9 June 2008
9 June 2008 - Mayer Brown LLP, a leading global law firm, announced today that it will host a monthly series of informational teleconferences focusing on the business impact and legal challenges arising from the credit market disruptions that continue to propagate throughout the financial systems and market. These 30-minute briefings will provide a legal update on the current issues facing corporate America including potential new regulations, pending and potential SEC enforcement and litigation matters, bankruptcies, corporate dealings and financial implications. The initial teleconference will occur Wednesday, June 11, from 11 a.m. to 11:30 a.m. EDT and will focus on Auction Rate Securities (ARS).
As the credit crisis continues to grow in scope and geographic reach, the firm's Subprime Lending Response Team has changed its name to the Credit Market Distress Team to include a wide range of credit-related needs. The teleconference series is the latest initiative by this team to help clients address the evolving issues stemming from the current economic environment. The firm recently hosted a client seminar on monoline insurance and the restructuring and exposure issues facing financial institutions and counterparties, which attracted more than 100 registrations.
"With events moving at such a rapid pace in the credit markets and multi-jurisdictional issues on the rise, the need for accurate and timely information has never been greater, as demonstrated by the strong response to our educational programs," said Dan Brown, a partner in Mayer Brown's Securities Enforcement & Investigations Practice and one of the leaders of the Credit Market Distress Team. "The breadth of capabilities of our interdisciplinary team and its global reach are unsurpassed in the legal profession. The perspectives they will share through the teleconference series will help participants respond to the full range of challenges confronting them today."
Mayer Brown's Credit Market Distress Team includes attorneys from offices in the U.S., Europe and Asia and practices such as: Finance; Financial Services Regulatory & Enforcement; Government & Global Trade; Real Estate; Restructuring, Bankruptcy & Insolvency; Securities Enforcement & Investigations; Securities Litigation; Securitization; Supreme Court & Appellate; Tax; and White Collar Defense & Compliance.
The initial teleconference will focus on selected exposure and restructuring issues affecting ARS. "Until the credit crisis hit, ARS were widely viewed as an attractive and useful financing technique," said Jon Van Gorp, a Mayer Brown Securitization and Finance partner and a team leader. "But that perception has reversed, and many issuers of the approximately $330 billion of ARS outstanding now face significant restructuring challenges."
Credit Market Distress Team members who will speak on the ARS teleconference include Finance partner Paul Forrester and Securities Enforcement & Investigations partner Rich Morvillo. Topics they will discuss include: a market overview, including the different types of ARS; restructuring constraints and recent Securities and Exchange Commission and Internal Revenue Service steps to facilitate ARS restructuring; special municipal issues, including the recent New York Department of Insurance guidance regarding the termination of "non-cancelable" financial insurance; and broker-dealer exposure.
To register for the teleconference, contact Jean Shim, Mayer Brown, at 202-263-3885 or