Law Firm News

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Law Firm News

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Covington & Burling, P.C.

Washington Business Journal Recognizes Robert Gage as Top Real Estate Lawyer
Robert Gage has been named a finalist in the Washington Business Journal’s fourth annual Top Washington Lawyer awards program. The finalists were selected from a pool of almost 500 nominations. Mr. Gage, who heads Covington & Burling LLP’s real estate practice, was selected as one of four finalists for top real estate transactions lawyer. The finalists will be honored and the winners announced at an awards reception September 11th at the Four Seasons Hotel in Washington, D.C.

Covington’s Real Estate practice offers a full range of transactional and advisory services ranging from the structuring and implementation of complex acquisitions, developments, financings and dispositions to counseling Fortune 500 corporations, trade associations, law firms, not-for-profit organizations, developers and individual owners of commercial and residential property.

One of the defining marks of Covington’s Real Estate practice is its involvement in public-private partnerships such as the Union Station Redevelopment Corporation, the DC Sports and Entertainment Commission, and the CityVista urban renewal project under construction in the Mount Vernon Triangle.

08-06-2007

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Carlton Fields

Carlton Fields' Chair Emeritus, William Reece Smith, Jr., Receives ABA Annual Fellows Award
Carlton Fields is pleased to announce that Chair Emeritus, William Reece Smith, Jr., was selected by the Fellows of the American Bar Association (ABA) Young Lawyers Division as the recipient of the 2007 Annual Fellows Award.

Mr. Smith served as President of the ABA from 1980 to 1981 and is one of the most respected lawyers in the country. During his 50-year legal career, Mr. Smith has been a leader as a lawyer, an educator, a mentor to younger lawyers, a community servant, and an outstanding citizen. He is a former Rhodes Scholar, an author of numerous law journal articles, and a vigorous champion for legal services for the poor. Mr. Smith has also served as president and chair of numerous arts and philanthropic organizations.

The Fellows Award is given annually by the ABA Young Lawyers Division Fellows to an individual in recognition of distinguished service to the public or to the legal profession. Past recipients include Senator Howard Baker, Senator Howell Heflin, U.S. Supreme Court Justice Lewis Powell, Congressman John Lewis, and Senator Hillary Rodham Clinton. Mr. Smith will be honored at the Fellows Dinner during the ABA Annual Meeting in San Francisco on August 10, 2007.

08-06-2007

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Baker & McKenzie, L.L.P.

Baker & McKenzie LLP Strengthens Corporate Restructuring and Bankruptcy Practice with Three New Partners in Chicago
Baker & McKenzie LLP is pleased to announce that David Heroy, Carmen Lonstein and Bruce Lithgow joined the Firm’s North American Financial Restructuring, Creditors Rights & Bankruptcy practice as Partners in its Chicago office. Heroy, Lonstein and Lithgow are all nationally recognized practitioners in the field. They come to the Firm from Bell Boyd & Lloyd, LLP where Heroy was the founder and long time chair of its Bankruptcy Department. Lonstein was its recent chair.

“We welcome David, Carmen and Bruce to the Firm,” said Marc Paul, Baker & McKenzie chair of the North American Corporate & Securities practice. “Their combined experiences will be a great asset to our current group of bankruptcy lawyers, who already have a strong reputation in this field.”

The three new Partners have a prominent, nationally-recognized practice. They typically represent statutory, court-appointed committees of creditors and equity holders, purchasers and owners of distressed assets, plus various creditors (e.g. lenders, landlords, bondholders, trade creditors, etc.) and other interested parties in large, complex corporate restructurings and chapter 11 cases. Their clients include several prominent distressed investing, hedge and private equity funds.

Heroy and Lonstein have played central roles in some of the largest bankruptcy cases in the country during the last 10 years. Both also handle related litigation and transactions. They will co-head the Firm’s Chicago practice in this area.

David Heroy has more than twenty-five years of experience in the area. He has been lead counsel for creditors committees in the chapter 11 cases for Color Tile, Global Health Sciences, The Art Store, Standard Brands and Farley Inc. (the then-owner of Fruit of the Loom and West Point Pepperell), plus the official equity committees for Federal-Mogul, Stone & Webster, Imperial Sugar and LTV. In addition to representing numerous funds, he has negotiated purchase transactions for strategic investors such as Southwest Airlines Co. His litigation experience has included successful appellate arguments in the Third, Sixth, Seventh and Ninth Circuit Courts of Appeal.

Heroy is nationally known as a frequent speaker and author on business bankruptcy, reorganization, cross-border and related topics. He has written more than twenty articles and has spoken at the Practising Law Institute’s Annual Current Developments in Bankruptcy program for more than fifteen years in New York and San Francisco. He also has spoken for the Canadian Institute, the Legal Education Institute, the University of Texas, the American Bar Association and other similar organizations.

Carmen Lonstein has practiced bankruptcy law for nearly 20 years. She has an extensive chapter 11, workout and bankruptcy litigation practice. In addition to representing the Stone & Webster and Comdisco equity committees, she has served as lead counsel to the equity committees in Kasper A.S.L. Ltd, in the Southern District of New York; and OCA in the District of Louisiana. Lonstein has worked extensively with private equity funds purchasing debt or equity in financially troubled companies and has substantial experience negotiating and documenting complex asset purchase transactions.

Lonstein, a fluent Spanish speaker, is also a frequent author and speaker on bankruptcy law topics. In addition to being a certified mediator, she is the founder and former chair of the Chicago International Women's Insolvency and Restructuring Confederation, and an active participant in the American Bankruptcy Institute and the Turnaround Management Association.

Bruce Lithgow was a partner of Bell Boyd & Lloyd’s bankruptcy and restructuring department. He concentrates his practice in corporate restructuring, bankruptcy, insolvency and related commercial litigation. He has represented several creditor and equity committees as well as post-confirmation liquidating trusts. His experience in both federal and state courts throughout the United States also includes such matters as insurance coverage, consumer fraud, professional malpractice, intellectual property, antitrust, consumer finance and lending, breach of contract, fraudulent transfers and insurer insolvency.

“David, Carmen and Bruce are very talented bankruptcy lawyers and will add to the strength of many other practices, including corporate & securities, banking & finance and private equity, enabling us to provide more well-rounded and refined practices to effectively serve our clients across the region,” said David Hackett, North American Managing Partner.

Heroy is a 1973 graduate of The University of Michigan, where he received an A.B. degree with distinction. He is also a 1976 graduate of The University of Michigan Law School, where he received a J.D. degree cum laude. Lonstein is a 1984 graduate of Hunter College – City University of New York where she earned a B.A. and graduated magna cum laude. She earned her J.D. degree from New York University School of Law in 1987. Lithgow graduated from Utah State University, summa cum laude, in 1991. He earned his J.D. from the University of Chicago Law School in 1994.

Commenting on their joining, Managing Partner of the Chicago office Philip Suse, said: “David, Carmen and Bruce are excellent additions to the Chicago office as we continue to focus our efforts in expanding and enhancing our capabilities in core practices offered to major multinational corporate clients.”

08-06-2007

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Baker & McKenzie, L.L.P.

Baker & McKenzie Advise PFA on A$52 Million Purchase of Hotel Grand Chancellor Perth
Baker & McKenzie has advised Property Funds Australia (PFA) as responsible entity for the PFA Diversified Property Trust on its A$52 million structured acquisition and new management agreement of the Hotel Grand Chancellor Perth. This is the Trust's second hotel acquisition following their acquisition of the Citigate Melbourne.

The four-star hotel, comprising 278 guest rooms, is located close to Perth's central business district. The hotel will now be managed by Mirvac Hotels Pty Limited as the Citigate Perth and will undergo an extensive refurbishment.

Partners Caroline Ho and Graeme Dickson of Baker & McKenzie led the transaction, with the assistance of associates, Sebastian Busa and Jacqui Keller. Commenting on the deal, Caroline Ho said "This transaction is reflective of the strong Perth hotel market and the continuing interest and investment in this asset class by property funds such as our client."

PFA's Michael White, who spearheaded the acquisition commented “We are pleased with this hotel acquisition for the Trust. We are very positive about the prospects for the Australian hotel market and the increased demand for room and room rates in the four-star hotel market. The hotel is well located within the Perth central business district particularly given the proposed redevelopment that is occurring in the immediate surrounds to it. The property offers opportunities for extensive improvement through re-branding, intensive management and marketing.”

The sale of the hotel was negotiated by Mark Durran of Jones Lang LaSalle Sydney. The vendor, Hotel Grand Chancellor Pty Ltd, was advised by Talbot Oliver.

08-06-2007

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Wolf Block Schorr & Solis

WolfBlock Secures Key NLRB Decision for Construction Industry
The National Labor Relations Board has issued a long-awaited decision with national implications both for owners/developers of construction projects and for building and construction trades unions.

According to Richard Reibstein, a partner in WolfBlock's Employment Services practice who represented the owner/developer in this case, the unions had hoped that the NLRB would clear the way for them to lawfully use the environmental regulatory process to secure agreements with owner/developers so that large construction projects in the private sector would be built solely with union labor. The NLRB, however, found that this effort by construction unions violated the National Labor Relations Act.

The decision involved the Glens Falls (NY) Building and Construction Trades Council, a group of construction labor unions. When the Trades Council learned that the owner/developer, Indeck Energy Services, was placing a new cogeneration power plant project up for bids by construction management firms, the Trades Council informed Indeck that its union members would oppose the project on environmental grounds if the project was built with non-union labor. That led to an agreement between Indeck and the Trades Council in which Indeck would instruct its construction manager to use only union labor on the project. In return, the Trades Council agreed to support the project with the regulatory agencies.

Indeck then retained a construction manager and instructed it to use only union labor on the project. The construction manager negotiated a Project Labor Agreement with the Trades Council and began the engineering for the power plant. But after a dispute arose between Indeck and the construction manager over delays in the start of construction of the project, Indeck declared that the construction manager had defaulted and proceeded to secure bids from other contractors. The only construction firms that were willing to bid on the project were companies that would agree to build the project on an open-shop basis, meaning both union and non-union subcontractors would be used.

Although the project was eventually built predominantly with union workers, the Trades Council sued Indeck for $12 million, claiming that the new construction manager's failure to use only union subcontractors was a breach of contract on Indeck's behalf.

Indeck filed an unfair labor practice charge against the Trades Council with the NLRB, alleging that the lawsuit by the unions was illegal under the National Labor Relations Act. The Supreme Court of the United States had ruled in 1974 that unions could enter into valid agreements that construction projects could be built with all-union workers, but only if the agreement was negotiated in the context of the collective bargaining process.

According to Reibstein, Indeck alleged that the agreement it signed with the Trades Council was part of the political process and not part of the collective bargaining process. After two hearings before different Administrative Law Judges, the NLRB agreed, finding that the Trades Council's lawsuit was an illegal attempt to enforce an invalid agreement.

08-06-2007

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White & Case, LLP

Hugh Verrier Elected to Lead White & Case
White & Case LLP has announced that Hugh Verrier has been chosen Chair of the Firm in an election by the partnership.

Verrier, 51, is a project finance and banking lawyer, a member of the Firm's eight-member Management Board and executive partner of White & Case's Moscow office. A New York-qualified lawyer who joined White & Case in 1983, Verrier will relocate to the Firm's New York office before officially assuming his new role.

Verrier will succeed Managing Partner Duane D. Wall as head of the Firm. Wall has led the Firm since 2000.

As Chair, Verrier will be in charge of a leadership and management team under a new governance arrangement adopted by the Firm this past May.

"White & Case is on the move," Verrier said. "We are a global firm, and we will continue to grow with the worldwide marketplace to best serve our clients."

Under the Firm's new governance arrangement, Verrier will serve as head of White & Case and lead an Executive Committee consisting of himself and three partners he selects.

In addition, an eight-member Partnership Committee will be elected by the partners with responsibility to serve on the Compensation Committee and the New Partners Committee.

The terms of office for the Chair and the Partnership Committee will be four years.

Managing Partner Duane Wall said: "The challenges facing our firm today are different from those we faced when I became head of the Firm in 2000, not just because of our significant growth since that time, but also because of the changes in the competitive landscape, the increased complexity in managing client relationships and the many ways technology has changed how we do business.

"By enlarging our management team, and with Hugh Verrier as Chair of the Firm under this new governance arrangement, I believe White & Case will have the hands-on leadership necessary to assure that we continue to provide the very best of our resources and capabilities to our clients," said Wall.

The election process will continue to the next stage to choose the members of the Partnership Committee. The Firm's current leadership, consisting of Wall and an eight-member Management Board, will remain in place until the new leadership is fully in place.

Hugh Verrier

Hugh Verrier is widely recognized as one of the leading international project finance lawyers. He has led the Moscow office since 1998, building it into an acknowledged market leader in Russia. He previously worked at White & Case offices in New York, Turkey and Indonesia. Verrier was described in Chambers Global directory as "a wise man and a gifted manager." A Canadian, Verrier received a bachelor of arts degree from Universite de Montreal, his LL.B. from the University of Ottawa, and an LL.M. from Harvard Law School.

08-06-2007

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White & Case, LLP

Turkish IPO Market Powers Ahead
White & Case has advised on a trio of Turkey-related initial public offerings, as investor confidence in Turkey has been marked by a surge in listings of companies from or with their principal business interests in the country. The growth of the Turkish economy over the last five years has been consistently strong, and the financial markets have welcomed the recent national election results.

The most recent initial public offerings (IPOs) on which White & Case advised include:

* Representing Sinpas Gayrimenkul Yatirim Ortakligi A.S., a residential real estate investment company incorporated in Turkey, in its TRY 510 million (approximately $390 million) IPO on the Istanbul Stock Exchange. The White & Case team advising Sinpas was led by Istanbul-based partner Aydin Duren and New York-based partner Laura Sizemore.
* Acting for FinansInvest as international co-ordinator and bookrunner in the TRY 233.45 million (approximately $171 million) IPO of Albaraka Türk Katalim Bankasi A.S on the Istanbul Stock Exchange. Albaraka Türk is a participation bank that offers a wide range of interest-free products and services to both commercial and retail customers. The White & Case team acting for FinansInvest was led by Laura Sizemore in New York and Aydin Duren in Istanbul.
* Advising Bermudan company EastPharma Ltd., in its $200 million IPO and listing of Global Depositary Receipts on the Official List of the London Stock Exchange. EastPharma is active in the manufacturing and marketing of branded generic pharmaceuticals in Turkey. The White & Case team advising EastPharma was led by partner Laura Sizemore in New York, partner Greg Stonefield in London and partner Aydin Duren in Istanbul.

08-06-2007

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