Dechert LLP has announced that it advised a committee of bondholders in connection with the financial restructuring of the Little Traverse Bay Bands of Odawa Indians (LTBBOI). An exchange offer to holders of the tribe’s $122 million 10.25% Senior Notes due 2014, which was launched October 26, 2010, has closed and became effective on November 30. The transaction, which is the first known restructuring of a Native American casino debt, will result in the exchange of $122 million of existing Senior Notes and related unpaid accrued interest for $23 million cash and $40 million in new 9.0% Senior Secured Notes due 2020.
Tags: Dechert LLPMonthly Archives: December 2010
Be Careful With Cold-Callers
Robert here. If you are a transactional associate at a top US firm and your name happens to be of Asian origin, especially of Chinese background, then you are probably receiving multiple cold calls per day from recruiters. After all the Asia lateral biglaw markets, especially HK / China are red hot now and it is of course very easy to compile a list of top US firm associates with Asian names.
Keep in mind that there can be very negative consequences in giving control of such an important career move and job search to someone calling you out of the blue (no matter how many times they may call). We often get calls from very well qualified US associates with sad tales of at worst their resume being plastered unauthorized all over China or other Asia markets; or at best only authorized submissions (thankfully) but realizing their recruiter has done little more than emailing their resume to begin with and is unresponsive for weeks.
It is important to note that your resume is a very valuable commodity to recruiters calling you. When you are placed at a law firm, the recruiter who submitted your resume is typically paid (by the law firm) 25 to 30% of your starting base salary. Thus, the recruiters cold-calling you have a big incentive to get a hold of your resume and email it to law firms, with or without your authorization (believe it or not, some biglaw recruiters in Asia are known to be even less ethical than the worst of the lot in the US). Once your resume has been submitted to a law firm, the recruiter who did so “owns” your candidacy there for at least six months. Further, when your resume has been submitted without your authorization, it will take an affidavit from you to the target firm explaining such for the submission to be reversed (and basically that is you explaining to the firm that you did not know you even applied there, which can of course cool off any motivation of that firm to continue to want to interview you, and the unethical recruiter is counting on you to thus not take that route).
We try to think that a lot of recruiters do not take such unethical steps, but please note that even the most well-intentioned recruiters trying to break into the Asia markets are more often than not woefully inexperienced with such lateral placements (and even most of those with some experience have never been more than resume pushers).
Tags: Asia | Hong KongMilbank Represents Institutional Investors in $143 Million Leveraged Lease Financing of Hatchet Ridge Wind Farm
The international law firm Milbank, Tweed, Hadley & McCloy, LLP, led by Global Project Finance partner Allan Marks, represented the institutional lenders in the private placement of approximately $143 million of Pass-Through Certificates for the leveraged lease financing of the Hatchet Ridge Wind Farm, a 101.2 MW-rated wind-powered electricity generation facility located in Shasta County, California. The Hatchet Ridge project, which started commercial operation this month, is the only large-scale wind project to become operational in California in 2010. The Hatchet Ridge wind farm was developed by an indirect, wholly-owned subsidiary of San Francisco-based Pattern Energy Group. Additionally, a separate team at Milbank represented Crédit Agricole Corporate and Investment Bank as letter of credit issuer.
Tags: Milbank LLPSimpson Thacher Represents Underwriters in $250 Million Debt Offering for Snap-on Incorporated
The Firm represented the underwriters, led by Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, in connection with a registered public offering of $250 million of 4.250% Notes due 2018 by Snap-on Incorporated.
Tags: Simpson Thacher & Bartlett LLPShearman & Sterling Advises on Province of Ontario’s $1.25 Billion Bond Offering
Shearman & Sterling represented the Province of Ontario in connection with Ontario’s public offering of US$1,250,000,000 of its 3.150% Bonds due December 15, 2017 (the “Bonds”). Application will be made to the United Kingdom Financial Services Authority for the Bonds to be admitted to the Official List of the UK Listing Authority and to the London Stock Exchange plc for the Bonds to be admitted to trading on the LSE.
Tags: Shearman & Sterling LLPNorton Rose Advises on £77 Million Offer for Regal Petroleum
International legal practice Norton Rose LLP has advised Energees Investments, the principal holding company of the Smart Holding Group, one of the largest Ukrainian based holding companies, on its public takeover offer for AIM-listed Regal Petroleum plc.
Tags: Norton Rose FulbrightCIGNA Corporation Senior Notes Offering and Tender Offers
Davis Polk & Wardwell LLP advised CIGNA Corporation on an SEC-registered debt shelf takedown of $250 million aggregate principal amount of its 4.375% senior notes due 2020. Barclays Capital Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. acted as representatives of the several underwriters for the offering.
Arent Fox Wins Victory for Landowners in Closely-Watched Fifth Amendment Takings Case Against Federal Government
Arent Fox LLP announced today that the US Court of Appeals for the Federal Circuit has reversed a lower court decision and ordered the federal government to pay Arizona ranchers for property it has taken from them.
Tags: ArentFox Schiff LLPChadbourne Represented Abound Solar in $400 Million DOE Loan Guarantee for Solar Panel Plants in Indiana and Colorado
Chadbourne & Parke represented Abound Solar Manufacturing, LLC in connection with a $400 million loan guarantee from the U.S. Department of Energy. The guarantee, which supports financing for two manufacturing plants in Indiana and Colorado for state-of-the-art thin-film solar panels, was the fifth guarantee to be issued by the Department of Energy in its Loan Guarantee Program for renewable and innovative energy projects. At full capacity, the project will produce 840 megawatts of thin-film solar panels a year, utilizing innovative production techniques.
Clifford Chance Advises Wellstream on its Acquisition by GE
Leading international law firm, Clifford Chance announces it advised Wellstream Holdings, one of the world’s leading suppliers of flexible pipes to the offshore oil industry, on its sale to General Electric for £800million, announced yesterday. The deal will allow General Electric to expand its subsea equipment and services portfolio.
Tags: Clifford Chance LLP






