Law Firm News

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Law Firm News

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Rider & Bennett, L.L.P.

COMMERCIAL LITIGATION CORNER
The Summer 2006 issue of MDLA's quarterly publication, Minnesota Defense, features Patrick Robben's regular column, "Commercial Litigation Corner.

08-01-2006

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Rider & Bennett, L.L.P.

WHO'S ON THE RISK? ALLOCATING DAMAGES AMONG INSURERS IN CONSTRUCTION DEFECT CLAIMS
The Summer 2006 issue of Minnesota Defense Lawyers Association's (MDLA) quarterly publication, Minnesota Defense, features an article co-authored by Rider Bennett attorneys, Mark R. Bradford and Brian H. Sande.

The article, ""Who's on the Risk? Allocating Damages Among Insurers in Construction Defect Claims,"" provides an overview of relevant Minnesota case law preceding the Kootenia decision, and analyzes the Kootenia decision itself in light of this case law. The article also identifies some of the potential allocation problems that remain after the Kootenia decision.

08-01-2006

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Kennedy Covington Lobdell & Hickman, L.L.P.

Kennedy Covington Expands Real Estate Law Practice
Kennedy Covington, one of the largest law firms in the Carolinas, announced today that reputable and accomplished real estate attorney Mack Paul has joined their team as a partner in the firm's Raleigh office.

Paul brings to Kennedy Covington a broad range of experience dealing with projects from the Triangle to the Carolina coastline. He successfully helped the Soleil Group rezone land for Raleigh's newest and largest high-rise to be built in near Crabtree Valley Mall and helped the N.C. Museum of Art obtain $15 million for museum expansion. Paul was also instrumental in the approval of the Mason Inlet relocation, which threatened the Shell Island Resort in Wrightsville Beach.

""The market for commercial real estate is booming in the Carolinas and Mack Paul's talent and unique experience make him an excellent addition to the Kennedy Covington team,"" said Alan Peterson, real estate partner, Kennedy Covington. ""Mack's strength in eastern North Carolina complements our growing practice.""

At Kennedy Covington, Paul will focus on real estate development as well as zoning and land use. His background includes representing owners, developers and non-profit organizations in all types of development and governmental issues. Previously, Paul served as chief of staff and legal counsel to Lieutenant Governor Dennis Wicker and associate general counsel for Blue Cross and Blue Shield of North Carolina.

""Kennedy Covington has a strong reputation and a very vital real estate practice,"" said Mack Paul. ""I am excited about the opportunity to be a part of the largest land use practice in Raleigh.""

Paul puts his knowledge to active use in the community as chair of Triangle Tomorrow, a private sector organization affiliated with the Research Triangle Regional Partnership focused on regional economic development and quality of life. He also serves on the KB Homes Community Advisory Board. Paul received his law degree from Columbia University as a Harlan Fisk Scholar. He received his M.S. from the University of Southern California and his B.A. with high honors in history from Dartmouth College.

As one of the largest real estate law practices in the Carolinas, Kennedy Covington serves the needs of its clients in all areas of development, finance, leasing, environmental, land use and zoning, entitlements, public/private agreements, tax increment financing (Amendment One), real estate-related litigation matters, mixed-use/planned development, and other real estate related matters.

Through its network of attorneys in North Carolina and South Carolina, Kennedy Covington serves as local, regional and national counsel for a wide range of developers and institutional investors in the Carolinas, throughout the Southeast and in other active real estate markets within the United States. The firm has experience in every type of commercial and residential development, including unimproved land, office and industrial parks, retail centers (including retail strip shopping centers, power centers and regional malls), resort and club developments, golf course communities, hotels, apartments, condominiums, and mixed-use developments.

08-01-2006

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Hodgson Russ LLP

New York State sales tax issues for the construction contractor
New York State’s sales tax rules are complex, often-times confusing, frequently counterintuitive, and full of traps for the unwary. Why? Because the sales tax is strictly a creature of statute. Form trumps substance and each transaction has the potential to be governed by a unique set of definitions, exemptions, exclusions, and filing requirements. This is particularly true in the construction industry.

In this context, New York’s Tax Law contains special rules that apply to (among other things) the taxation of capital improvements, construction materials, purchases for resale, tenant improvements and businesses conducted through limited liability companies. This article will provide an overview of these distinctive rules, and will highlight certain issues that should be on the mind of every construction contractor doing business in New York State.

08-01-2006

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

American Express in $750 Million Subordinated Debentures Offering
Cleary Gottlieb represented American Express Company in a $750 million offering of its 6.8% subordinated debentures. The joint-bookrunners and joint-structuring coordinators for the offering were Citigroup Global Markets Inc. and Goldman, Sachs & Co.

The subordinated debentures are ""hybrid"" securities that combine features of traditional debt -- such as a fixed maturity date and regular interest payments -- and traditional equity -- such as the right to defer current payments without causing an event of default, and subordination in bankruptcy to the claims of holders of senior and other subordinated debt. Under the terms of the debentures, American Express is permitted to defer interest payments for up to ten years and is required to defer interest on the bonds if it does not meet certain financial performance targets. Another equity-like feature of the bonds is that American Express is required to sell shares of its common stock to raise proceeds to pay interest that it is required to defer.

08-01-2006

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

Citigroup Global Markets in $1.55 Billion Acquisition of World’s Largest Flash Memory Data Storage Card Supplier
Cleary Gottlieb is representing Citigroup Global Markets in its capacity as financial advisor to msystems Ltd. in SanDisk Corporation’s acquisition of msystems. Each msystems ordinary share will be converted into 0.76368 of a share of SanDisk, for a total current stock value of approximately $1.55 billion. The acquisition is expected to occur in the fourth quarter of 2006.

msystems creates, develops, manufactures and markets smart personal storage solutions for a myriad of applications targeting high growth markets. SanDisk, the world’s largest supplier of flash memory data storage card products, designs, manufactures and markets industry-standard, solid-state data, digital imaging and audio storage products using its patented, high density flash memory and controller technology.

08-01-2006

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

Republic of the Philippines in $750 Million Debt Offering
Cleary Gottlieb advised Citigroup, Deutsche Bank Securities and JP Morgan as underwriters in the Republic of the Philippines’ U.S.-registered global offering of $450 million 7.75% bonds due 2031 and $300 million 8.00% bonds due 2016. The offering consisted of re-openings of a $1.5 billion issuance in January 2006 and a $1.0 billion issuance in September 2005.

The Philippines is the most frequent sovereign borrower in Asia outside of Japan. Cleary Gottlieb is the designated underwriters’ counsel for offerings by the Philippines.

08-01-2006

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