Orrick, Herrington & Sutcliffe LLP recently secured a significant victory in the United States District Court for the Southern District of New York for Belgian bank KBC, a longtime Orrick client. The plaintiff, Lazare Kaplan International, the largest diamond manufacturing and distribution company in the United States, filed a US$1.5 billion RICO lawsuit against KBC and its subsidiary, Antwerp Diamond Bank (ADB), in December 2011. The suit was based on the alleged theft of US$135 million in diamonds from Lazare’s Belgian and other foreign subsidiaries.

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Chadbourne & Parke represented LS Power in connection with the construction financing of its 170-megawatt Centinela Solar Energy Project, a crystalline silicon photovoltaic solar project located on more than 1,600 acres of land near El Centro, California.

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The international law firm Greenberg Traurig LLP represented RLJ Acquisition, Inc., a special purpose acquisition corporation (SPAC) sponsored by Robert Johnson, the founder of Black Entertainment Television (BET), in a transaction that closed Wednesday, October 3, to acquire two film distribution companies: Image Entertainment, Inc. and Acorn Media Group, Inc. The combined companies will operate as “RLJ Entertainment, Inc.” It is expected that the shares of RLJ Entertainment common stock will trade on the Nasdaq Capital Market. The deal will combine two major home entertainment movie libraries. Image has the exclusive rights to 3,700 DVD titles, including the Criterion Collection, and the digital download rights for 2,200 video programs. Acorn Media has the rights to many British television programs and films.

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Davis Polk is advising Mitsubishi UFJ Lease & Finance Company Limited (MUL) in connection with its approximately ¥100 billion ($1.3 billion) acquisition of all of the equity of JSA International Holdings, L.P. (d/b/a Jackson Square Aviation) from a group of funds affiliated with Oaktree Capital Management, L.P. and certain management sellers. Jackson Square Aviation (JSA) is one of the world’s leading commercial aircraft lessors, with a fleet of 76 next-generation aircraft valued in excess of $4 billion. The transaction is expected to close by the end of 2012, pending regulatory approvals.

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Davis Polk advised Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as the initial purchasers in a Rule 144A/Regulation S offering by K. Hovnanian Enterprises, Inc., a wholly owned subsidiary of Hovnanian Enterprises, Inc., of $577 million aggregate principal amount of 7.25% senior secured first-lien notes due 2020 and $220 million aggregate principal amount of 9.125% senior secured second-lien notes due 2020. The notes are guaranteed on a senior secured basis by Hovnanian and certain of its subsidiaries. Concurrently, Davis Polk advised J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC as joint book-running managers in connection with the SEC-registered offering of $100 million aggregate stated amount of 6% exchangeable note units by K. Hovnanian (including $10 million aggregate stated amount from the full exercise of the underwriters’ over-allotment option). Each unit consists of a zero coupon exchangeable note and an amortizing note, each of which is issued by K. Hovnanian and is guaranteed on a senior unsecured basis by Hovnanian and certain of its subsidiaries.

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Davis Polk advised J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, BMO Capital Markets Corp., Credit Agricole Securities (USA) Inc., RBS Securities Inc. and Scotia Capital (USA) Inc. as joint book-running managers on a Rule 144A/Regulation S offering by PDC Energy of $500 million aggregate principal amount of its 7.75% senior notes due 2022.

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