Firm Profile > Cadwalader, Wickersham & Taft LLP > Charlotte, United States
Cadwalader, Wickersham & Taft LLP Offices
227 WEST TRADE STREET
CHARLOTTE, NC 28202
Cadwalader, Wickersham & Taft LLP > The Legal 500 Rankings
Financial products Tier 1
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'.
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.
All lawyers in this section are based in New York unless stated otherwise.
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.
All named lawyers in this section are based in New York unless stated otherwise.
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.
Real estate Tier 3
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.
'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.
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.
US taxes: non-contentious Tier 3
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.
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.
International tax Tier 4
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.
Alternative/hedge funds Tier 5
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.
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.
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.
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.
M&A: large deals ($1bn+) Tier 6
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.
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.
Cadwalader, Wickersham & Taft LLP > Firm Profile
Cadwalader, Wickersham & Taft LLP, founded in downtown New York in 1792, is proud of its more than 225 years of service to many of the world’s leading financial institutions, investment funds and corporations. Our lawyers help clients identify opportunities, create value and manage risk by crafting innovative business solutions and developing sophisticated legal strategies. With offices in New York, London, Charlotte and Washington, D.C., Cadwalader is one of the world’s most prominent law firms, advising clients with interests in the United States, in Europe and around the world.
Main areas of practice
Capital markets: Our team is widely recognized as a premier global advisor in securitization and structured finance. We represent investment banks, issuers, funds and private equity sponsors in structuring and executing transactions across a broad array of structured products and asset classes, including ABS, CLOs, CMBS, CRE CLOs, RMBS, structured workout financings and whole loan sales.
Corporate: We represent corporations, financial institutions, private equity sponsors and other investors across the full spectrum of complex negotiated and hostile transactions, including mergers, acquisitions, joint ventures, divestitures and spinoffs, as well as public and private debt and equity securities offerings. We also advise clients on takeover preparedness and defense, shareholder activism and defense, and related corporate governance and securities issues.
Finance: We represent lenders, borrowers and investors in a wide variety of financing transactions, including acquisition, leveraged and other syndicated financings; senior secured, second lien and mezzanine loans; asset-based lending transactions; commodities financings; the financing of financial assets; and rescue financing, workouts, debtor-in-possession financings and exit financings.
Financial restructuring: We regularly advise debtholders, official creditor committees, other creditor constituencies and debtors in out-of-court and bankruptcy and insolvency proceedings in the U.S. and UK, as well as advising strategic investors in special situation opportunities.
Financial services: We counsel clients on statutory and regulatory requirements, including those governing banks and bank holding companies, foreign banking organizations, non-bank finance companies and lenders, broker-dealers, securities and futures exchanges, swap dealers, investment advisers and funds. We also represent issuers, dealers and end-users on complex derivatives and structured products transactions, and advise hedge funds, private equity funds and asset managers on structuring funds and raising capital.
Fund FInance: Our market-leading team represents financial institutions as lenders and lead agents on the full range of fund finance products, including subscription credit facilities, hybrid facilities, leverage facilities, management fee and GP lines of credit, equity commitment facilities and credit-enhanced corporate loans, for private equity funds sponsored by many of the world’s preeminent fund sponsors.
Litigation: Our full-service, transatlantic litigation team handles all aspects of dispute resolution, including negotiation, mediation and arbitration. Our trial practice helps clients successfully navigate enterprise-threatening litigation with confidence. We protect and defend our clients in a broad range of strategic areas, including antitrust, corporate and financial services litigation and regulation, and intellectual property. Our State Attorneys General Practice advises clients facing federal and state investigations and enforcement actions, as well as civil and criminal matters, involving state attorneys general, the DOJ and other government agencies.
Private wealth: We are a leading authority on international and domestic private wealth matters. The firm has a long history of advising U.S. and multinational individuals and families in planning for the preservation, governance and transmission of wealth. We advise clients on business succession planning, tax planning, tax compliance, charitable giving, and the creation of family offices, trusts, partnerships and charitable foundations.
Real estate: Our premier real estate finance team represents financial institutions and investors in the origination of securitized and balance sheet mortgage and mezzanine loans, syndicated loans and construction loans secured by virtually all property types, including hotel, office, retail, healthcare, multi-family and industrial properties. These range from single, trophy assets to multi-asset, multi-state and whole-company transactions, as well as the sale of mortgage and mezzanine loans in the secondary market, co-lender and intercreditor agreements, servicing and loan workouts, and restructurings.
Tax: Our tax practice is notable for its sophistication and expertise in complex, tax-advantaged transaction structures that have been employed in the most complex public and private mergers and acquisitions, spin-offs, Reverse Morris Trusts (RMTs), divestitures, joint ventures, restructurings and foreign tax planning strategies. We are a leader in structuring sophisticated securitization vehicles and have had a primary role in virtually every type of mortgage-backed and asset-backed securitization in the market.
White-collar defense and investigations: Our team is comprised of nationally and internationally recognized leaders in the field, including former federal prosecutors, senior SEC enforcement counsel and DEA senior executives, and brings extensive experience to our corporate and individual clients in a broad range of white collar defense and investigations. We represent financial institutions, public companies, investment funds, institutes of higher education and individuals in government investigations and provide clients strategic advice when they face business crises, potential enforcement actions and other complex regulatory issues.
|Capital Markets||Michael Gambro|
|Capital Markets||Stuart Goldstein|
|Real Estate||William McInerney|
|Fund Finance||Michael Mascia|
|Financial Restructuring||Gregory Petrick|
|Financial Services||Scott Cammarn|
|Financial Services||Richard Schetman|
|Private Wealth||Dean Berry|
|White Collar Defense and Investigations||Jodi Avergun|
Staff FiguresNumber of Partners : 102 Number of Other Lawyers : 315
OtherManaging Partner : Patrick Quinn Other Offices : London
Top Tier Firm Rankings
- Financial products
- Restructuring (including bankruptcy): municipal
- Structured finance: derivatives and structured products
- Structured finance: securitization
- Real estate
- Securities litigation - defense
- Transport: shipping - finance
- US taxes: non-contentious
- Employee benefits, executive compensation and retirement plans: transactional
- International tax
- Alternative/hedge funds
- Corporate investigations and white-collar criminal defense
- Financial services regulation
- Restructuring (including bankruptcy): corporate
- M&A: large deals ($1bn+)
- Shareholder activism