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Cadwalader, Wickersham & Taft LLP

ONE ALLEN CENTER, 500 DALLAS STREET, STE 2800, HOUSTON, TX 77002, USA
Tel:
Work +1 713 343 7500
Fax:
Fax +1 713 343 7550
Email:
Web:
www.cadwalader.com
Brussels, Charlotte, Houston, London, New York, Washington DC

United States

Real estate
Real estate - ranked: tier 2

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP’s real estate practice is noted for its extensive financing expertise and the team advises a range of high-profile lender clients on the full spectrum of financing transactions, including mortgage and mezzanine loans, syndicated loans and single-asset and borrower loans, among others. The practice is also noted for its strength in the CMBS space and recently advised JP Morgan and Deutsche Bank as co-lenders in a $2.3bn mortgage and mezzanine loan to refinance a portfolio of 460 Motel 6- and Studio 6-owned hotels across Canada and the US. Other notable work included acting for a group of co-lenders including Morgan Stanley, ING Capital and Landesbank Baden-Württemberg on a $850m syndicated mortgage loan provided to an affiliate of Brookfield Property Partners, and advising JP Morgan, Citigroup and Goldman Sachs on a $1.5bn financing to Centerbridge Capital Partners for the retirement of its debt. The team is also highly active in the REIT space and recently represented a New York REIT in its $514m sale of three office buildings in the Chelsea neighborhood of Manhattan. William McInerney heads the practice and is noted for his expertise in all types of loan facilities as well as in the sale of performing and non-performing loans in the secondary market. Other key figures include Bonnie Neuman, who advises on the full gamut of domestic and cross-border transactions, and Holly Chamberlain, who has extensive experience in loans secured by commercial office buildings, hotels and high-value retail properties.

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United States: Dispute resolution

Corporate investigations and white-collar criminal defense
Corporate investigations and white-collar criminal defense: advice to corporates - ranked: tier 5

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP’s white-collar practice is now led from New York by Jason Halper following Kenneth Wainstein’s departure to Davis Polk & Wardwell LLP in June 2017. The group represents financial institutions and corporations in major investigations, criminal and regulatory proceedings, with particular expertise in FCPA and AML matters. Washington DC’s Jodi Avergun is the DOJ-appointed monitor overseeing McKesson Corporation’s $150m settlement and compliance agreement in connection with the company’s distribution of opioids. Avergun is also representing all 32 NFL teams in the DOJ’s investigation into their compliance with the Controlled Substances Act (CSA). Kyle DeYoung joined the Washington DC office in September 2017 after serving as senior counsel to the SEC Director of Enforcement. Todd Blanche joined the New York office from WilmerHale.

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Securities litigation: defense
Securities litigation: defense - ranked: tier 4

Cadwalader, Wickersham & Taft LLP

Jason Halper is co-chair of the global litigation group at Cadwalader, Wickersham & Taft LLP in New York and he oversees the securities litigation practice. A key highlight from 2017 saw Jonathan Hoff advise Salix Pharmaceuticals, now a division of Valeant, on a class action in which plaintiffs allege the company engaged in a channel stuffing scheme and made false and misleading statements about wholesaler inventory levels which, when corrected, led to a huge fall in its stock price. Special counsel Nathan Bull is a key player in the practice. Former Assistant US Attorney in the Southern District of New York Joseph Facciponti joined from the global internal investigations group at HSBC.

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United States: Finance

Financial services regulation
Financial services regulation - ranked: tier 5

Cadwalader, Wickersham & Taft LLP

At Cadwalader, Wickersham & Taft LLP, ‘fantastic’ broker-dealer regulatory partner Steven Lofchie is ‘very innovative’ at solving thorny issues for a raft of trading participants, and is the founder and manager of the Cadwalader Cabinet - an online resource relating to US securities and commodities regulation whose subscribers include government regulators, as well as major buy and sell-side firms. Lofchie also continues to represent industry trade body SIFMA, as well as individual financial institutions, on the regulatory changes ushered in by Financial Industry Regulatory Authority (FINRA) relating to margin requirements for to-be-announced (TBAs) transactions and other mortgage-backed securities. On the bank regulatory front, Charlotte-based partner Scott Cammarn benefits from significant in-house and private practice expertise, ensuring that he is able to provide strategic and commercial standalone regulatory advice across an array of issues. A recent example involves advising a major global financial institution on securing Volcker Rule extension relief relating to its employees’ investments in illiquid funds. Cammarn provided the necessary regulatory input for Community Bank System on its acquisition of fellow regional bank Merchants Bancshares. Jeffrey Robbins is also recommended for broker-dealer regulation.

Leading lawyers

Steven Lofchie - Cadwalader, Wickersham & Taft LLP

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Not-for-profit (nonprofit and tax exempt organizations)
Not-for-profit (nonprofit and tax exempt organizations) - ranked: tier 3

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP has a strong reputation for handling a wide range of NFP matters for private foundations, including, but not limited to, governance, tax and M&A mandates, and has notable strength in assisting clients in the healthcare sector. The firm acts as national legal counsel to key client The Salvation Army, assisting the organization with its Eastern Territory’s $400m financing program. The group is also representing Metropolitan Jewish Health System (MJHS) in an affiliation with the Isabella Geriatric Center, a not-for-profit provider of residential and community-based services. New York-based Paul Mourning is the key name; he acts for a diverse range of pro bono NFP organizations as part of the firm’s ‘incubator’ program. Stephanie Marcantonio, who is also based in the New York office, specializes in handling financial and corporate transactions for healthcare and tax-exempt entities.

Next generation lawyers

Stephanie Marcantonio - Cadwalader, Wickersham & Taft LLP

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Restructuring (including bankruptcy): corporate
Restructuring (including bankruptcy): corporate - ranked: tier 5

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP’s bankruptcy and restructuring group has been engaged by financial institutions in some of the most prominent bankruptcies in the market. The New York-based practice advised investment company Hemen Holding as part of an investor consortium providing $1bn financing to Seadrill and assisted an ad hoc committee of convertible noteholders holding $780m of bonds with the cross-border restructuring of Roust Corporation. In addition, the group is acting for an ad hoc group of secured lenders in Toisa’s Chapter 11 bankruptcy. In matter highlights in the energy space, Michele Maman is representing Morgan Stanley Capital Services as first-lien swap counterparty and an intervenor-defendant in the Chapter 11 cases of Energy Future Holdings Corp, and Ingrid Bagby advised Morgan Stanley as holder of the largest derivatives-related claim on Peabody Energy Corporation’s restructuring. Greg Petrick, who splits his time between London and New York, is the sole head of the practice following Yushan Ng’s departure to Milbank, Tweed, Hadley & McCloy LLP’s London office.

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Restructuring (including bankruptcy): municipal
Restructuring (including bankruptcy): municipal - ranked: tier 1

Cadwalader, Wickersham & Taft LLP

The New York-based distressed municipal finance team at Cadwalader, Wickersham & Taft LLP has secured key roles in many of the largest municipal bankruptcies. With Ivan Loncar and Lary Stromfeld taking the lead, the group continues to advise Assured Guaranty Corp and Assured Guaranty Municipal as insurers of $5.4bn of the bonds issued by Puerto Rico and its public corporations and it has also been involved in extensive litigation opposing Puerto Rico’s fiscal plan and in relation to the bankruptcies of other public entities. The team also acted for Assured Guaranty Corp and Assured Guaranty Municipal in negotiating terms of a restructuring support agreement, under which the clients, alongside other creditors, provided $400m of bridge financing to Puerto Rico Electric Power Authority (PREPA). Ingrid Bagby and Stromfield jointly head the practice, which also includes recently promoted partner Michele Maman.

Leading lawyers

Lary Stromfeld - Cadwalader, Wickersham & Taft LLP

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Structured finance: derivatives and structured products
Structured finance: derivatives and structured products - ranked: tier 1

Cadwalader, Wickersham & Taft LLP

Noted for its ‘simply outstanding’ structuring capabilities, Cadwalader, Wickersham & Taft LLP is especially skilled at negotiating market-first structures that have implications domestically and abroad. Jeffrey Robins and Lary Stromfeld are acting for the International Swaps and Derivatives Association (ISDA) on the development of protocols to accommodate new global standards regarding margin transparency for uncleared OTC derivatives. Ray Shirazi and Brian Foster have advised major dealers and bank issuers on various matters, including the development of proprietary indices and the establishment of registered and unregistered note issuance programs. The team is also assisting a financial data organization with the establishment of a platform to allow bond issuers in a certain sensitive jurisdiction to sell to institutional investors outside of that jurisdiction. Ivan Loncar is another key figure in the team.

Leading lawyers

Brian Foster - Cadwalader, Wickersham & Taft LLP

Ivan Loncar - Cadwalader, Wickersham & Taft LLP

Lary Stromfeld - Cadwalader, Wickersham & Taft LLP

Ray Shirazi - Cadwalader, Wickersham & Taft LLP

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Structured finance: securitization
Structured finance: securitization - ranked: tier 1

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP is well known for its work in the CMBS space, where the firm has acted for every type of deal participant, and has an active ABS and CLO group, which was strengthened by the arrival of Peter Morreale, a structured credit specialist, from Goldman Sachs. Among the market’s most active MBS lawyers, Michael Gambro advised Freddie Mac with the structuring of the issuer’s KT program, which aims to transfer credit risk associated with multi-family mortgage loans pending the securitization of those loans. Stuart Goldstein and the Charlotte-based David Burkholder handled an especially innovative CMBS transaction for JP Morgan Chase Commercial Mortgage Securities, which was the first risk-compliant CMBS offering to exclusively utilize the third-party purchaser (TPP) option. On the CLO front, Neil Weidner and Ivan Loncar assisted Bank of America with a structure to convert certain CLO securities into instruments that are not affected by ownership interest requirements pursuant to the Volcker Rule.

Leading lawyers

Neil Weidner - Cadwalader, Wickersham & Taft LLP

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United States: Industry focus

Energy regulatory: oil and gas
Energy regulatory: oil and gas - ranked: tier 3

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP represents a broad client roster, including BP, Exelon, Anadarko and Occidental Petroleum, in regulatory matters before the FERC, DOE, FTC and multiple public utility commissions. Mark Haskell and Brett Snyder are representing a group of natural gas marketers, including ConocoPhillips and Chevron among others, in an administrative litigation against Texas Eastern Transmission regarding the expiration of a settlement concerning disposition of costs relating to environmental remediation of PCBs on Texas Eastern’s pipeline system. Other highlight matters were acting on behalf of Ascent Resources in a FERC administrative, rate and tariff litigation with interstate pipelines and serving as lead counsel before the FERC and DOE for the Annova LNG project, an intrastate pipeline for natural gas supply, which has implications for environmental review.

Leading lawyers

Mark Haskell - Cadwalader, Wickersham & Taft LLP

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United States: Investment fund formation and management

Alternative/hedge funds
Alternative/hedge funds - ranked: tier 5

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP’s Dorothy Mehta, based in New York, handles a range of fund formation mandates, particularly involving commodity funds and real estate mandates - many of which cross over into hedge and other types of fund.

Next generation lawyers

Dorothy Mehta - Cadwalader, Wickersham & Taft LLP

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United States: Labor and employment

Employee benefits, executive compensation and retirement plans: transactional
Employee benefits, executive compensation and retirement plans: transactional - ranked: tier 4

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP’s ‘ERISA and trading advice is top of the line’, according to one client; the ‘team is very responsive and composed of knowledgeable subject matter experts whose advice reflects deep industry experience’. David Teigman recently joined the firm from Cravath, Swaine & Moore LLP and led the advice to investment firm Mantle Ridge with regard to its investment in CSX Corporation. Other notable highlights include representing Pershing Square Capital Management in its $4m investment in Automatic Data Processing, and acting for Genpact in its acquisition of OnSource. James Frazier is also a name to note. All named individuals are based in New York.

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United States: M&A/corporate and commercial

M&A: large deals ($1bn+)
M&A: large deals ($1bn+) - ranked: tier 6

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP has an impressive record in public company M&A, shareholder activism, hostile transactions, proxy contests and corporate governance engagements. The firm has an especially strong standing in pharmaceuticals, medical devices and healthcare deals, and in financial services transactions. Clients include Mantle Ridge, Pershing Square Capital Management, The Howard Hughes Corporation, Ashford Hospitality Trust, Marcato Capital Management, AngioDynamics, The Medicines Company and The Renco Group. It advised investment firm Mantle Ridge on its investment in transportation company CSX, represented hedge fund Pershing Square in its $4bn investment into Automatic Data Processing, and advised Ashford Hospitality Trust on its $1.27bn unsolicited proposal to acquire FelCor Lodging Trust. Richard Brand is co-chairman of the firm’s corporate group and has an excellent record in public M&A and shareholder activism matters. William Mills is recommended for healthcare deals. Both partners are based in New York.

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United States: Tax

Financial products
Financial products - ranked: tier 1

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP has an excellent track record advising a wide range of financial services clients, including commercial and investment banks, insurance companies and funds. The firm is also noted for its expertise in the structuring of securitization vehicles, having previously advised the Treasury and IRS on developing the taxation regime for asset-backed securities. Linda Swartz heads the highly regarded five-partner team from New York. Gary Silverstein, also in New York, recently represented PennyMac Financial Services in a transaction to finance its Ginnie Mae mortgage servicing rights through a $400m private notes issuance. Mark Howe in Washington DC also advised Olden Lane on the launch of its first series of unit investment trusts. Washington DC-based special counsel Jason Schwartz is also highly recommended.

Next generation lawyers

Jason Schwartz - Cadwalader, Wickersham & Taft LLP

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International tax
International tax - ranked: tier 5

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP’s team advises on the tax aspects of cross-border restructurings, workouts and other distressed situations, as well on M&A, spin-offs, inversions, Reverse Morris Trust transactions and joint ventures. Linda Swartz advised Procter & Gamble on an $11.4bn tax-efficient Reverse Morris Trust transaction with multinational beauty products manufacturer Coty. Together with Edward Wei, she also acted as international and restructuring counsel for the ad hoc committee of convertible noteholders in a cross-border transaction involving the restructuring of approximately $780m of vodka producer Roust’s bond liabilities alongside the provision of new money by existing stakeholders. Attorneys mentioned are based in New York.

Next generation lawyers

Edward Wei - Cadwalader, Wickersham & Taft LLP

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US taxes: non-contentious
US taxes: non-contentious - ranked: tier 2

Cadwalader, Wickersham & Taft LLP

The five-partner team at Cadwalader, Wickersham & Taft LLP advises on corporate transactions, bankruptcies, M&A and capital markets transactions, as well as financing deals and funds work. Linda Swartz acted as tax counsel during client Ashford Hospitality Trust’s $1.27bn unsolicited, non-binding proposal to acquire FelCor Lodging Trust. Together with Edward Wei, Swartz also advised real estate developer Howard Hughes on its private Rule 144A/Reg S offering of senior notes worth $800m. Another highlight for Swartz was advising Genpact on its acquisition of TandemSeven. Mark Howe, Gary Silverstein and Jason Schwartz, who was made a partner in January 2018, focus mainly on capital markets, real estate and funds matters. The attorneys are based in New York and Washington DC.

Leading lawyers

Linda Swartz - Cadwalader, Wickersham & Taft LLP

Next generation lawyers

Edward Wei - Cadwalader, Wickersham & Taft LLP

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