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1 Dec 2008

DLA Piper and DLA Phillips Fox are named International Tax Firm of the Year

Asia Pacific - Global legal services organization, DLA Piper, and its exclusive alliance partner in the region, DLA Phillips Fox, have jointly received the 'International Tax Firm of the Year' award at the Asia Tax Awards 2008 held by the International Tax Review.

The award was presented at a gala dinner at the Fullerton Hotel in Singapore on Wednesday 26 November. Stephen Peepels and John MacKay, partners of DLA Piper, accepted the award.

"We are delighted to be honored by this prestigious award," stated Alastair Da Costa, Asia Managing Director of DLA Piper, "Our global structure and international perspective coupled with incisive knowledge of local tax regimes allows us to structure creative, yet efficient and effective plans which inform clients of the challenges and opportunities arising at different stages of the market cycle."

"This award is a testimony of the success of our Asia Pacific alliance with DLA Phillips Fox. Together, our strong regional coverage across the Asia Pacific region means we have substantial on- the-ground capacity as well as the skills necessary to help clients navigate the complicated and challenging tax regimes faced by our multinational client base. Our relationship with DLA Phillips Fox affords us the ability to reach all corners of the Asia Pacific region in providing quality legal services. We thank our clients for their ongoing support and are delighted to be acknowledged by this award," said Alastair.

Daniel Chan, Head of DLA Piper's Asia Tax practice said, "This prestigious award recognises the outstanding client work of our tax lawyers in Asia. The win is based largely on our team’s extensive knowledge and expertise in all aspects of local and international tax law. We have advised many companies from start-ups to multinationals on tax issues affecting their business activities and strategies. We also provide thought leadership on important developments in the tax area, for example the new income tax law in China has been the subject of detailed reporting by DLA Piper partners. Developments in the income tax law of China can have various impacts for companies and so the law needs to be closely monitored particularly given central, state, city and district authorities can apply different interpretations."

Jock McCormack, partner at DLA Phillips Fox, said the firm's relationship with DLA Piper was delivering value to clients that require international tax solutions. "Increasingly in this complex and challenging commercial environment, our global clients seek fully integrated tax and legal expertise to plan, structure, negotiate, document and execute significant business transactions. Our detailed market knowledge, industry expertise and deep understanding of our clients' businesses, enables us to deliver an holistic and unique international tax service," McCormack said.

In Asia, DLA Piper has more than 20 lawyers providing tax services in Hong Kong, Beijing and Shanghai under the leadership of Daniel Chan and Patrice Marceau in Hong Kong. The team works seamlessly to deliver the full spectrum of strategic tax advice on regional, Hong Kong and Mainland China matters.

Over the last 12 month DLA Piper's tax lawyers in Hong Kong/PRC have been involved in tax matters ranging from corporate restructuring to transfer pricing, from estate planning to establishment of trust structures, from compliance to dispute resolution, from supply chain structuring to business integration. Its has clients from a wide spectrum of entities from individuals to investment funds, start ups to SMEs and Fortune 500 and Fortune 20 companies, from a range of sectors including manufacturing, retail, banking and internet services.

DLA Phillips Fox has developed its dedicated Australian and New Zealand tax team which advises on complex, high value cross-border matters for our global clients. In addition to international tax planning, including transfer pricing advice, DLA Phillips Fox provides full services on tax risk management and tax dispute resolution issues - including strategic advice on managing tax audits, seeking tax rulings (including advance pricing agreements) and managing objections, appeals and tax litigation. The firm's core expertise covers income tax, goods and services tax (value added tax), stamp duty and other indirect taxes.

DLA Piper's International Tax Practice consists of more than 200 tax lawyers and economists in offices throughout Europe, Asia, Middle-East and the United States.

1 Dec 2008

General Counsel of largest privately held bank joins DLA Piper

James I. Kaplan to Chair Firm’s Midwest Banking Practice; Will Join Former LaSalle Bank Chairman Norman Bobins to Continue Expansion of Banking and Financial Services Practice

(Chicago) – DLA Piper announced today that James I. Kaplan has joined its Chicago office as chair of the firm’s Midwest Banking practice and partner in the Corporate and Finance practice. He joins the firm from Brown Brothers Harriman & Co., the country’s oldest and largest privately held bank, where he served as its first general counsel.

As part of DLA Piper’s strategic alliance with bank industry veteran Norman Bobins, former LaSalle Bank chairman and current non-executive chairman of The PrivateBank, Kaplan will work together with Bobins to expand the firm’s relationships with banks and financial services firms in the Midwest and nationally.

“Jim is nationally recognized in the financial services industry and has a vast network of relationships with some of the largest Midwest- and US-based financial institutions,” explained Bobins. “Based on the critical role that banks will play in the recovery of the economy, Jim and I see a tremendous opportunity for the firm to expand its Banking practice.”

“We are excited to welcome another one of the financial services industry’s leading executives to the firm in Chicago,” said William Rudnick, managing partner of DLA Piper’s Chicago office. “We also look forward to the significant amount of in-house experience that Jim brings to the firm.”

Kaplan focuses on handling complex regulatory, compliance, securities, and merger and acquisition matters for financial institutions of all sizes. As the first general counsel at Brown Brothers Harriman, he created and managed the firm’s legal department and compliance functions while advising on the firm’s M&A matters, and helping expand its M&A advisory and private equity / mezzanine fund services.

Kaplan previously served as associate general counsel of Northern Trust Corporation and The Northern Trust Company, as well as general counsel of Cole Taylor Financial Group and Cole Taylor Bank. He received a J.D. from the University of Chicago and an A.B., magna cum laude, from Harvard College.

1 Dec 2008

Financial crisis response team

To Our Clients and Friends

Fast-changing events in the global financial markets are affecting businesses around the world. It is a time of uncertainty for all and a period of concern for most. Yet, others may see once-in-a-lifetime investment opportunities. While individuals and businesses will have varying economic views during this historic period, it is certain that the sources and costs of funding are changing, and government regulation is intensifying.

DLA Piper continues to monitor the global financial markets and the actions of governments around the world. Through a coordinated effort among our offices in the US, Europe, Asia and the Middle East, we have established a global, multi-disciplinary working group that is focused on supporting clients in the following areas:

Refinancing of existing sources of funding

Restructuring of capital structures and asset classes

Asset sales and purchases

Complex securities

Clearing and settlement matters

Guidance within the changing regulatory environment

Risk management, enforcement and litigation matters

Our global Financial Crisis Response Team has substantial experience in each of these areas, supported by broad regulatory and financing expertise. And, through our firm's global network of 3,700 lawyers in 26 countries, we have the skills and knowledge of specific markets to take care of your legal needs anywhere in the world.

DLA Piper is focused on helping our clients respond to recent developments in the global economy. If you would like further information, please contact your DLA Piper lawyer. If you do not have a DLA Piper lawyer, please contact any of the following:

Michael Burton in our London office, either by telephone (+44 (0)207 796 6098) or by e-mail ().

Rusty Conner in our Washington, DC office, either by telephone (+1.202.799.4221) or by e-mail ().

Stefan Eder in our Vienna office, either by telephone (+43 (1) 531 78 1601) or by e-mail ().

Dr. Wolfgang Richter in our Frankfurt office, either by telephone (+49 (0) 69 271 33 289) or by e-mail ().

Dr. Andrew Wang in our Hong Kong office, either by telephone (+85 (2) 2103 0710) or by e-mail ().

We also also invite you to read our analyses and updates about the financial crisis and other DLA Piper publications here.

1 Dec 2008

Recent updates on the current financial crisis

25 Nov 2008

DLA Piper represents Grand Canyon Education in first US IPO since August

Closing Marks Firm’s Handling of Both US IPOs Completed Over Last Four Months

(Phoenix) – DLA Piper acted as issuer's counsel to Grand Canyon Education, Inc., a for-profit education company and operator of Grand Canyon University in Phoenix, in connection with its US$126 million initial public offering and listing on the Nasdaq Global Market.

By becoming the first company to complete an IPO in the US since early August 2008, Grand Canyon Education ended the longest drought between IPOs in the US capital markets since 1975. The offering, which was underwritten by Credit Suisse and Merrill Lynch, priced on November 19, 2008 at US$12.00 per share and closed on November 25, 2008. Grand Canyon Education issued all 10.5 million common shares in the offering and granted the underwriters a 30-day option to purchase up to 1.575 million additional shares to cover over-allotments, if any.

In August of this year, DLA Piper acted as underwriters’ counsel for Rackspace Hosting, Inc.’s IPO, the last IPO to be completed in the US before this latest offering.

The DLA Piper team on the Grand Canyon IPO was led by Phoenix office partners David Lewis and Steve Pidgeon, and associate Jeff DeBruin. Also playing key roles were associates Jeff Meyerson and Rebecca Davis on due diligence and corporate restructuring matters.

“We were extremely pleased with DLA Piper's legal representation of us in this transaction, and feel very fortunate to have had a firm like DLA Piper, a global leader in capital markets transactions with deep knowledge and experience in the for-profit education industry, available to us right here in Phoenix,” said Brent Richardson, Executive Chairman and founder of Grand Canyon Education. He added: “DLA Piper did a great job guiding us through a complex process in the face of the current market turmoil."

“Completing this IPO is a significant accomplishment for Grand Canyon Education, considering that nearly 90 other companies have withdrawn or postponed proposed IPOs in 2008, including over 30 since the last IPO was completed in August,” said David Lewis, lead counsel to Grand Canyon Education and partner in DLA Piper’s Phoenix office. “We are delighted that we were able to help Grand Canyon buck this trend and complete the offering.”

“We are thrilled that this IPO came to a successful conclusion,” added Steven Pidgeon, co-managing partner of DLA Piper’s Phoenix office. “It is a testament to everyone’s tireless efforts that this deal was completed despite the challenges presented by the current economic climate.”

The DLA Piper team also benefited from the input of DLA Piper lawyers from other parts of the country, including Bill Hoffman and Dave Plewa from the East Palo Alto office and New York-based attorneys Marjorie Adams and Jack Kantrowitz.

Grand Canyon Education, Inc. operates Grand Canyon University and is a regionally accredited provider of online postsecondary education services focused on offering graduate and undergraduate degree programs in its core disciplines of education, business, and healthcare. In addition to online programs, the company offers ground programs at its traditional campus in Phoenix and onsite at the facilities of employers.

With more than 600 lawyers worldwide, DLA Piper’s Corporate and Finance Group advises many of the world’s leading and emerging companies, as well as financial institutions and buyout and investment funds, on mergers and acquisitions, IPOs, public and private equity and debt offerings, venture capital and private equity investments, and other transactional matters.

17 Nov 2008

DLA Piper bolsters Regulatory & Litigation practice with key partner appointment

Strategic hire of Andrij Jurkiw brings strong contentious capability and in-depth competition law expertise

London - DLA Piper UK LLP today announced that Andrij Jurkiw has joined the London Litigation and Regulatory practice, working within the competition team as a partner. Andrij will be handling major competition investigations and litigation. He will also be responsible for further developing the division's contentious practice, building on the existing reputation of the DLA Piper team, which has established itself as London's largest Litigation and Regulatory practice with unrivalled levels of experience in its case history and talent from a wide array of backgrounds.

Since qualifying as a lawyer in 1989, Andrij has worked across the full remit of competition law issues and developed a strong in-depth knowledge of all aspects of legal issues in the competition sector. He specialises in dawn raids, OFT investigations [merger control] and competition inquiries across a breadth of sectors, notably retail, construction, financial services, specialist chemicals, FMCG and transport.

Neil Gerrard, head of DLA Piper's Litigation and Regulatory Group, commented, "The appointment of Andrij to our London team is the latest coup for our Litigation and Regulatory practice, enhancing a team that has firmly established itself as a key player in its space. Andrij comes to us with nearly 20 years of first class experience and I know that he will prove to be a valuable and critical member of the team, offering a unique viewpoint that will greatly benefit our clients."

Mike Pullen, head of DLA Piper's Competition, Trade and Transport Group, commented: "Andrij's appointment adds significantly strength to our contentious competition practice."

Andrij added: "The calibre of the Litigation and Regulatory practice at DLA Piper is known internationally and I am delighted to be joining a group that operates consistently at the top of its game."

"Developments in competition law have rarely been so fast-paced and challenging – both at national and international levels. The need for first-class advice and representation is absolutely crucial for any organisation or company in the marketplace – I am very much looking forward to the opportunities and challenges my role at DLA Piper will bring."

13 Nov 2008

DLA Piper expands its French real estate team

Paris - DLA Piper announces that partner Lionel Rosenfeld has joined its Real Estate practice in Paris. Lionel's arrival is a significant boost to the team and marks a further significant step in the continued expansion of the Paris office.

Lionel, who joins DLA Piper from Freshfields, has 10 years' experience in real estate. His practice covers acquisitions, development and leasing. In addition Lionel has experience in construction. He regularly advises developers and investors in real estate development transactions and investment funds or French REITS in acquisition, disposal, partnership and sale and leaseback transactions.

David Taylor, DLA Piper's EMEA Head for Real Estate, said: "I am pleased Lionel decided to join us, he is an outstanding lawyer. He has valuable experience in development and construction that will significantly enhance our service offering within the practice. By building on the capabilities of the team we will be able to respond more readily to new business opportunities."

Bruce Mee, DLA Piper's Regional Managing Partner in France, said: "We are continuing to expand our capabilities across all practice areas in order to develop the capability to serve our clients needs in France. Lionel is part of that and I welcome him to the team."

Lionel's arrival follows a wave of partner appointments to the Paris office, which includes the arrival of François Serres, Lionel Koehler-Magne (corporate), Jean-Luc Cuadrado (tax), Emmanuelle Payrau-Sorba, Jean-Philippe Sorba (litigation) and Marie Hindré-Guéguen (competition) and Philippe de Guyenro (tax).

Lionel, 36, holds a master's (1994) and a postgraduate degree (1995) in public law from the University of Paris II – Panthéon Assas. In addition he also has a postgraduate degree in public law litigation from the University of Paris I - Panthéon Sorbonne (1996) and is a graduate of the Institut du Droit Public des Affaires (1997).

Lionel's appointment is effective from 3 November.

10 Nov 2008

DLA Piper’s Philip Weller elected President of ACREL

Weller to Become Fourth DLA Piper Attorney to Serve as President

(Dallas) – DLA Piper today announced that Philip Weller, managing partner of the firm’s Dallas office, was elected president of the American College of Real Estate Lawyers (ACREL) by its Board of Governors. Weller is the fourth DLA Piper attorney to be elected president of ACREL, joining Alan Wayte, Caryl Welborn and Portia Morrison, who have all held the honor.

ACREL is a highly respected organization of US real estate lawyers. Admission as a member is by invitation only after a rigorous screening process. ACREL's distinguished, nationally-known lawyers have been elected to fellowship for their outstanding legal ability, experience and high standards of professional and ethical conduct in the practice of real estate law. With 25 members, DLA Piper has the largest ACREL representation of any law firm.

“We are very proud of Phil on his election to serve as the president of ACREL,” said Jay Epstien, chair of DLA Piper’s US Real Estate practice. “Over the course of his career, he has long been recognized as one of the finest lawyers in the state and a leading real estate practitioner countrywide. His extensive experience in so many aspects of the real estate industry makes him distinctly qualified for this position."

Weller focuses his practice on real estate acquisitions, dispositions, finance, development, general finance transactions, and private equity transactions. Since establishing his practice in 1975, he has been involved in structuring equity investments, forming real estate investment trusts (REITs), financings, development, acquisitions and dispositions of office, retail, industrial, and multi-family properties, planned community development, project finance and mortgage finance.

Weller has represented equity investors, sponsors, developers, interim lenders and long-term debt providers. Lending clients include banks, REITs and insurance companies.

Weller is also a member of the American College of Mortgage Attorneys, the Anglo-American Real Property Institute, and the Urban Land Institute. He is a frequent lecturer at ACREL and the International Council for Shopping Centers and co-chairs the annual ALI-ABA Modern Real Estate Transactions program. In 2008, the State Bar of Texas appointed Weller chair of its standing committee on real estate forms, an appointment that runs from July 2008 to June 2009.

He earned a J.D., with highest honors, from Bates College of Law, and a B.S., summa cum laude, from Bowling Green State University.

10 Nov 2008

DLA Piper wins Asia M&A Atlas Award for Heckmann China Water deal

Hong Kong – DLA Piper today announced it has won the Deal Achievement Award of the Year at the Asia M&A Atlas Awards 2008 for advising Heckmann Corporation (Heckmann) on the US$625 million acquisition of China Water and Drinks Inc. (China Water). Originally signed up in April 2008, the deal was successfully completed on 30th October, 2008, spearheaded by Stephen Peepels, Head of DLA Piper's US Capital Markets practice in Asia, together with Steven Pidgeon, Co-Managing Partner of DLA Piper's Phoenix office.

The Asia M&A Atlas Awards is one of the region's leading platforms for recognising novel deals, institutions and achievements of professionals and leaders from the mergers, acquisitions and alternative investing communities in Asia Pacific. Part of the global M&A Atlas Awards, the regional program honours excellence for transactions valued above US$3 million and below US$1 billion.

Stephen accepted the award on 15 October in Shanghai. "Novelty and complexity is what made this deal one of the most challenging and rewarding for myself and the team at DLA Piper. We drew on the best of our deal execution skills and understanding of market complexities to successfully complete one of the most successful SPAC transactions worldwide and the only significant transaction of its kind in China."

SPACs, or Special Purpose Acquisition Companies, are blank check companies created solely to acquire operating companies with money raised through an IPO. China Water, headquartered in Hong Kong and formerly an OTC Bulletin Board trading company, is a leading PRC licensed bottled water and producer and distribution with distribution of 14 provinces and regions across the Mainland. Following the deal, it now operates as a wholly owned subsidiary of Heckmann, a SPAC headed by former US Filter CEO, Mr Dick Heckmann. This month, China Water significantly expanded its operations with the acquisition of two bottled water manufacturers in China.

"The Heckmann deal may mark a significant step in restoring confidence in SPAC acquisitions. Over the course of 2008, it has been something of a roller coaster ride for SPACs, with a number of proposed acquisitions failing to gain the required shareholder approval. With the success of this transaction, additional similar acquisitions may follow. Although SPACs have been more popular in the United States, an increasing range of companies in Europe to Asia are considering alternative capital-raising structures to meet their business goals, particularly amid the current financial climate," added Stephen. "This award is testimony to the fact that we have the expertise and market knowledge to help clients tackle the most novel and sophisticated transactions."

Alastair Da Costa, Asia Managing Director of DLA Piper said: "This is well-deserved. The team has accomplished a truly unique, high-value transaction making the Heckmann deal a prime example of our multi-jurisdictional capabilities tackling complex M&A deals. In the year ahead - and the market cycle ahead -we're fully committed to help clients retain their competitive advantage by providing the quality of strategic legal and business counsel that has made the Heckmann deal a success."

10 Nov 2008

Acclaimed Securities Litigator Christopher “Kip” Hall joins DLA Piper in New York

Veteran Trial Lawyer Brings More than 25 Years of Courtroom Experience

(New York) – DLA Piper announced today that Christopher “Kip” Hall has joined the firm’s New York office as a partner in the Litigation group. Kip is a prominent securities litigator in New York and has more than 25 years of experience in and outside the courtroom.
Kip has been lead counsel in more than 30 criminal and civil jury/non-jury trials and preliminary injunction hearings and more than 50 arbitrations. He has a long and successful track record representing public companies and financial institutions including leading investment banks, issuers, mutual fund complexes, investment advisers, broker-dealers and their boards of directors in securities class actions, commercial litigation, M&A disputes, proxy battles, corporate governance disputes and domestic and international arbitrations. Prior to joining DLA Piper, Hall headed the Civil Securities Litigation Initiative at Morgan, Lewis & Bockius.

“Kip is a top-flight trial lawyer who has been called upon time and time again by broker-dealers, investment advisers and other financial institutions in bet-the-company litigation,“ said Joseph G. Finnerty III, Chair of DLA Piper’s New York Litigation Practice. “There is little doubt that the current financial crisis will lead to a wave of securities litigation, particularly in the financial sector. Kip’s deep relationships on Wall Street and impressive track record in the courtroom will be a tremendous asset to the team as we help our clients navigate this difficult environment.”

“There are very few litigators in New York with the trial experience and track record that Kip has,” said Robert J. Mathias, Joint Global Leader and US Chair of DLA Piper’s Litigation Practice. “We have a great securities litigation team in our New York office, but the addition of someone like Kip is a game changer. His leadership will be critical as we continue to build a top tier securities and business litigation practice in New York, nationally and globally.”

Hall currently serves on the Securities Litigation committees of the American Bar Association and the Association of the Bar of the City of New York. He also served on the City Bar’s Task Force on Court Restructuring, Committee on State Courts, Judiciary Committee, and Council on Judicial Administration. Kip speaks and writes regularly on securities law and trial practices, and has served on the faculty of the National Institute for Trial Advocacy and other trial academies.

“DLA Piper has a unique platform, an entrepreneurial culture and a global vision,” said Hall. “The firm offers something very different from any competitive firms, and I believe DLA Piper has the best platform on which to build my practice. The existing strength of the team in New York, coupled with the dynamic and sustained growth of the firm over the past few years, is a compelling combination. I am excited to help my new colleagues further their efforts to build a world class securities litigation practice.”

Hall received his B.A. from Dartmouth College, summa cum laude, where he was elected Phi Beta Kappa. As a Rhodes Scholar, he completed his degree in jurisprudence at the University of Oxford. Hall received his J.D. from the University of Chicago Law School.

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