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Cadwalader, Wickersham & Taft LLP

200 LIBERTY STREET, NEW YORK, NY 10281, USA
Tel:
Work +1 212 504 6000
Fax:
Fax +1 212 504 6666
Email:
Web:
www.cadwalader.com
Brussels, Charlotte, Houston, London, New York, Washington DC

United States

Real estate
Real estate - ranked: tier 3

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP is particularly focused on the finance side of real estate transactions, including a wide range of loan types, while it also advises on development, investment and acquisitions relating to office buildings, malls, retail shopping centers, hotels, nursing homes, hospitals, multifamily buildings and condominiums. Bonnie Neuman advised JPMorgan on its $1bn mortgage loan for Wyndham Worldwide Corporation’s $1.95bn acquisition of La Quinta Holdings. Holly Chamberlain acted for Morgan Stanley on a $710m mortgage loan to refinance existing debt, secured by fee interest and leasehold interests in a 1.5m square foot portfolio of retail and office properties, for Millennium Partners. Newly promoted partner Matthew Robertson, who is ‘incredibly responsive and very user-friendly’, advised Bank of America on two cross-collateralized and cross-defaulted mortgage loans aggregating $447m, as well as a $180m mezzanine loan to the Walt Disney World Dolphin Resort and the Walt Disney World Swan Hotel. Another highlight included advising HSBC on a $285m mortgage loan secured by cross-state student housing and owned by a joint venture between Landmark Properties and the Abu Dhabi Investment Authority. Finance group co-chair William McInerney is also recommended for his expertise in the sale of performing and non-performing commercial mortgage and mezzanine loans in the secondary market. Alan Lawrence joined as partner from Arnold & Porter. All listed attorneys are based in New York.

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United States: Dispute resolution

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

Cadwalader, Wickersham & Taft LLP

Corporate investigations and white-collar criminal defense: advice to individuals - ranked: tier 4

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP's group is chaired by Washington DC's Jodi Avergun and predominantly represents corporates and financial institutions in high-stakes investigations and enforcement actions, although it is also engaged on some significant individual representations. Highlighting the group's standing with enforcement agencies, Avergun was appointed to oversee McKesson Corporation's $150m settlement and compliance agreement with the DOJ and Drug Enforcement Administration (DEA) following a federal probe into the company's distribution of opioid drugs. Both based in Charlotte, Anne Tompkins and Jonathan Watkins are representing former CEO of SCANA Corporation, Kevin Marsh, in connection with securities fraud litigation arising from the company's abandonment of an $11bn civil nuclear power project. Also recommended are Kyle DeYoung and Joseph Moreno in Washington DC and New York's Todd Blanche.

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Securities litigation - defense
Securities litigation - defense - ranked: tier 3

Cadwalader, Wickersham & Taft LLP

'It has a team of litigators as good as any other in securities litigation', remarks a client of Cadwalader, Wickersham & Taft LLP in New York. The practice is known for 'great communication and coordination, as well as efficient staffing and resourcing'. Chair of the firm's global litigation group Jason Halper provides 'steady, practical and experienced guidance on strategy and outlook; he is unflappable and has great judgment'. He acted for Janus Index & Calculation Services LLC in two class actions alleging false and misleading statements in the valuation of its exchange-traded notes. Nathan Bull is recommended as 'a young star who is a master of details, can write beautifully and has a genial presence that impresses while also putting one at ease'. Kyle DeYoung in Washington DC and New York-based special counsels Gillian Burns and Jared Stanisci are recommended for 'consistent, strong, thoughtful and timely work product'. Jonathan Watkins in Charlotte is also recommended.

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United States: Finance

Financial services regulation
Financial services regulation - ranked: tier 5

Cadwalader, Wickersham & Taft LLP

Traditionally known for its 'excellent' broker-dealer offering, Cadwalader, Wickersham & Taft LLP has recently strengthened its bank regulatory credentials with the addition, in May 2018, of financial services M&A regulatory expert Mark Chorazak from Simpson Thacher & Bartlett LLP. Chorazak joins the 'very responsive' Charlotte-based partner Scott Cammarn, who himself has excellent credentials in the market as a result of many years' experience guiding domestic and international banks through the myriad regulatory hurdles they face. 'Very smart' New York-based partner Steven Lofchie has his finger on the pulse of regulatory change impacting the broker-dealer market; he continues to represent numerous market participants on the impact of derivatives margin requirements across the globe. Lofchie has also been active assisting numerous clients, including Wells Fargo and TD Bank, on the establishment of prime brokerage businesses. Broker-dealer practitioner Jeffrey Robins  joined Debevoise & Plimpton LLP in June 2018.

Leading lawyers

Steven Lofchie - 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 experienced Chapter 11 practice is complemented by the firms's expertise in complex financing structures, and it has a particular focus on advising creditors and investors. Gregory Petrick is practice head and splits his time between New York and London. His team is representing MBIA in matters relating to two collateral loan obligation investment funds, referred to as Zohar I and Zohar II. The department is advising on the workout and other strategies to reduce the client’s exposure, as well as with restructuring efforts and potential litigation. In another highlight, the practice acted for the principal shareholder, Hemen Holdings and new money investor Hemen Investments, in the Chapter 11 restructuring of Seadrill, involving the issuance of $880m secured notes and $400m equity. The Chapter 11 plan included $2.3bn in unsecured bond obligations equitized and more than $1bn in contingent newbuild obligations.

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

Cadwalader, Wickersham & Taft LLP

Particularly experienced in complex reorganizations, Cadwalader, Wickersham & Taft LLP focuses on the creditor side - notably, in recent times, in the landmark case of Puerto Rico. The firm represents Assured Guaranty and Assured Guaranty Municipal, which insured $5.4bn of the bonds issued by Puerto Rico and its public corporations. The team filed the first major litigation in the Title III case against Puerto Rico, the Oversight Board, the Governor of Puerto Rico and other Puerto Rican officials, in response to Puerto Rico’s fiscal plan that violated PROMESA and bondholders’ rights. Financial institutions and capital markets expert Lary Stromfeld leads the practice in New York with Ingrid Bagby, who represents creditors and debtors in Chapter 9 and Chapter 11 proceedings and out-of-court restructurings. Notable in the team is Ivan Loncar, also based in New York, who focuses on derivatives, structured finance and municipal finance; and associate Casey Servais, who specializes in the areas of bankruptcy litigation and financial restructuring.

Leading lawyers

Ivan Loncar - Cadwalader, Wickersham & Taft LLP

Lary Stromfeld - Cadwalader, Wickersham & Taft LLP

Rising stars

Casey Servais - 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

Cadwalader, Wickersham & Taft LLP has 'a very deep understanding of structured products' and is considered by some to be 'one of the most commercially minded firms in the market'. Bringing together 'top-notch resources' in financial restructuring, taxation and capital markets regulations, the team is regularly involved in leveraged and margin financing, hedging and equity-linked derivative transactions, and also has considerable expertise in swaps and OTC regulations. Lary Stromfeld and Steven Lofchie are advising ISDA on the development of credit support documentation relating to new international standards for bilateral margin transparency for uncleared OTC derivatives. In the transactional space, Ray Shirazi and Brian Foster advised a number of major banks on over 14,000 structured product offerings in 2018. Additionally, Ivan Loncar and Richard Schetman are assisting multiple financial institutions with the development of structures to allow certain types of sovereign borrowers to borrow on a leveraged basis. Jeffrey Robins left the firm for Debevoise & Plimpton LLP, but Mark Chorazak joined from Simpson Thacher & Bartlett LLP and Jed Miller was promoted to partner in 2019.

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

With a client roster including virtually every bulge bracket bank, Cadwalader, Wickersham & Taft LLP is a fixture in the CMBS space and also has a strong CLO practice, with particular expertise in CRE CLOs. In the ABS space, department co-head Michael Gambro acted for JP Morgan, as issuer's counsel, in the securitization of an approximately $1.6bn mortgage loan secured by Caesar's Palace in Las Vegas; Gambro also advised Royal Bank of Canada on the first Canadian CMBS transaction to comply with US risk retention rules. Another key contact for mortgage-related ABS is Chris Gavin, who acted for Credit Suisse Securities in relation to the securitization of 548 fix-and-flip loans, which is among the largest-ever securitizations for that asset class. More esoteric highlights included Ira Schacter advising Guggenheim Securities, as bookrunner and initial purchaser, on the $455m whole-business securitization by Harley Marine Services. Charlotte-based Stuart Goldstein has expertise in CMBS and CRE CLOs and recently advised a client on a major CMBS deal backed by retail assets in the US and Puerto Rico. Also recommended is Neil Weidner, who assisted Citi, as arranger, with a credit securitization deal involving a note issuance that was collateralized by broadly syndicated notes and high-yield bonds. Gregg Jubin in Washington DC is another name to note.

Leading lawyers

Michael Gambro - Cadwalader, Wickersham & Taft LLP

Neil Weidner - Cadwalader, Wickersham & Taft LLP

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United States: Industry focus

Transport: shipping - finance
Transport: shipping - finance - ranked: tier 3

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP is particularly experienced in acting for creditors and bondholders in distressed shipping restructuring mandates. Of recent note, financial restructuring group chair Gregory Petrick is based across the firm’s London and New York offices and advised an informal ad hoc secured lender committee in the Chapter 11 cases of Toisa, Trade and Transport and certain vessel-owning affiliates; the restructuring involved approximately $1bn in debt across more than 20 credit facilities, which were secured by, among other collateral, 13 tankers, seven dry bulk vessels and 26 offshore support vessels. Further, Joshua Apfelroth advised Hemen Holdings on the Chapter 11 restructuring of Seadrill and new money capitalization. Elsewhere, Ira Schacter advised Guggenheim Securities on the $455m whole-business securitization of Harley Marine Services, which was collateralized by a portfolio of 122 owned and leased-in marine vessels and related customer contracts. Corporate group co-chair Richard Brand is also a key figure. Named individuals are based in New York unless indicated otherwise.

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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 team is 'extremely responsive, fast, and knowledgeable'. Dorothy Mehta in New York has solid expertise in handling - among other areas - commodities funds and fund formation work with a focus on real estate assets.

Next Generation Partners

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

According to one client, the two-partner team at Cadwalader, Wickersham & Taft LLP stands out for its ‘deeply technical and policy-oriented knowledge of ERISA’. ‘Exceptionally responsive’, the practice group includes Title 1 specialist James Frazier, who counts Morgan Stanley, Bank of America, Barclays and other major financial services institutions among his key clients. David Teigman advises on the full range of employee benefits and executive compensation matters arising from M&A transactions for clients including Elliott Management, Sompo International and Marcato Capital Management. Named lawyers 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 remains noted for public M&A, shareholder activism, hostile transactions and proxy contests, and financial advisory engagements. Richard Brand has an outstanding record in representing activist investors including Elliott Management, Pershing Square Capital Management and Marcato Capital Management, and is a leader in hostile transactions. He advised BW LPG, the owner and operator of liquefied petroleum gas vessels, on its $1.1bn hostile bid for competitor Dorian LPG. He also represented Elliott Management in its successful initiative to pressure Qualcomm into raising its takeover bid for NXP Semiconductors from $39bn  to $44bn. Moreover, he advised Pershing Square on its $4bn investment in Automatic Data Processing and proxy contest to elect three directors to the board of the company. Other clients include The Medicines Company, where former partner Christopher Cox is executive vice president and chief corporate development officer, and Genpact, Inteva Products and AngioDynamics. William Mills is also rated for healthcare deals especially while Stephen Fraidin joined the team from Pershing Square, where he was a vice president, in June 2018 having previously been a partner at Kirkland & Ellis LLP and Fried, Frank, Harris, Shriver & Jacobson LLP.

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Shareholder activism
Shareholder activism: advice to shareholders - ranked: tier 2

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP's Richard Brand advised DE Shaw on its successful campaign to add four directors to the board of Bunge, and separately advised the same client on its investment in Lowe's. Brand also assisted Hudson Executive Capital with its campaign to get its managing partner on the board of Cardtronics. In addition to work for activist funds, Brand also advised the 9% owners of Destination Maternity on the replacement of four board members with their own majority-female slate. Elliott Management is another client, as is Pershing Square Capital Management.

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United States: Media, technology and telecoms

Fintech
Leading lawyers

Vivian Maese - Cadwalader, Wickersham & Taft LLP

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United States: Tax

Financial products
Financial products - ranked: tier 1

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP provides tax structuring and advisory services to its sophisticated financial services client base. New York-based Gary Silverstein represented Natixis New York Branch as issuer in a $370.2m securitization of commercial mortgage loans. He also represented Barclays Bank as loan seller in a $1.32bn single-asset securitization of a floating-rate mortgage loan originated by Barclays and Deutsche Bank for The Blackstone Group. Mark Howe in Washington DC advises asset managers and custodian banks on structured products. Jason Schwartz, a recently promoted partner in Washington DC, represented Citi as arranger in an unusual 'credit securitization'.

Next Generation Partners

Jason Schwartz - Cadwalader, Wickersham & Taft LLP

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International tax
International tax - ranked: tier 4

Cadwalader, Wickersham & Taft LLP

Located in New York, the international tax practice at Cadwalader, Wickersham & Taft LLP advises on the tax aspects of cross-border M&A as well as restructurings, workouts and other distressed situations. Key partner Linda Swartz advised principal shareholder Hemen Holdings Limited on the tax aspects of the Chapter 11 of Seadrill Limited, a matter valued at $13bn. Alongside other key partner Edward Wei, Swartz advised Genpact Limited on its acquisition of Barkawi Management Consultants GmbH & Co, a leading supply chain management consultancy with operations in the US and Europe that is part of the Barkawi Group. Jason Schwartz, a financial products tax specialist, was made partner in January 2018.

Next Generation Partners

Edward Wei - Cadwalader, Wickersham & Taft LLP

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US taxes: non-contentious
US taxes: non-contentious - ranked: tier 3

Cadwalader, Wickersham & Taft LLP

According to one client, Cadwalader, Wickersham & Taft LLP’s ‘key strength is its willingness to take the time to understand the clients’ business, and to offer the right recommendations in order to help the client make the right tax decision for substantial savings’. The firm mainly advises on M&A and capital markets transactions in the life sciences, investment funds, real estate and oil and gas industries. New York partners Linda Swartz and Edward Wei advised The Medicines Company on the $270m sale of its infectious disease business unit to Melinta Therapeutics. The duo also acted for Elliott Management in its majority equity investment in Channel Partners Capital. Further, Wei assisted The Howard Hughes Company with an underwritten public secondary offering of 2.5 million shares by Pershing Square Holdings and Pershing Square. Washington DC-based Jason Schwartz made partner in January 2018.

Leading lawyers

Linda Swartz - Cadwalader, Wickersham & Taft LLP

Next Generation Partners

Edward Wei - Cadwalader, Wickersham & Taft LLP

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