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Cahill Gordon & Reindel LLP

80 PINE STREET, NEW YORK, NY 10005, USA
Tel:
Work +1 212 701 3000
Email:
Web:
www.cahill.com
London, New York, Washington DC

United States: Dispute resolution

Corporate investigations and white-collar criminal defense
Corporate investigations and white-collar criminal defense - ranked: tier 3

Cahill Gordon & Reindel LLP

Credit Suisse is a key client of Cahill Gordon & Reindel LLP’s team, which is advising Valeant Pharmaceuticals on an SEC investigation pertaining to possible securities law violations. The team is also assisting the audit committees of Qualcomm and Walmart Stores in DOJ and SEC FCPA compliance investigations. Office of Foreign Assets Control (OFAC) compliance and environmental investigations are also part of the firm’s work. Key lawyers include Bradley Bondi, who divides his time between New York and Washington DC, and New York-based Bart Friedman, David Wishengrad, Herbert Washer and Anirudh Bansal. David Kelley moved to Dechert LLP in January 2017.

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General commercial disputes
General commercial disputes - ranked: tier 3

Cahill Gordon & Reindel LLP

Standout areas for Cahill Gordon & Reindel LLP’s sizable litigation team include antitrust, insurance and securities litigation. Litigation on the East Coast accounts for a high proportion of its caseload, though the national practice is well equipped to litigate in forums across the country. The First Amendment practice is especially highly regarded; recent highlights include Floyd Abrams, Michael Weiss and Joel Kurtzberg’s representation of Amarin Corporation in a high-profile First Amendment suit against the Food and Drug Administration (FDA) challenging the constitutionality of certain restrictions on off-label promotion; after prevailing in the Southern District of New York, the dispute was settled.

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Securities litigation: defense
Securities litigation: defense - ranked: tier 2

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP is ‘highly responsive, excellent at client preparation and has a strong team at partner and associate level’. The firm’s strength is representing investment banks and Herbert Washer, who leads the firm’s litigation and regulatory practices, and David Januszewski played central roles in defending Credit Suisse Group in cases alleging manipulation of Libor and other financial benchmarks during the financial crisis. Januszewski and Charles Gilman are handling several matters for Deutsche Bank, including high-frequency trading and trust preferred securities cases. Washer, Januszewski and David Wishengrad represented Barclays in a credit default swap case. Floyd Abrams represented McGraw Hill Financial and Standard & Poor’s Financial Services in several lawsuits across the US relating to the credit rating of mortgage-backed securities. Washington DC-based regulatory enforcement specialist Bradley Bondi has ‘in-depth knowledge of the SEC and how to deal with it’. He represented David Weishaus in an SEC insider trading case. Named attorneys are based in New York unless otherwise stated.

Leading lawyers

Herbert Washer - Cahill Gordon & Reindel LLP

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United States: Finance

Capital markets: debt offerings
Capital markets: debt offerings - advice to underwriters - ranked: tier 2

Cahill Gordon & Reindel LLP

The ‘very strong’ New York-based team at Cahill Gordon & Reindel LLP stands out for its ‘first-rate product knowledge’, ‘deep bench’ and ‘fair fees’. The firm’s excellent links with investment banks continues to pay dividends and it advised underwriters on a stream of investment grade debt deals over the past year. Daniel Zubkoff, Douglas Horowitz and Joshua Zelig acted for the joint book-running managers, global financing coordinators and other initial purchasers during a $20bn offering of first lien notes by subsidiaries of Dell. Elsewhere, John Tripodoro, Corey Wright and Brian Kelleher led the firm’s advice to the joint book-running managers and co-managers on CCO Safari II’s $15.5bn offering of senior secured notes. Other recommended names include William Hartnett and Jonathan Schaffzin.

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Capital markets: equity offerings
Capital markets: equity offerings - advice to underwriters - ranked: tier 3

Cahill Gordon & Reindel LLP

Although better known for its debt - particularly high-yield debt - expertise, Cahill Gordon & Reindel LLP’s share of equity transactions continues to grow. Among its recent work, Daniel Zubkoff and Douglas Horowitz advised JP Morgan, Deutsche Bank Securities, Wells Fargo Securities and BMO Capital Markets as joint book-running managers on QEP Resources’ $422m share offering. Meanwhile, James Clark, William Miller and Marc Lashbrook acted for the underwriters in Gaming and Leisure Properties’ $862.5m common stock offering, which was used to fund the acquisition of Pinnacle Entertainment’s real estate assets. Other key names in the ‘excellent’ New York-based team are William Hartnett, John Tripodoro and Jonathan Schaffzin.

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Capital markets: high-yield debt offerings
Capital markets: high-yield debt offerings - advice to underwriters - ranked: tier 1

Cahill Gordon & Reindel LLP

Underwriter-side heavyweight Cahill Gordon & Reindel LLP is a ‘stand-out player in the high-yield space’ and for many, ‘no other firm comes close’. Certainly, the New York-based group’s impressive market share ensures it involvement in the top deals and it is a ‘first-choice for complex and cutting-edge high-yield matters’. The department’s ‘excellent product knowledge’, ‘peerless experience’ and ‘deep bench’ are also big draws for clients. Among the key names, William Hartnettcombines strong legal skills with great business sense’; he teamed up with Jonathan Frankel, Ted Lacey and the ‘innovative and strategicJohn Tripodoro to advise the joint book-running managers on the $3.1bn offering of second lien senior secured notes by Prime Security Services Borrower and Prime Finance. The ‘absolutely first-rateJames Clark is also a noted specialist and assisted with several notes issuances by First Data, including acting for the initial purchasers in First Data’s $3.4bn offering of notes - Hartnett, Adam Dworkin, Ann Makich, John Papachristos and Joshua Zelig also acted on the deal. William Miller and the ‘extremely strongJonathan Schaffzin advised the joint book-running managers on Equinix’s $1.1bn senior notes offering. Marc Lashbrook is also recommended.

Leading lawyers

James Clark - Cahill Gordon & Reindel LLP

Jonathan Schaffzin - Cahill Gordon & Reindel LLP

William Hartnett - Cahill Gordon & Reindel LLP

Next generation lawyers

Joshua Zelig - Cahill Gordon & Reindel LLP

Marc Lashbrook - Cahill Gordon & Reindel LLP

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Commercial lending
Commercial lending: advice to lenders - ranked: tier 1

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP has few rivals when it comes to the sheer volume of lender-side mandates that it handles as well as the scale and complexity of those mandates. The firm’s large bench of partners are all highly experienced in acquisition finance and high-yield debt; James Clark, Adam Dworkin, Douglas Horowitz, Daniel Zubkoff, John Tripodoro, Jonathan Schaffzin and Jennifer Ezring have all been highly active in 2016. In a reflection of its leading market presence, the firm advised the lenders on $50bn of new debt financing for Dell’s acquisition of EMC Corporation, a deal that involved $23bn in credit facilities, a $20bn bond offering, and a further $3.1bn senior notes offering by subsidiaries of Dell. In another highlight, the firm advised JP Morgan and Bank of America as lead arrangers on the $18.1bn financing of Western Digital’s acquisition of SanDisk, which involved a $5.3bn high-yield bond offering.

Leading lawyers

James Clark - Cahill Gordon & Reindel LLP

Jonathan Schaffzin - Cahill Gordon & Reindel LLP

Next generation lawyers

Michael Reddy - Cahill Gordon & Reindel LLP

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United States: Industry focus

Insurance: advice to insurers
Insurance: advice to insurers - ranked: tier 2

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP provides ‘top-notch advice and a responsive service’. An established player in the reinsurance market, with key offices in New York and Washington DC, the team has notable experience in arbitration and fraud litigation. It acted for key client AIG in a case against Fidelity National Financial involving alleged refusal by the client to pay for a loss covered by a professional liability policy; other highlights included representing XL Capital in multiple antitrust class actions involving allegations of price-fixing in the sale of municipal derivatives products. Other clients include Swiss Re and Aon Insurance Managers. Thorn Rosenthal is ‘very highly thought of in the industry’; senior counsel Edward Krugman, Jason Hall and Tammy Roy are also key names. All lawyers mentioned are in the New York office.

Leading lawyers

Thorn Rosenthal - Cahill Gordon & Reindel LLP

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United States: M&A/corporate and commercial

M&A: middle-market (sub-$500m)
M&A: middle-market (sub-$500m) - ranked: tier 1

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP’s corporate partners regularly work alongside attorneys from the firm’s tax, antitrust, real estate, environmental, IP and executive compensation and employee benefits practices. Recent deals involved the insurance, pharmaceuticals and technology industries. For instance, the team advised insurance brokerage and risk management firm Integro USA on the acquisition of Florida-based Jerry Parks Equine Insurance and Parks Insurance Corporation; for pharma and biotech services company ICON, the firm advised on the acquisition of PMG Research; and for the founders of Bluewolf Group, it advised on the sale of cloud consulting firm Bluewolf. It also acted for Trans World Entertainment in its acquisition of digital marketplace Etailz. Large deal highlights included the group’s representation of Empire District Electric Company in its agreement to be sold to a subsidiary of Algonquin Power & Utilities; this all-cash transaction was valued at $2.4bn, including assumed debt. It also assisted Arch Capital Group with its acquisition of United Guaranty Corporation from American International Group. Helene Banks is recommended for her representation of sellers, acquirers, targets, financial institutions and shareholders during M&A transactions, and John Schuster, William Hartnett, Kimberly Petillo-Décossard, Michael Sherman and Susanna Suh are also highly regarded. All named advisers are based in New York.

Leading lawyers

John Schuster - Cahill Gordon & Reindel LLP

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United States: Media, technology and telecoms

Telecoms and broadcast: regulatory
Telecoms and broadcast: regulatory - ranked: tier 3

Cahill Gordon & Reindel LLP

Chérie Kiser and Angela Collins jointly lead Cahill Gordon & Reindel LLP’s practice, which advises clients in the wireline, wireless, cable, broadband and satellite markets across a wide range of regulatory and contentious mandates, with particular expertise in FCC regulations and representing cable companies in subscriber class actions. In a recent highlight, the team represented Blackboard before the FCC, obtaining a declaratory ruling that schools can lawfully make automated telephone calls and send automated texts to students and family members. Cable One is also a key client for the group, which the team represented before state courts, state agencies and the FCC in issues relating to the client’s video, VoIP and internet access services. Other clients include Polycom and Birch Communications; the department is acting for the latter in the regulatory elements of its purchase of Primus Telecommunications’ assets, and is advising it on maintaining its eligible telecoms status.

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Telecoms and broadcast: transactional
Telecoms and broadcast: transactional - ranked: tier 3

Cahill Gordon & Reindel LLP

Alongside its litigation and regulatory expertise, Cahill Gordon & Reindel LLP continues to demonstrate strength in corporate finance thorough its work advising the joint book-running manager and co-managers of, respectively, the Time Warner Cable and Charter Communications merger and DreamWorks’ acquisition of Comcast Corporation, and representing Deutsche Bank as book-running manager of DISH Network’s $3bn convertible notes offering. The communications sector is a focus of the Washington DC-based team, which advises clients on IPOs, restructurings, competition strategies, antitrust issues, tax mandates and political programming matters. Managing partner Chérie Kiser regularly advises voice, video and data communications clients, and counsel Angela Collins is also recommended.

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Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • New requirement for all issuers operating on the Luxembourg Stock Exchange

    On 10 August 2017 the Luxembourg Stock Exchange announced that all domestic and foreign issuers operating on the regulated market (Bourse de Luxembourg) or on the multilateral trading facility (Euro MTF) of the Luxembourg Stock Exchange must provide their legal entity identifier (“LEI ”) codes to the Luxembourg Stock Exchange before 15 September 2017.
  • Luxembourg law on the exploration and use of space resources entered into force

    The Luxembourg law on the exploration and use of space resources of 20 July 2017 entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world.
  • VAT in the GCC – Q&A updates from the UAE Ministry of Finance

    On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.
  • PRIIPs KID: The final pieces of the puzzle

    The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.
  • MiFID II: Further guidance on product governance requirements

    Amongst the numerous topics covered by the Markets in Financial Instruments Directive II (MiFID II), the European Securities and Markets Authority (ESMA) has decided to provide further guidance on the requirements regarding product governance through its guidelines dated 2 June 2017 which focus on the target market assessment by manufacturers and distributors of financial products.     
  • Arendt & Medernach is again the “Luxembourg Tax Firm of the Year”

    The partners of Arendt & Medernach are pleased to announce that their firm has been awarded once again the prestigious “Luxembourg Tax Firm of the Year” title during the International Tax Review’s European Tax Awards ceremony held at the Savoy Hotel in London on 18 May.
  • Signature of the Multilateral instrument – reservations made by Luxembourg

    On 7 June 2017, the official ceremony for the signing of the multilateral instrument (“MLI”) took place bringing to a close a process initiated last year when a consensus was reached on the wording of the MLI on 24 November 2016 (see also our newsflash dated 2 December 2016, available on our website www.arendt.com section Publications/Newsflash).
  • Arendt & Medernach: Luxembourg Law Firm of the Year

    Luxembourg, May 2017 – Arendt & Medernach is proud to have been named “Luxembourg Law firm of the year” both by Chambers & Partners and IFLR (International Financial Law Review). The prestigious trophies were both received in April in London at the respective ceremonies of the Chambers Europe Awards 2017 and the IFLR European Awards 2017.
  • First VAT EU case law on the cost-sharing VAT exemption

    The question of the scope of the cost-sharing VAT exemption, also referred to in the Council Directive 2006/112/EC of 28 November 2006 as amended ("EU VAT Directive") as “Independent Groups of Persons” or “IGPs”, is currently being debated at the Court of Justice of the EU (“CJEU”) in several cases. Last Thursday marked the first milestone regarding this specific VAT exemption since the CJEU released its judgment in the case Commission v Luxembourg (C-274/15).
  • An Introduction to Corporate Guarantee

    In the UAE, the risk management activities inherent in running a corporate or investment banking business remain of crucial importance, not least because of the strong local characteristic of “name lending”, by which is meant lending or providing other banking facilities to family or other private businesses, primarily on the strength of the “name” or “names” of the proprietors standing behind the business, rather than on the strength of the asset quality and underlying credit of the particular business. Of course, in practice, there is commercial overlap between the proprietors and the companies which they own, but the credit analyses can break down where poor banking practices and procedures result in poorly constructed legal documentation and gaps in guarantee and security support documents.