NEWS IN BRIEF

Jacolls, Hlllbal'l Taa P.-1 II IDIPaltan ConteP•II

justice Jack B. Jacobs of rhe Delaware Supreme Court and ERisa HAbbart, fOund­ing pa;rtner of Wilmingtom firm The Delaware Counsel Greup, trave-le-d to Australia last mont:h. to speak at a confer­ence held by the Internatiorutl Bar Association and the bU6iaess law section cL the Law Council of Australia cafk.x:l ••Private Equity: The Subprime Crisis and Beyond.··

'Ihe conference was in Sydney in early April. Jacobs discussed fiduciary duties in the context tlf private equity in his presentation. He touched on sum thiags as directors' conflicts of imete&t~ access to non-public .information and exdusivity arrangements.

.. I was very i;mptessed with the sophisti­cation of the Australian bench and bar/• Jacobs said, adding that he expects Australia to become a st~ Asian finaflCial center.

Jacobs also discussed how Delaware is developed and bow it differs ftt}!m

Australian law. He found tiUl't the Australuln lawyers often looked to Delaware for guida-nce on how to advise client and how to structure deals.

"They are very mi . .ndfttl of what is going on in Delaware:· he said.

While Jacobs said tkte atmosphere .in Australia is hardly pess1tnisdc, the liq­uidity crisis has ani ved there.

.. A lot of these private equity deals happen beca'Use of levetag,e, and right now the money is not there to borrow. It took a little lomger, but it is having its effect in Australia."

Habbart. who spoke on the second day of the conference. is clre vice chair of the pri­vate equity subcommittee of the IBA:s busi­ness orpnization. committee. She went to Sydney prepared to discuss pri-vate equity dub de-als, bat i11$tead tirund her audience had mort: basic questions about Delaware.

.. If Australiaas are invo!ved in a deal with a U.S. piece, 90 percent of the time the U.S. piece is a Delawu-e entity," H-abbart said.

This led to a variety of questions, from fiHAB .requiremoMs, to the reason why the big New YGrk firrrn; so often seek opinions from Delaware lawyers.

"I was prepared to go talk about dub deals aad dissolution issues and they wanted to har this. I found that very interesting.·· Habbatt said.

2 • Delaware Law Weeklv

HIPIIIRI81 ... eiiiD BIB PaRI Douglas M. Het'Shman, a dii'ector of

The Bayard Firm and chair of i.ts execu~ tive and matket.iag committees, has beca named to the cxecttti'\-"e conunlttee of the Better Butiness Bureau of Delaware, the firm atmounced last month. He wiU serve a one-·year terrn.

In addition, &yar<l announ<:ed that Midlael J. Scali, an associate with the lirm, was named to the board of directors of The COI.1lfllktee of 100, a business ot~ioo commitred to ptomGtitlg responsible eco-­nomic development in Delaware.

Hershman~ who has be<tn with Bay1U'd for nearly a decade, leads the firm•s real estate proctke, representing clients eng~ed in all aspects of the r.eal estate industry throughout Delaware and its S1llfrottndiDJ states.

.. As an active member of our binding a.tbitrati0n program~ Doug has helped us to resolve real estate disputes qukkly, respectfully~ af!ld reasonably, •• said Christine R.. Sauers~ president of the Better Busi:ness Bureau of Delaware. "We look forwar-d to his continued support as a trusted legal adviser and knowle~ble resource on the lucaJ. .marketplace. It is with great em:hus:iasm that we wekeme him to the executive coma1ittee."

Scali comcenrrates his practice in the ar.s of commercial and residential real estate~ corpomte formation aad gover­nance. alternative busi,ness entities, and commercial transactions.

Beverley V. Baxter, executive director of The Committee of 100 said Scati is an active and entliu~siastk member of her organization who has served oo the schol ~ arship committee~ "participating in the selection of the organization's academic scholarship winners ...

• ... 118DDP811 at Laalbell Margaret S. Green, long~time secre­

tary to Judge Susan C. Del Pes<:o of the New Castle County Superior Court, received the Delaware Staue Bar Association's .Myrna L. Rubenstein Professional Support llecognition Award at the Delaware Law J:>a;y ltlOCheon held at the Hotel DttPoat in Wilmington on May 5. Del Pesco presented the award to Gr~n, who has worked for her for 29 y.-rs. •

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May 14" 2008

the global voice of the legal profession

LavlC<>Uncil OF AFS1RALIA

Tuesday 8 Aprtl

0800 - 1300 Registration

09'.00 -1030 The regulation of hedge fund$ CtJrrent l.egislauve and adrninistFat~ve rwles. court ruUngs and pJoposed change&.

Modera,tors Jeff Blount Fulbright & Jaworski LLP. Beijing I Hong Kong SAR. lfice--Chait; IIJA Asia Pacific FfiJri:Jm

John EUiott Clayton Utz, SydneJ' NSW

Speakets Jeremy Cooper Australian Secttrtties & Investments Commission, Melbourne. \ncturia Erk Mayne Austr:alian Securities Exchange, Sydney. NSW illisa Opstbaum Habbart The Delaware Counsel Group LLP. Wtlmington, Delaware

1iJ30 - 11 00 Coffee I tea break

1100 -123<i lmpac.t of adverse market conditions on priwte equity deals - a f.inandng perspective Th1s session wtll address the current 1ssues and roncerns, f-or e-xample. ~ How the debt ma11kets have reacted - the

european, tJ$ and A-ustralastan expenence - Matena! Adve~ Change Clauses (MAC) in

hid condrtJons and market dtsdosm-e issues 111 wttlldrawmg from a pub!te bid ('tfutn tn

takeovers') - MAC and CeJtaiO Ftmds clauses in finance

documents - ffff-ecttVeness &f Market Ffex provJSl&l\ls

- tncreased actwat"''" of 6qUtt¥ Cur-e/ Mulligan I Yan~the.-Bank f Snooz:e-&-lose and otner borrower-protectiOn clauses;

- Actual I pote:"\ital habifrty of Pf sponsers when ush'\9 SPVs

- JnseJvency of tne pnvate equity bidder.

Moderators Justice Rabett Austin Supreme Court 0'! New South Wales, Sydne~ NSW Profe.ssor flob Baxt

Speakers Yuen-Vee Cho Mallesoos Stephen Jac;:ql:l.es, Sydney, N$W US and UK finandat experts

1230 - 1245 Closing remarks

1245 ~ 1400 Lundt

Keynote Speaker senior Official o:f the FederaJ Government of Austra#a

Cor.tttoumg P:r:oft>ssloftiJI Development/ Cemi~9 LegalE~

for delegates nm ~ wheraCPO I Ct.i is maf.!datoty.1he-iAtemMIORalhr Assoda.tton witt tle pleaSed to provide a ConfeAmce Cert.tfu:at12 0f At(endanee wtlfcll, ~ to the &Xact CPO I CLE teq~ may be used to obtaill th~ equtValent a¢~n In your J.URSdl¢ttOn

Tilts con~tel'lf'..'e has bee!!l aa>rttdtted foF CPO I Cl!E by the Law Society of~ and wales. 6lefe9ates ~ld ask staff at the regt~ ~ fer ~ as t-o M.w to olt11rin the hoo~.