DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises OpenGate Capital On Financing The Acquisition Of The Multicam Group, Creating One Of The World’s First Diversified Provider Of Computer Numerical Control Cutting Machines
September 2, 2021
Read time: 3 min
McDermott Will & Emery advised OpenGate Capital, as sponsor, on the cross-border financing of their acquisition of MultiCam, Inc. through a unitranche financing provided by Idinvest.
Commenting on the transaction, partner Aymen Mahmoud, said:
“This deal continues to showcase the strength of McDermott’s cross-border finance offering for a leading mid-market private equity institution.”
The McDermott team was led by partner Aymen Mahmoud, supported by associate Giulia Venanzoni.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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49 of the Nation’s Leading Law Firms Respond to Investment Company Act Lawsuits Targeting the SPAC Industry
COVERAGE / PRESS RELEASE
49 of the Nation’s Leading Law Firms Respond to Investment Company Act Lawsuits Targeting the SPAC Industry
August 27, 2021
Read time: 5 min
Recently a purported shareholder of certain special purpose acquisition companies (SPACs) initiated derivative lawsuits asserting that the SPACs are investment companies under the Investment Company Act of 1940, because proceeds from their initial public offerings are invested in short-term treasuries and qualifying money market funds.
Under the provision of the 1940 Act relied upon in the lawsuits, an investment company is a company that is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities.
SPACs, however, are engaged primarily in identifying and consummating a business combination with one or more operating companies within a specified period of time. In connection with an initial business combination, SPAC investors may elect to remain invested in the combined company or get their money back. If a business combination is not completed in a specified period of time, investors also get their money back. Pending the earlier to occur of the completion of a business combination or the failure to complete a business combination within a specified timeframe, almost all of a SPAC’s assets are held in a trust account and limited to short-term treasuries and qualifying money market funds.
Consistent with long-standing interpretations of the 1940 Act, and its plain statutory text, any company that temporarily holds short-term treasuries and qualifying money market funds while engaging in its primary business of seeking a business combination with one or more operating companies is not an investment company under the 1940 Act. As a result, more than 1,000 SPAC IPOs have been reviewed by the staff of the SEC over two decades and have not been deemed to be subject to the 1940 Act.
The undersigned law firms view the assertion that SPACs are investment companies as without factual or legal basis and believe that a SPAC is not an investment company under the 1940 Act if it (i) follows its stated business plan of seeking to identify and engage in a business combination with one or more operating companies within a specified period of time and (ii) holds short-term treasuries and qualifying money market funds in its trust account pending completion of its initial business combination.1
None of the firms subscribing to this document intends hereby to give legal advice to any person. Any person seeking legal advice should consult with an attorney.
Akin Gump Strauss Hauer & Feld LLP
Arnold & Porter
Baker & McKenzie LLP
Baker Botts LLP
Cadwalader, Wickersham & Taft LLP
Cleary Gottlieb Steen & Hamilton LLP
Cooley LLP
Cravath, Swaine & Moore LLP
Davis Polk & Wardwell LLP
DLA Piper LLP (US)
Ellenoff Grossman & Schole LLP
Eversheds Sutherland (US) LLP
Fenwick & West LLP
Freshfields Bruckhaus Deringer US LLP
Fried, Frank, Harris, Shriver & Jacobson LLP
Gibson, Dunn & Crutcher LLP
Goodwin Procter LLP
Graubard Miller
Greenberg Traurig, LLP
Katten Muchin Rosenman LLP
King & Spalding LLP
Kirkland & Ellis LLP
Kramer Levin Naftalis & Frankel LLP
Latham & Watkins LLP
Loeb & Loeb LLP
Mayer Brown LLP
McDermott Will & Emery LLP
Milbank LLP
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Morgan, Lewis & Bockius LLP
Nelson Mullins Riley & Scarborough LLP
Orrick, Herrington & Sutcliffe LLP
Paul Hastings LLP
Paul, Weiss, Rifkind, Wharton & Garrison LLP
Proskauer Rose LLP
Reed Smith LLP
Ropes & Gray LLP
Shearman & Sterling LLP
Sidley Austin LLP
Simpson Thacher & Bartlett LLP
Skadden, Arps, Slate, Meagher & Flom LLP
Sullivan & Cromwell LLP
Vinson & Elkins LLP
Wachtell, Lipton, Rosen & Katz
Weil, Gotshal & Manges LLP
White & Case LLP
Willkie Farr & Gallagher LLP
Wilmer Cutler Pickering Hale and Dorr LLP
Winston & Strawn LLP
1. Certain of these lawsuits also claim that personnel of the SPAC sponsor are acting as unregistered investment advisers under the Investment Advisers Act of 1940 by advising on the SPAC business combination (which the plaintiff incorrectly asserts constitutes advice as to investing in, purchasing, or selling securities). The law firms listed herein also view this claim as without legal basis and do not believe that such personnel or the SPAC sponsor are unregistered investment advisers.↩
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Named to National Law Journal’s Appellate Hot List
AWARDS & RANKINGS / PRESS RELEASE
McDermott Named to National Law Journal’s Appellate Hot List
August 26, 2021
Read time: 3 min
International law firm McDermott Will & Emery is pleased to announce that it is has once again been named to National Law Journal’s Appellate Hot List, marking the third straight year that the firm has been recognized.
Under the leadership of Washington, DC partners Paul Hughes and Michael Kimberly, McDermott’s Supreme Court and Appellate Litigation practice comprises highly experienced appellate lawyers who have successfully handled hundreds of appeals. Together, Paul and Michael have presented oral arguments before every federal appellate court, including 15 times before the U.S. Supreme Court over the past six Terms.
In 2021 alone, McDermott’s appellate lawyers have handled cases for our clients in all 13 federal courts of appeals and the appellate courts of five states throughout the country. These appeals have involved a wide array of constitutional, statutory, and regulatory issues affecting healthcare, antitrust, intellectual property, employment, and tax matters, among others.
Read more about McDermott’s Supreme Court and Appellate Litigation practice in National Law Journal‘s Appellate Hot List special edition.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Advises Parent Cloud On Raising Capital, A Support Service For Parents That Gives Access To 1-2-1 Remote Support
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises Parent Cloud On Raising Capital, A Support Service For Parents That Gives Access To 1-2-1 Remote Support
August 26, 2021
Read time: 3 min
McDermott Will & Emery advised Parent Cloud on its seed funding round under the Seed Enterprise Investment Scheme and Enterprise Investment Scheme.
Parent cloud is a support service for parents that gives access to 1-2-1 remote support with consultants and specialists either as a direct service or as an employee benefit via businesses and schools. The company has a group of talented coaches and advisers offering on-demand, remote coaching and support to help families to thrive; covering a variety of parental issues including: birth, breastfeeding, sleep training, therapy, relationship counselling, child behaviour, returning to work & career coaching.
McDermott’s team was led by partner Mark Fine, supported by counsel Arvin Abraham and trainee solicitor Simon Margesson.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Advises Values Real Estate on its Acquisition of the Multimedia Centre Rotherbaum in Hamburg
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises Values Real Estate on its Acquisition of the Multimedia Centre Rotherbaum in Hamburg
August 25, 2021
Read time: 3 min
Frankfurt a.M., August 25, 2021 – McDermott Will & Emery has advised Values Real Estate on its acquisition of the Multimedia Centre Rotherbaum in Hamburg from Jahr Group. Three institutional investors are participating in an investment KG managed by Values Real Estate as part of a club deal.
The multi-tenant property is located in the north of the city in a very good location in the Hamburg-Rotherbaum district. The building consists of three parts, has six floors and has a rental area of around 29,000 sqm. The space is almost fully let to around 20 companies with EY as the anchor tenant.
Values Real Estate is a Hamburg-based project development and investment company operating throughout Germany. The group focusses on sophisticated real estate investments in specific prime locations of selected sites. Founded in 2010, Values Real Estate has implemented and managed investments with a total volume of around three billion euros.
The McDermott team was led by Thomas Beisken and Dr. Jens Ortmanns in Düsseldorf, supported by Alina Affeld (Real Estate), Maria Bretschneider (Real Estate), Dr. Alexa Ningelgen, Elif Üzümovali (Public Law), Christian Krohs and Catharina Kant (Antitrust). In Frankfurt, Tina Zeller (Real Estate), Dr. Kian Tauser and Marcus Fischer (Tax) also advised.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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Schulte Lawyers Author Report in Support of the John Lewis Voting Rights Advancement Act
PRESS RELEASE
Schulte Lawyers Author Report in Support of the John Lewis Voting Rights Advancement Act
August 2021
Read time: 3 min
On Aug. 16, 2021, the House Judiciary Committee convened hearings on the John Lewis Voting Rights Advancement Act (“H.R. 4”). In support of the Act, a team of Schulte lawyers and business staff drafted a thorough Report on the current conditions of voting rights discrimination in Alabama, which was officially entered into the Congressional Record. Schulte drafted this Report with our pro bono client The Southern Poverty Law Center and worked closely with Fair Fight Action. Schulte’s Report is now used as a model for other law firms and organizations preparing similar reports in support of H.R. 4.
The more than 100-page Report, entitled “Selma, Shelby County, & Beyond: Alabama’s Unyielding Record of Racial Discrimination in Voting, the Unwavering Alabamians Who Fight Back, & the Critical Need to Restore the Voting Rights Act,” reveals current, consistent and well-documented racial discrimination in voting in Alabama and shares the first-hand experiences of 56 Alabama voters. The report finds that racial discrimination in voting has reached crisis levels following the 2013 Shelby County v. Holder decision by the Supreme Court that ended federal preclearance of voting changes in jurisdictions with histories of racial discrimination in voting, such as Alabama.
The Schulte team was led by individual client services partner Catherine Grevers Schmidt. The team also included litigation partner Gary Stein and associates Noah Gillespie and Erika Simonson; and investment management associates Gwendolen Akard and Savannah Price and former Schulte lawyer Brandon Faske.
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McDermott Takes the Crown as Top Health Law Firm for Second Consecutive Year
AWARDS & RANKINGS / PRESS RELEASE
McDermott Takes the Crown as Top Health Law Firm for Second Consecutive Year
August 23, 2021
Read time: 5 min
International law firm McDermott Will & Emery is proud to announce its Health practice once again has more healthcare lawyers recognized in the in the 2022 edition of Best Lawyers in America© than any other US firm with 61 attorneys recognized across a number of categories.
“After one of the most challenging years for the healthcare industry, we are proud to be recognized for our leadership position in health law,” Eric Zimmerman, global head of McDermott’s Health Practice said. “I am thrilled to see the commitment our lawyers have to propelling our clients’ missions be recognized for the second year in a row and we thank our industry colleagues and Best Lawyers for this honor.”
The Best Lawyers list is based on a peer-review survey, with those named having earned the respect of other leading lawyers in the same communities and practice areas. In the Health Care Law category, Best Lawyers named these 43 McDermott lawyers:
Jason B. Caron
Karen Owen Gibbs
Carolyn V. Metnick
Two of the above lawyers – Russel Hayman and Thomas Ryan – were also recognized in the Litigation-Healthcare category alongside Laura McLane. Vernessa Pollard was recognized within the FDA Law category, while the Biotechnology and Life Sciences category included William Gaede, David A. Lipkin, Paul W. Radensky, MD and Phillip Street.
12 McDermott lawyers were highlighted in the “Ones to Watch” category – a recognition given to lawyers earlier in their careers who are performing exceptional work. These lawyers are:
- Stacey L. Callaghan
- Brad Dennis
- Gregory E. Fosheim
- Larry C. Guess
- Patrick F. Healy
- Marshall E. Jackson, Jr.
- Tala Jayadevan
- Anisa Mohanty
- Caroline Reigart
- Steven J. Schnelle
- Kyle D. Weber
- Patrick Zanayed
In total, 223 McDermott lawyers from 54 practice specialties have been recognized in the 2022 edition. The Firm is also among the top 40 law firms in the United States with the most lawyers listed, positioning it as a market leader with continued recognition by peers and market commentators.
McDermott Will & Emery is the nation’s leading health law firm. The Health Industry Advisory group is the only health practice to receive top national rankings from U.S. News – Best Lawyers “Best Law Firms,” Chambers USA, The Legal 500 US, and Law360. The practice was also recognized by Chambers as “Health Team of the Year” in 2010, 2013, 2017 and 2019. McDermott has held the top spot in PitchBook’s League Tables as the most active firm for healthcare private equity since 2017.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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The Justice for Greenwood Foundation Requests Formal Investigation of the 1921 Tulsa Race Massacre by the US Department of Justice
PRESS RELEASE
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McDermott Continues The Expansion Of Its Global Restructuring And Insolvency Practice With Senior QC Consultancy Appointment In London
PRESS RELEASE
McDermott Continues The Expansion Of Its Global Restructuring And Insolvency Practice With Senior QC Consultancy Appointment In London
August 17, 2021
Read time: 5 min
International law firm McDermott Will & Emery announced today the appointment of Marcia Shekerdemian QC as senior consultant in its Global Restructuring and Insolvency Practice in London. Marcia remains in independent practice as a barrister at Wilberforce Chambers where she will continue to provide specialist advisory services to clients and lead Wilberforce’s Restructuring and Insolvency Group.
“We are thrilled to have Marcia join our London practice as she has vast experience from the Bar and is a senior leading female voice in our industry. She will be joining a vibrant team with an outstanding Finance and Restructuring & Insolvency capability that has grown significantly over the past 18 months with the appointments of Mark Fennessy, Sunay Radia, Ranajoy Basu, Mark Fine and Aymen Mahmoud,” said Hamid Yunis, Managing Partner of McDermott’s London Office.
Marcia is a leading practitioner in all aspects of contentious and non-contentious insolvency, company and partnership law as well as commercial litigation. Her work encompasses both domestic and international matters. She has appeared in the Grand Court of the Cayman Islands and in the Isle of Man. Marcia also sits in the High Court as a Deputy Insolvency and Companies Judge. In addition, she is well known for her work in equality and diversity, in particular support for women at the Bar; she is the author of the Chancery Bar Association’s 2021 Report “Voices of Women at the Chancery Bar”.
Mark Fennessy, London Head of Restructuring & Insolvency at McDermott, added: “Marcia is a remarkable appointment for our London Restructuring & Insolvency team that will also benefit our global practice. We have worked with Marcia for many years and envisage her outstanding experience at the Bar augmenting the skills we currently have in our team. With the simultaneous increase in volume of distressed businesses and contentious matters, we anticipate that more cases will end up in court, making Marcia’s expertise invaluable to our clients and offering.”
Chambers UK and The Legal 500 have recommended Marcia for many years in insolvency and restructuring, company and commercial dispute resolution. Chambers UK also ranks her for commercial chancery work, noting in addition her expertise in property-related litigation. Most recently stating: “What stands out is that Marcia gets straight to the heart of a matter, and she’s very easy to deal with, which is huge.” (Chambers and Partners, 2020) and “Ferociously bright while very user friendly and proactive.” “A star of the senior insolvency Bar; has an enormous capacity for work and never phased, and always great with the client.” (The Legal 500, 2020).
Marcia Shekerdemian QC said, “I’m very excited to be joining the fantastic McDermott team. Mark, Sunay and I have worked together over the years on a number of cases and I consider their team to be one of the strongest that I have worked with, both in the UK and internationally. Recently they have been engaged on some complex and high profile restructurings, including European TopSoho, DTEK, Travelex and Codere.”
Wilberforce Practice Director, Nick Luckman commented, “McDermott is a valued client, and I am delighted that Marcia will be working more closely with the Restructuring and Insolvency Practice as a Senior Consultant. This is an excellent arrangement that also supports her ability to continue to provide specialist advisory services to Wilberforce clients and remain a valuable member of the Insolvency Group at Wilberforce.”
McDermott’s restructuring and insolvency group is a global team with a strong track record in all aspects of distressed transactions, advising the full range of interested parties, domestically and internationally, from the debtors requiring relief to the interested stakeholders lining up to recoup their positions.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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Three Energy-Focused Dealmakers Choose McDermott
PRESS RELEASE
Three Energy-Focused Dealmakers Choose McDermott
August 17, 2021
Read time: 4 min
International law firm McDermott Will & Emery announced three new partner additions to its Transactions Practice Group: Kevin Brophy in Houston and Jim Salerno and Robert da Silva Ashley in New York.
Kevin served as general counsel for the Kayne Anderson Energy Funds for nearly 15 years and expands our Houston-based Energy group led by Jack Langlois, who joined the Firm in March 2021 from DLA Piper. This boosts conventional energy mergers and acquisitions (M&A) and private equity capabilities in our growing Texas offices. Kevin also regularly advises on investments in and financings of energy projects and assets, including M&A, joint ventures and dispositions of assets and equity of energy companies.
“Texas provides significant opportunity for our clients and that is the primary reason we’re building out our footprint to support major energy infrastructure, project finance and transaction matters across the state,” Mike Poulos, McDermott’s Head of Strategy, said. “Kevin brings an in-house perspective that adds incredible immediate value, while aligning perfectly with our commitment to client service excellence.”
Jim and Robert join McDermott in New York from Jones Day. They represent multinational corporate and business entities primarily in the United States, Latin America and Sub-Saharan Africa on complex conventional and renewable energy projects affecting markets globally.
“Jim and Robert understand how to get highly sophisticated deals done and are fierce client advocates throughout the entire deal cycle,” Harris Siskind, global head of McDermott’s Transactions Practice Group, said. “From the United States to Africa to Latin America, Jim and Robert counsel leading organizations impacting critical energy and infrastructure policy worldwide. We’re thrilled they’ve joined McDermott.”
Jim advises clients in all stages of development for constructing and financing domestic and international energy and infrastructure projects. He represents developers, sponsors, investors and lenders in structuring and negotiating renewable power, energy storage, carbon capture, renewables, geothermal, hydro and nuclear generation projects, as well as clients in the mining and metals industries.
Robert focuses his practice on cross-border and domestic project finance and corporate lending transactions and is a recognized expert in the Latin American market. He is a trusted advisor to international and domestic financial institutions, project sponsors and developers, investment funds and multinational corporations.
McDermott continues its talent acquisition spree across the Transactions practice with 27 partner hires since the beginning of 2021. Many of these partners have experience across the Project Finance, Energy and Infrastructure practices, including Jack Langlois and Jibin Luke in Houston, Parker Lee and Emeka Chinwuba in New York and Ignatius Hwang and Merrick White in London.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
