Law Firm News

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Law Firm News

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White & Case, LLP

First Kazakh Tenge Denominated Eurobond Hits Market
White & Case represented Morgan Stanley as Sole Lead Manager in the first Kazakhstan Tenge (KZT) denominated Eurobond to be issued on the international capital markets. The Eurobond was issued by JSC Bank CenterCredit, Kazakhstan's sixth largest commercial bank by assets, via CenterCredit International B.V., a special purpose finance subsidiary incorporated in the Netherlands. The issue took the form of KZT25bn (approx. $210M) 8.25 percent Notes due 2011. Although the Notes are denominated in KZT, all payments of principal and interest are made in US dollars since KZT is not yet a settlement currency on Euroclear. KZT recently became a denomination currency on Euroclear, enabling the issue to be made.

Kazakhstan banks have been frequent visitors to the international capital markets in recent years, as sharp growth in domestic lending has fuelled the need for external capital. Many institutions now raise dollar denominated Eurobonds with ease. However, sovereign currency denominated Eurobonds remain an attractive option for Kazakh issuers since they have no currency exposure and allow financial institutions to bring in Kazakh currency to fund their KZT denominated loans.

"The growth in domestic lending in Kazakhstan has been phenomenal and the banks there are hungry for capital to keep pace with this. As a result, Kazakh banks have been borrowing innovatively on the international capital markets for some time and this latest issue continues the trend," explained Tim Jeveons, the lead White & Case partner advising on the deal. "As happened with other currencies in the early nineties, in due course we expect the Kazakhstan Tenge to become a settlement currency on the international bond markets, illustrating the increasing maturity of the Kazakh capital market. However, in the interim, with a template established by this deal, we're anticipating further such Kazakhstan Tenge denominated issues from other banks and corporates."

The KZT Eurobond issue is not the first time White & Case has broken new ground in Kazakhstan. In December 2005 it advised on the country's first hybrid tier one capital offering, made by JCS Kazkommertsbank. The Firm subsequently acted on two of the next three hybrid tier one offerings made by Kazakh banks, including JSC Bank CenterCredit, with several more in the pipeline. These institutions are the only banks from the former Soviet Union to have issued hybrid tier one capital. According to the National Bank of Kazakhstan there are 34 commercial banks in the Kazakstan.

The White & Case team advising Morgan Stanley was led by partner Tim Jeveons, working closely with associates Peter Epp and Dave Gossen and trainee Emma Fleming in London, along with partner Yuriy Maltsev and associate Maxim Grekov in Almaty.

10-23-2006

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Vinson & Elkins L.L.P.

V&E's Knox Nunnally Honored by Texas Supreme Court
Knox Nunnally, a partner in the Houston office of Vinson & Elkins LLP, was presented with a letter of commendation from the Supreme Court of Texas to recognize his participation in the faculty of the 2006 Texas Trial Academy. The academy, created by the Texas Access to Justice Commission, is designed to empower legal aid attorneys through intensive training on case preparation and litigation skills. The Texas Access to Justice Commission was established in 2001 by the Supreme Court of Texas to develop and implement policy initiatives designed to expand access to, and enhance the quality of, justice in civil legal matters for low-income Texans.

10-23-2006

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Pillsbury Winthrop Shaw Pittman LLP

Proxy Fights, Restructurings, Management Changes: Hedge Fund Activism on the Rise
A group of more than 100 leading financial industry players at a Hedge Fund Activism Conference hosted by law firm Pillsbury Winthrop Shaw Pittman in San Francisco this past week concluded that as hedge funds continue to proliferate, activist funds will become more relevant as they look for ways to create added value in their holdings.

The popularity of hedge funds for high net worth individuals and institutional investors has fueled growth in the industry that includes over $1.2 trillion in assets and approximately 8,000 different funds, up from 5,000 in 2002.

“The Amaranths of the industry notwithstanding, the level of interest in pooling money in unregulated structures remains high and hedge funds will continue to rise,” said Pillsbury partner Jay Gould, who has represented hedge funds, U.S. registered investment companies, offshore investment companies, investment advisers, retail and institutional broker-dealers, and municipal bond underwriters. “A number of hedge funds have made headlines in the past year for taking on a more pronounced role in corporate dealings with the companies whose stock they hold – inserting their influence on merger and acquisition decisions, executive compensation and divestitures.”

While contentious fights between shareholders and corporate boards and management are often fodder for the news, activism has been an increasingly valuable strategy for hedge funds. Funds that hold more than a 5 percent stake in a publicly-traded company need to file Schedule 13D with the SEC. The filing includes a purpose of the purchase – which in many instances will indicate an activist strategy.

“Hedge Funds can realize major benefits from an activist strategy, but there are risks as well,” said Gould. “Hedge Fund managers must anticipate issues that might arise and be prepared to address them in order to effectively work with boards as well as other shareholders.”

In addition to Gould who moderated the panel, the all-star lineup included Phillip Goldstein, principal of Bulldog Investors; Jeffrey W. Ubben, co-founder of Value Act Capital; Paul Schulman, executive managing director of The Altman Group; and Seth Freeman, managing director and CEO of EM Capital Management, LLC/EM Capital, Inc.

10-23-2006

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Rumberger, Kirk & Caldwell Attorneys At Law

Schwartz Speaks At 32nd Annual Public Employment Labor Relations Forum
Rumberger, Kirk & Caldwell partner Darren A. Schwartz recently spoke at the 2006 Public Employment Labor Relations Forum Continuing Legal Education Seminar in Orlando. Numerous state and local government attorneys from around the state attended. Schwartz's presentation regarding "Sovereign Immunity and 768.28 Caps" focused on the impact of the caps on employment law claims brought against governmental entities.

Schwartz concentrates his practice on the representation of private and public sector employers in all aspects of employment law and civil rights defense. He is a member of the Florida Bar and the Labor and Employment Law Section

10-23-2006

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Ross, Dixon & Bell, LLP

Roy and Diane Bell Named Dynamic Duo By The Catfish Club
Roy and Diane Bell were one of ten couples recognized as “Dynamic Duos” by The Catfish Club in San Diego. The Catfish Club honors “couples who are a powerful example of how bright, talented people have shared their blessings” by giving back to their community.

The Catfish Club was created in 1970 by Reverend George Walker Smith and serves as “the only venue in San Diego that provides a weekly, public airing of divergent views on topics critical to the success of diversity in the nation’s sixth largest city.

10-23-2006

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Robins, Kaplan, Miller & Ciresi, L.L.P.

Chris Kuhlman Joins Robins, Kaplan, Miller & Ciresi L.L.P.
Chris Kuhlman has joined the Minneapolis office of the national law firm of Robins, Kaplan, Miller & Ciresi L.L.P. as an associate. Mr. Kuhlman’s practice focuses in the area of intellectual property litigation. He is admitted to practice in Minnesota; and U.S. Court of Appeals, Eighth Circuit.

10-23-2006

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Robins, Kaplan, Miller & Ciresi, L.L.P.

Jack Roberts Joins Robins, Kaplan, Miller & Ciresi L.L.P.
Jack Roberts has joined the Minneapolis office of the national law firm of Robins, Kaplan, Miller & Ciresi L.L.P. as an associate. Mr. Roberts’ practice focuses in the areas of mergers and acquisitions, project finance and real estate development, and corporate finance and securities. He is admitted to practice in Minnesota.

10-23-2006

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