis
• Michael R. Conner, Indianapolis
• Andrew J. Detherage, Indianapolis
• Richard J. Hall, Indianapolis
• Brian J. Lake, South Bend
• Stephen W. Lee, Indianapolis
• Richard L. Mintz, South Bend
• Melissa A. Vallone, Chicago
• Kenneth J. Yerkes, Indianapolis

11-20-2006

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Thompson & Knight LLP

T&K Attorney Elected President of Texas State History Museum Foundation
Thompson & Knight is pleased to announce that Victor Alcorta III has been elected President of the Texas State History Museum Foundation. His term begins January 2007.

Mr. Alcorta has served on the Texas State History Museum Foundation statewide Board of Trustees since 2003, the Executive Committee since 2005, and currently serves on the Executive Committee as President-Elect.

Mr. Alcorta is a partner in the Government Relations practice group in the Firm's Austin office. He focuses his practice on government relations and public policy, legislative advocacy, administrative law, and campaign finance law. Mr. Alcorta represents clients before government agencies and the state legislature and has extensive experience in areas including environmental regulation, state taxation, transportation, insurance, technology, energy, border affairs, civil justice, and natural resources.

11-20-2006

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Simpson, Thacher & Bartlett, LLP

Simpson Thacher Represents Blackstone in Largest LBO
The Firm is representing The Blackstone Group in its $36 billion acquisition of Equity Office Properties Trust, the largest U.S. office-building owner and manager. This deal marks the largest private equity buyout in history and the largest real estate deal in history as reported by The Wall Street Journal. With this transaction, Simpson Thacher has represented The Blackstone Group in 11 acquisitions of public real estate companies during the past 2 1/2 years having an aggregate value of approximately $76 billion.

The Firm is also representing Blackstone in connection with acquisition financing led by Goldman Sachs, Bank of America and Bear Stearns. This financing is expected to be securitized in the largest commercial mortgage securitization ever.

Together with the Firm's representation of the investor group that acquired HCA Inc. earlier this month for $33 billion and KKR in its acquisition of RJR for $31 billion, the Firm has advised the purchasers in the three largest LBOs in history.

11-20-2006

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