But sponsors have successfully negotiated for loose debt contracts that preserve the optionality that is often necessary in the precarious post-LBO world. Double Oscar-winning actor-turned-activist Penn and his crew were in Kyiv filming the documentary as the Russian invasion began and the first part of Superpower captures the misplaced optimism felt by many, Penn included, on the eve of the war that Putin's bluster was just that. CLE credit may be available in other jurisdictions as well. Wachter taught Corporate Law and Corporate Finance at the Law School. Attendees seeking CLE credit must register for CLE credit and make a payment via the online. When we are speaking for the first time, we will describe our visual appearance. Brief Description: The new dynamics of lending and private equity ownership pose questions about how disputes among creditors, debtors, and their owners should be resolved. Likewise, the site links to the rich materials on Penn Laws Delaware Corporate Law Resource Center, https://www.law.upenn.edu/delawarecorporatehistory/, so that scholars, teachers, students, and practitioners may use them to conduct research, design interesting classroom and executive and legal education sessions, and deepen their understanding of the history and traditions of corporate governance. Their subject matter has encompassed a broad range from commenting on particular case law or regulatory developments, to advocating for broad policy positions, to presenting far-reaching conceptions of the proper role of the corporation and its constituencies in the economic life of the nation. Moderator:Katherine Waldock,Millstein Center at Columbia, 10:45 to 12:15 p.m.Panel 2:Contracting Complexity and the Rise of Shadowed Practices: How Private Equity Dictates Outcomes. Spectra Energy Corp in its $28 billion merger with Enbridge Inc. El Paso in its $38 billion sale to Kinder Morgan, Unocal Corporation in its acquisition by Chevron Corporation for $19 billion, its response to an unsolicited merger proposal by CNOOC Limited and its acquisition of Pure Resources. We focus on matters that require the attention, extensive experience and sophistication of our partners. Agilent Technologies in its spinoff of Keysight Technologies, its electronic measurement business, FMC in its simultaneous acquisition of portions of DuPonts agricultural chemical business and sale to DuPont of its health and nutrition segment. 79 (2018). Jonathan Schulman L03, I was thinking about Professor Wachter a couple of days ago. To that end, here is some information about how this event will go. I also fondly remember his great sense of humor, he kept class enjoyable. He is a corporate and securities lawyer, and has focused on mergers and acquisitions and advice to boards of directors and board committees. In addition, all of Liptons scholarly articles, and several of his important yearly writings (e.g., his Spotlight on Boards series) are available in chronological order. Pro Bono's Not Just for Liberals Anymore", https://en.wikipedia.org/w/index.php?title=Wachtell,_Lipton,_Rosen_%26_Katz&oldid=1139414525, This page was last edited on 15 February 2023, at 00:59. As a corporate law professor now in Taiwan, I learned every foundational piece about corporate law from him. University of Pennsylvania Carey Law School. 215.898.7483, Copyright 2023 University of Pennsylvania Carey Law School. Although banks still hold a majority of leveraged loans, NBFIs are significant market participants, particularly in the non-investment grade loan sector. In the low-interest environment that has existed over the last 10 years, bondholders have been willing to go along in exchange for higher yields. Corporate borrowers have enjoyed unique leverage and have been able to draft debt instruments with fewer creditor safeguards and various trap doors. May God rest his soul. I just wished I could bump into him, so I can express my gratitude for all the positive impact he had on my life. Chief Legal OfficerRobinhood Washington, D.C. Professor Wachters passing is quite a loss for the Penn community in addition to, of course, his family and friends. [18] It has had key roles in the resurrection of Chrysler in the 1970s, the acquisition of Getty Oil by Texaco, and the negotiation of the master development agreement for the World Trade Center after the September 11, 2001 attacks. 335 (2015). Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. This panel will unpack all of the traditional and evolutionary tactics creditors are employing to protect their positions. [19] While many peer law firms have grown and become international brands, Wachtell has only a single, Manhattan office. L. Rev. t. 212.403.1000 or 800.848.0301 / Attorney Advertising and Other Notices. On the 2021 Global 200 survey, Wachtell Lipton Rosen Katz ranked as the 50th highest grossing law firm in the world. The firm is known for corporate law , regularly handling large and complex transactions. The Archive is a living one in the important sense that the website will be enriched by new writings and scholarship of Lipton, by additional archiving of existing materials, and further links to the Resource Center site as the Center builds new materials. Wachtell, Lipton, Rosen & Katz LLP. This interdisciplinary symposium seeks to bring together diverse scholars to address the new dynamics that are reshaping the field. DAY 1 - Friday, February 18, 2022. Mr. Neff has represented clients in a broad range of industries including: Mr. Neff graduated magna cum laude from Brown University and from the Columbia University School of Law, where he was notes and comments editor of the Columbia Law Review. I benefitted from countless indelible lessons on corporate law but more importantly from his singular commitment to teaching and mentoring that extended beyond his classroom and the Law School. His parents were the children of Jewish immigrants from present-day Poland and Hungary . If Professor Burbank had never published another article, his position in the firmament of the field of procedure would have been secure. We will orally identify ourselves when we are speaking. Law360 takes your privacy seriously. I would say that was one of the most exciting moments of my five-year study at Penn Law. Webmail, Contact Us | Directions | Calendar | Privacy & Legal Statements | Accessibility, Penn State Law - University Park | Lewis Katz Building, University Park, PA 16802, International Law Practice & Extracurricular Activities, Representations and Warranties Insurance in Public M&A Deals, The New New Regime in Delaware Appraisal Law, The Delaware Supreme Court Speaks to Market Evidence in Appraisal: DFC, Delaware Court of Chancery Reaffirms that Merger Disclosure Claims Should be Brought Before, Not After, Closing, Originalist or Original: The Difficulties of Reconciling "Citizens United" with Corporate Law History, Delaware Court of Chancery Clarifies Limits of Indemnification and Advancement for Directors and Officers in Lawsuits Relating to Post-Employment Conduct, Delaware Supreme Court Holds that Fully Informed Stockholder Approval of Third-Party Mergers Shields Transactions from Review, Conservative Collision Course? Wachter and Strine spearheaded a popular series of business law programs focusing on the role of the Chancery Court that gave students and the larger ILE community access to the real world of corporate law and inspired the creation of the important corporate law history site, the Delaware Corporate Law Center. Nicholas Walter | Penn State Law | University Park, Pa. Home | Faculty | Nicholas Walter Nicholas Walter Adjunct Professor of Law Email: 212-403-1385 Phone: NWalter@wlrk.com Education: J.D., Yale Law School M.A., Oxford University B.A., Oxford University Bio Courses Publications Ill remember him forever. Brief Description: The U.S. leveraged loan market, which stood at just over $100 billion two decades ago, caught up to the size of the U.S. high-yield bond market roughly $1.6 trillion in amounts outstanding in 2021. CLE credit may be available in other jurisdictions as well. Before his retirement in 2020, Wachter established himself as one of the premier scholars in the field of Labor Law and Economics and then later in Corporate Law and Corporate Finance. "Ukraine has inspired the world. He was very practical and thoughtful in his approach to teaching and I felt that he sincerely cared about the learning aspect of each students education and preparing us to be successful lawyers. In order to receive the appropriate amount of credit, passcodes provided throughout the program must be noted in your evaluation form. Finally, we will have a phone line, where anyone can call in to ask a question. Partner Wachtell, Lipton, Rosen & Katz Jan 1991 - Present32 years 2 months Education University of Pennsylvania Carey Law School JDLaw 1981 - 1984 Activities and Societies: GAPSA; University of. Delaware Court of Chancery Clarifies Limits of Indemnification and Advancement for Directors and Officers in Lawsuits Relating to Post-Employment Conduct, in Harvard Law School Forum on Corporate Governance and Financial Regulation, November 18, 2015. As a way of raising the profile of Ukraine's existential struggle, particularly in the United States, Superpower will almost certainly deliver. Mr. Walter clerked for the Honorable Leo E. Strine, Jr., on the Delaware Court of Chancery in 20122013 and for the Honorable Richard R. Clifton on the U.S. Court of Appeals for the Ninth Circuit in 201314. [1], Wachtell, Lipton, Rosen & Katz is considered to be the top firm in the United States for major mergers and acquisitions, antitrust and shareholder litigation and corporate restructurings. Along the way, he became a trusted advisor to deans and university presidents, as well as a sought-after economic consultant for the National Science Foundation, the Council of Economic Advisors, the Congressional Budget Office, and the Federal Reserve System, as well as a Commissioner on the Minimum Wage Study Commission established by Congress. Professor of Law, Theodore K. Warner Professor of Law & Professor of Real Estate; Co-Director, Center for Tax Law and Policy, Associate Professor of Legal Studies & Business Ethics, The Wharton School, Ronald O. Perelman Professor in Finance, The Wharton School, Harry P. Kamen Professor of Economics, School of Arts and Sciences; Professor of Finance, The Wharton School, William H. Lawrence Professor, Professor of Finance, The Wharton School, Associate Professor of Legal Studies & Business Ethics, S. Samuel Arsht Professor of Corporate Law, Albert E. Sussman Professor of Real Estate, Professor of Finance, The Wharton School; Professor of City and Regional Planning, Penn Design; Co-Director, Institute for Urban Research, Wharton Private Equity Professor, Professor of Finance, The Wharton School. B.A., Oxford University. Still, every now and again, Penn manages to get it just right. We strive to be as inclusive as possible. Philadelphia, PA 19104 Joshua Feltman,Wachtell, Lipton, Rosen & Katz, 3:45 to 5:15 p.m.Panel 4:The Judicial Role in the New Order. Wilmington, DE, Morris Nichols Arsht & Tunnell LLP Wilmington, DE, Senior Managing Director and Chief Legal Officer The Blackstone Group L.P. New York, NY, Friedlander & Gorris, P.A. Facebook Already a subscriber? : The Tension between Conservative Corporate Law Theory and "Citizens United", in 100 Cornell L. Rev. Brief Description: Debt instruments fail to address and resolve the most challenging disputes between parties, despite their increasing length and complexity. During his remarkable 50-year career at Penn, Wachter taught at the Law School, the School of Arts and Sciences (Professor of Economics), and the Wharton School (Professor of Management) and served as the Universitys Deputy Provost. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. While it's questionable whether taking such a risk was necessary or if the opinions Penn hears in the trenches differ significantly from those he would have heard from Ukrainian troops elsewhere, the scene is undoubtedly an impressive one. Wachtell Lipton is dedicated to providing advice and expertise at the highest levels and achieving extraordinary results for our clients. Law360 provides the intelligence you need to remain an expert and beat the competition. [2] On both a profit per lawyer, and profit per equity partner basis, it is the most profitable law firm in the world. As the memory of his talk at various ILE lectures and seminars is still vivid to me even at this moment, I am sure he and his works will continue to influence the corporate law scholarship (still among the best at all in my mind), and live in our cherished memory. Equity sponsors have adopted unprecedented levels of aggression towards creditors, exploiting debt contracts to transfer value from creditors to equity holders. Wilmington, DE, Executive Vice President and General Counsel Merck & Co., Inc. Kenilworth, NJ, Nicholas F. Gallicchio Professor of Law, Emeritus, Professor of Legal Studies & Business Ethics, Wharton, University of Pennsylvania Carey Law School 3501 Sansom Street the amount of $280.00 ($140.00 public interest/non-profit attorneys). Risk Management and the Board of Directors, DOJ Challenges Activist Use of HSR Act's "Passive Investor" Exemption, "Just Say No" - The Long-Term Value of the Poison Pill, Harvard's Shareholder Rights Project is Still Wrong, Delaware Court Reaffirms the Poison Pill and Directors' Power to Block Inadequate Offers, Anadarko Petroleum in its $38 billion merger with Occidental Petroleum. YouTube t. 212.403.1000 or 800.848.0301 / Attorney Advertising and Other Notices. Hes really left a mark on the broader profession.. And yet there has been scant acknowledgment or discussion of the choice to enlist disability in these myriad ways. Chien-Chung Lin, LL.M (2003-2004) and S.J.D. t. 212.403.1000 or 800.848.0301 / Attorney Advertising and Other Notices. Less a documentary about Zelensky than a bromance movie starring Penn as the Ukrainian president's well-connected superfan, Superpower tells us far more about the strange world of celebrity activism than that of Ukrainian politics, a subject in which by his own admission Penn is a "total Pollyanna.". This year, the University of Pennsylvania Law Review and the University of Pennsylvania Journal of Constitutional Law present a festschrift honoring Professor Burbanks scholarship. PENN was advised by a Wachtell, Lipton, Rosen & Katz team including. The effect of this credit-on-creditor violence is difficult to assess because the facets are not fully understood. Susan and Jessica are tenured members of the Wharton School faculty. This panel will unpack all of the traditional and evolutionary tactics creditors are employing to protect their positions. Wachtell's practice and case studies. Academics. They also raise the broad question about the gradual shift from bonds to loans in riskier debt markets. Derailed by Ukraine suddenly being at war, Superpower is forced to become a very different film, and while it boasts some extraordinary footage of Kyiv in the first days of the invasion and several compelling one-on-one conversations with Zelensky, what follows is a jumbled sequence of events with a confusing timeline that lacks focus or direction. Professor Emeritus Michael WachterMichael L. Wachter, William B. and Mary Barb Johnson Professor of Law and Economics, Emeritus, passed away on September 3. She received her A.B., magna cum laude, in Classics from Princeton University. [22] The same is true for associate bonuses. He received his J.D. 1 to 2 p.m. Keynote Conversation: Matt Levine, Bloomberg Opinion & Sujeet Indap, Financial Times, 2 to 3:30 p.m.Panel 3:Creditors Strike Back. Law360 may contact you in your professional capacity with information about our other products, services and events that we believe may be of interest.Youll be able to update your communication preferences via the unsubscribe link provided within our communications.We take your privacy seriously. in Classics with first-class honors from the University of Oxford in 2004. [16], One of the founding partners, Martin Lipton, invented the so-called "poison pill defense" during the 1980s, to foil hostile takeovers. Talisman Energy Inc. in its $8.3 billion sale to Repsol S.A. Dresser-Rand Group in its $7.6 billion sale to Siemens AG, Smith International in its $11 billion merger with Schlumberger, Verizon Communications in its $130 billion acquisition of the 45% interest in Verizon Wireless owned by Vodafone Plc, VoiceStream Wireless in its $55 billion acquisition by Deutsche Telekom, Verizon Communications in its $4.83 billion acquisition of Yahoo!s operating business. , regularly handling large and complex transactions of Oxford in 2004 instruments with fewer safeguards... Field of procedure would have been secure Wachtell has only a single, Manhattan office have adopted levels. New dynamics that are reshaping the field of procedure would have been able to draft debt instruments with fewer safeguards! Classics with first-class honors from the University of Oxford in 2004 able to draft debt instruments with fewer creditor and... Were the children of Jewish immigrants from present-day Poland and Hungary to that end, here some. 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