Law Firm News

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Law Firm News

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Davis Polk & Wardwell

Davis Polk Advises Countrywide Financial on Its Convertible Debentures Offering
Davis Polk & Wardwell advised Countrywide Financial Corporation on its offering of $4 billion aggregate principal amount of guaranteed senior convertible debentures, which consisted of $2 billion of Series A floating rate convertible senior debentures due 2037 and $2 billion of Series B floating rate convertible senior debentures due 2037. Lehman Brothers Inc., Citigroup Global Markets Inc. and Banc of America Securities LLC acted as the initial purchasers.

Headquartered in Calabasas, California, Countrywide Financial Corporation is one of America’s largest independent residential mortgage lending firms. In addition to providing prime first mortgages for single-family homes, home equity loans, commercial mortgages and subprime home mortgages, Countrywide acts as a broker-dealer of mortgage-backed securities and underwrites and sells property/casualty, health and disability insurance.

The Davis Polk team included partner Ray Ibrahim, associate Rafal A. Nowak and summer associate Carlos M. Teuscher. The tax team included partner Lucy W. Farr and associate M. Ryan LaRosa (admitted in California only). Maria Norbis was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.

06-01-2007

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Davis Polk & Wardwell

Lyondell Chemical High-Yield Notes Offering and Debt Tender Offer; Consent Solicitation
Davis Polk & Wardwell advised Citigroup Global Markets Inc., Banc of America Securities LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. as joint book-running managers on an SEC-registered offering by Lyondell Chemical Company of $510 million of 6 7/8% senior unsecured notes due 2017.

Davis Polk & Wardwell also advised Citigroup Global Markets as dealer manager in connection with a tender offer and consent solicitation for Lyondell’s 11 1/8% senior secured notes due 2012 and as solicitation agent in connection with a consent solicitation with respect to Lyondell’s 10 1/2% senior secured notes due 2013.

Based in Houston, Texas, Lyondell is one of the world’s largest chemical companies.

The Davis Polk corporate team included partner Michael Kaplan and associates Arthur Einav and Kenneth C. Piercy (not yet admitted). Partner Harry Ballan and associate Alon Gurfinkel provided tax advice. Partner Gail A. Flesher and associate Hayden Baker provided environmental advice. Elizabeth Rollings was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.

06-01-2007

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Graves, Dougherty, Hearon & Moody, P.C.

Graves Dougherty welcomes highly regarded trial lawyer, Chris Elliott
"Graves Dougherty is proud to have highly regarded trial lawyer, Chris Elliott, as Of Counsel to the firm. He returned to Graves Dougherty, having spent the past fifteen years in a civil litigation practice that he founded with two partners after leaving Graves Dougherty in 1992. During that time span, Chris focused primarily on representing individuals with serious and catastrophic injury claims, as well as insurance disputes and business-related matters. While engaging in this practice, he tried numerous cases to jury verdict and handled multiple appeals.

After graduating from Austin College in Sherman, Texas, Elliott worked for three years in the Texas Legislature and then went on to graduate from the Baylor University School of Law in 1990 where he was a member of the Order of Barristers and the Mock Trial Team. Elliott began his law practice as the briefing attorney for Chief Justice Bob Shannon and later Justice Mack Kidd at Austin’s Third Court of Appeals. Following a position as General Counsel to the Texas State Senate Committee on Criminal Justice, Elliott practiced with Graves Dougherty as an associate in the early 1990's. Prior to rejoining the firm this year, he was a partner in the Austin-based firm Crews & Elliott. "

06-01-2007

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Salans

Salans advises on £453 million listing of Eaga plc
Salans has advised the Eaga Employee Benefit Trusts ('EBTs') on the £453 million flotation of Eaga plc on the Main Market of the London Stock Exchange. The Eaga Group is the market leader in the delivery of residential improvements in the environmental, social justice and energy efficiency areas. Prior to the flotation the EBTs were the sole owners of the company and following the flotation they retain a significant shareholding.

Salans has acted for the Eaga Partnership (the company from which Eaga plc evolved) since its incorporation in 1999 and was instrumental in structuring the employee-owned company, which can be compared to the John Lewis Partnership model up to its flotation. During this period Eaga has grown from a company employing 200 staff to a company now employing over 3,000 staff and has seen its annual turnover increase from £10 million to £350 million.

Salans' work has ensured that the company's employees have been able to realise significant benefits as a result of the flotation and, through the EBTs, will continue to retain a significant shareholding in Eaga plc with the promise of further benefits as the company continues to grow.

John Clough, CEO of Eaga plc, said: 'Salans have loyally supported Eaga for many years and were instrumental in moulding the company into an employee-owned enterprise which is a core element in its success. Richard Thomas is regarded within Eaga as a founding father of the Eaga Constitution and I and my colleagues appreciate the excellent service which he and his team have provided to us over the years.'

Ruth Wooffindin, chair of the EBTs, said: 'The Salans team skillfully guided the trustees through the complicated legal and regulatory process and their clear and concise advice helped the employee benefit trusts to make the transition from the sole shareholders of a private company to significant shareholders of a public listed company.'

The Salans team was lead by Richard Thomas, a corporate partner in the London office, assisted by Ruth Walker, of counsel, and Jonathan Edgelow, a corporate associate.

Salans was involved in the original establishment of Eaga's innovative Constitution and in its evolution in consultation with the company's various governing bodies, including the boards of the EBTs, the company's executive board and its staff council. The Constitution enshrines Eaga's core principles of corporate governance and employee ownership and empowerment (the 'essence of Eaga') which will continue to serve Eaga well following its listing.

06-01-2007

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McKee Nelson LLP

McKee Nelson Tops the Charts in American Lawyer's Corporate Scorecard 2007
American Lawyer released its annual Corporate Scorecard in the publication's April issue. The scorecard tracks the transactional practices of leading law firms.

McKee Nelson ranked as the number one underwriter's counsel for both ABS and MBS deals. The firm also ranked as the number 2 issuer's counsel for both ABS and MBS deals

06-01-2007

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Kohn Swift & Graf P.C.

Settlement in Kraft Foods Employment Litigation
A court-approved Notice of Proposed Class Action Settlement in the case of Davis, et al. v. Kraft Foods North America, Inc. has been mailed to each class member. For a copy of that notice, CLICK HERE. Please read the entire notice carefully. It includes information about your rights as a class member. If you were an African-American hourly employee of the Kraft Bakery located at 12000 E. Roosevelt Boulevard in Philadelphia, PA between November 3, 1999 and December 31, 2006, your rights are affected.

Background Information About the Case

A lawsuit was filed in the Eastern District of Pennsylvania alleging racially discriminatory discipline at the Kraft Bakery located at 12000 E. Roosevelt Boulevard between November 2, 1999 and December 31, 2006. Kraft denied the allegations in the complaint and asserted defenses to each claim for relief.

A proposed settlement has been reached on behalf of a class of all African-American hourly employees who worked at the Kraft Philadelphia Bakery from November 3, 1999 to December 31, 2006.

On May 2, 2007, the parties signed a settlement agreement which affects all class members. For a copy of that agreement, CLICK HERE.

On April 30, 2007, the Federal District Court granted preliminary approval to this settlement, and ordered that a formal notice of the terms of the settlement agreement be mailed by first class mail to every class member. For a copy of that Order, CLICK HERE. Please note that since entry of the Order, the hearing date has changed to July 19, 2007.

This agreement, to be effective, must be approved by the Federal District Court at a hearing. The Court has scheduled that hearing for Thursday, July 19, 2007 at 10:00 a.m. at 601 Market Street, Courtroom 6B, Philadelphia, Pennsylvania 19106. Any class member may (but is not required to) attend that hearing and state reasons in support of or in opposition to the proposed settlement. If you would like to do so, there are procedures that class members must follow, which are explained in the documents linked below.

At the July 19, 2007 hearing, plaintiffs’ counsel will also request the Court award counsel fees and reimbursement of costs. Those are explained in more detail in the class notice, above. Every class member has the right to either support or oppose that request, by following the procedures outlined in the class notice and in the April 30, 2007 Order.

If you have further questions about this case, please contact one of the following:

06-01-2007

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Baker, Donelson, Bearman, Caldwell & Berkowitz, PC

Experienced Commercial Real Estate Attorney Joins Baker Donelson
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC announces the addition of Joan M. Budd to its Real Estate Department. Ms. Budd joins the Firm as shareholder and will practice from the Firm's Birmingham office.

Prior to joining Baker Donelson, Ms. Budd was Senior Counsel for Target Corporation, where she was involved in the acquisition of new store sites as well as assisting in real estate matters related to existing store sites. In addition to her work with Target Corporation, she served as Real Estate Counsel for Dillard Store Services, where she was responsible for all aspects of real estate transactions relating to department store properties in 29 states. A graduate of the University of Alabama School of Law, Ms. Budd has experience in drafting and negotiating purchase agreements, operation and easement agreements, site development agreements and construction, operation and reciprocal easement agreements.

"With Joan's experience in commercial real estate development, she will play an integral role in Baker Donelson's real estate practice," said John Gupton, head of the Firm's Real Estate/Finance Department. "We are proud to welcome her to our team." The Baker Donelson Real Estate Department has an extensive history in real estate development as well as the purchase and sale, leasing, project financing and syndication of real estate.

"Joan will be a solid addition to an already strong real estate team here in Birmingham," said D.J. Simonetti, managing shareholder of Baker Donelson's Birmingham office. "Her addition furthers our mission of providing the best lawyers to serve our clients in the Birmingham area."

06-01-2007

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