: Debt instruments fail to address and resolve the most challenging disputes between parties, despite their increasing length and complexity. Wilmington, DE, Executive Partner Skadden, Arps, Slate, Meagher & Flom LLP New York, NY, Chair, 2001-2007Senior Advisor The Blackstone Group L.P. New York, NY, Co-Chair, 2008- Sullivan & Cromwell LLP New York, NY. [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. This interdisciplinary symposium seeks to bring together diverse scholars to address the new dynamics that are reshaping the field. 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Private equity sponsors have led this charge, and some players have recently begun exploiting contractual loopholes to seize value in distress scenarios. Invariably, he brought to bear his intellectual curiosity. He will be missed, and Im grateful for his help to me during my law school years. May his soul rest in peace, Amen! He was the consummate University citizen, said Rock, now Martin Lipton Professor of Law and Co-Director of the Institute for Corporate Governance & Finance at NYU School of Law. Morgan, Lewis & Bockius LLP Philadelphia, PA, Senior Managing Director Evercore New York, NY, Chairman & CEO MacKenzie Partners, Inc. New York, NY, Co-Chair, 2008-2019Former Partner Simpson Thacher & Bartlett LLP New York, NY, Founding Member, Blue Raven LLP New York, NY, Richards, Layton & Finger, P.A. Frances EMEMBOLU OKOCHA, LLM17, My deep condolences and sympathies to Michaels family and loved ones. And without his support, I would not have been awarded the John M. Olin Prize in Law and Economics. We strive to be as inclusive as possible. He reshaped how we think about issues surrounding corporate law with his singular vision and inspired and launched generations of students into fulfilling careers through his dedicated teaching and mentorship. Control rights vary across loan types. Mr. Walter received a B.A. Matthew Grant, Penn Law / Wharton class of 2011, Professor Wachter was a father and a teacher. When you think business law at Penn, you think Michael Wachter.. If a speaker shows a slide, they will describe and explain what is on the slide. Ed Rock L83 served alongside Wachter as co-director of the ILE. We mourn his loss but celebrate a consequential life.. This post is based on their Wachtell memorandum. We will have a moderator read questions, unless the person asking the question prefers to ask orally. the amount of $280.00 ($140.00 public interest/non-profit attorneys). CLE credit may be available in other jurisdictions as well. [21] The firm pays its partners through a lockstep system, meaning that compensation is tied to firm seniority, rather than hours billed or business brought in. Jad Kazan, LLM2012, L2014, I was in Prof. Wachters several classes from 2003 to 2005, including his corporate law, corporate finance, and seminar on advanced topics (with Prof. Strine). Professor Emeritus Michael WachterMichael L. Wachter, William B. and Mary Barb Johnson Professor of Law and Economics, Emeritus, passed away on September 3. Mr. Neff lectures frequently on topics relating to his professional interests, was featured in American Lawyers Dealmaker of the Year article in 2001, 2012 and 2015 and is listed in Chambers Global Guide, Chambers USA Guide, The Best Lawyers in America and Lawdragons 500 Leading Lawyers of America. The visit to frontline positions in Kharkiv marked Zelensky's first trip outside the capital. All Rights Reserved. Carey Foundation's generous commitment to Lifelong Learning. You have to know whats happening with clients, competitors, practice areas, and industries. These original works of scholarship celebrate Professor Burbank by exploring and building on the mostimportant themes of his work, illustrating how todays cutting-edge scholarship can trace its lineage back to his body of academic work. I took multiple classes with Professor Wachter and was a research assistant for him during my 1L summer. Among the significant matters he has handled are the successful defense of Airgas against a hostile takeover bid by Air Products and Chemicals (2009-2011), the sale of Airgas to LAir Liquide S.A., the merger of Anadarko Petroleum with Occidental Petroleum and Anadarkos response to acquisition proposals from Chevron and the $130 billion acquisition by Verizon Communications of the 45% interest in Verizon Wireless owned by Vodafone plc. [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. For the Am Law 100 as a whole, average PEP . Anybody may type a question in the Q&A tab. These market features raise questions about whether leveraged loans are more susceptible to fire sales and potentially lead to differences in the bargaining process during distressed work-outs and restructurings. Ex ante measures to avoid collateral skirmishes have proven elusive. The family suggests that contributions in Michaels memory be made to the Michael Wachter Endowed Business Law Fund at the University of Pennsylvania Carey Law School or to the charity of your choice. Years ago, Professor Wachter was able to envision how vigorous discussion could spark lively debate and lead to reconsideration of law and policy, said Larry Hamermesh, ILE Executive Director. Rock, who co-wrote several pieces, emphasized Wachters ingenuity. They also raise the broad question about the gradual shift from bonds to loans in riskier debt markets. That was his genius., Michael A. Fitts, former Dean of the Law School and current President of Tulane University, said Wachter possessed an innate ability to understand and create intellectual synergy. The Delaware Supreme Court Speaks to Market Evidence in Appraisal: DFC, in Harvard Law School Forum on Corporate Governance and Financial Regulation, August 3, 2017. He was also among the first wave of scholars to embrace rigorous interdisciplinary approaches to legal scholarship, including historical, empirical, and comparative methods. 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Founder and Managing Partner Orient PointPartners New York, NY, Chief Executive Officer PPC Enterprises LLC New York, NY, Cravath, Swaine & Moore LLP New York, NY, Co-Founder and President Ashe Capital Management, LP Old Tappan, NJ, Senior Vice President and General Counsel DuPont Wilmington, DE, Managing Principal Analysis Group New York, NY, Special Assistant to theSecretary of State Delaware Department of State Wilmington, DE, Chairman Saddle Point Group, LLC New York, NY, Freshfields Bruckhaus Deringer US LLP New York, NY, Bernstein Litowitz Berger & Grossmann LLP New York, NY, Managing DirectorMoelis & Company Los Angeles, CA, Young Conaway Stargatt & Taylor, LLP Wilmington, DE, Partner Global Head Restructurings and Turnarounds GoldenTree Asset Management, LP New York, NY, Fried, Frank, Harris, Shriver and Jacobson, LLP New York, NY. Fox Distinguished Professor of Business Law and current Co-Director of ILE. 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. Philadelphia, PA 19104 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. 51 West 52nd Street, New York, NY 10019 Instead, several instances of Zelensky using his instinctive talents in the field are allowed to pass without comment. Its purpose is to celebrate the work of a great scholar through contributions from colleagues and former students. He received his J.D. Prior to attending law school, Jill was an analyst at Goldman Sachs. 79 (2018). We will orally identify ourselves when we are speaking. On his return to Ukraine after several months of war, Penn meets a visibly transformed Zelensky in an incongruously sunny garden for what is by far the documentarys best interview. Creditors are being pitted against other creditors in an ever-radicalizing model. He went above and beyond the call of duty by spending additional time further educating me as I was writing my L & E seminar paper. PLEASE NOTE: A verification email will be sent to your address before you can access your trial. Hes really left a mark on the broader profession.. Fox Distinguished Professor of Business Law; Co-Director, Institute for Law and Economics, Professor of Law; Co-Director, Institute for Law and Economics, Executive Director, Institute for Law & Economics; Professor Emeritus, Widener University Delaware Law School, Professor of Law, Business Economics, and Public Policy, Edward B. Shils Professor of Law and Professor of Political Science; Director, Penn Program on Regulation, Associate Professor of Finance, The Wharton School, Jacob Safra Professor of International Banking, Professor of Finance, The Wharton School; Co-Director, Wharton Financial Institutions Center, William A. Schnader Professor of Law; Deputy Dean, The Nomura Securities Company Professor and Ernst and Young Professor, Professor of Accounting and Finance, and Chairman, Accounting Department, The Wharton School, Charles A. Heimbold, Jr. t. 212.403.1000 or 800.848.0301 / Attorney Advertising and Other Notices. t. 212.403.1000 or 800.848.0301 / Attorney Advertising and Other Notices. Report Accessibility Issues and Get Help | The Fine Print, Presidential Professor; Co-Director, Institute for Law and Economics, Saul A. As a way of raising the profile of Ukraine's existential struggle, particularly in the United States, Superpower will almost certainly deliver. Liked by Jill Barton Rivers of ink have been, rightly, spent on the events of the. This symposium also looks forward to the future of the field and new avenues of inquiry inspired by Professor Burbanks work. Herbert Maurice Wachtell (born May 24, 1932) is an American lawyer. Originalist or Original: The Difficulties of Reconciling "Citizens United" with Corporate Law History, in 91 Notre Dame L. Rev. We are using cookies to give you the best experience on our website. His parents were the children of Jewish immigrants from present-day Poland and Hungary . DAY 1 - Friday, February 18, 2022. Sean Penn and Aaron Kaufmanns long-awaited documentary about Ukrainian President Volodymyr Zelensky, which recently premiered at the Berlin Film Festival, is proof that even with the best luck and access imaginable, an extraordinary journalistic opportunity can easily be missed. 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. : The new dynamics of lending and private equity ownership pose questions about how disputes among creditors, debtors, and their owners should be resolved. 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. This panel will unpack all of the traditional and evolutionary tactics creditors are employing to protect their positions. : 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. Sean Penns Zelensky Doc Substitutes Bromance for Storytelling. Ultimately, he spent 36 years at the Law School. Attendees seeking CLE credit must register for CLE credit and make a payment via the online. [19] The firm is also known for its business litigation, and has represented clients in many of the precedent-setting Delaware corporate governance cases. From the outset, Marty Lipton has taken an unusually scholarly approach for a busy corporate lawyer, one that reflects his belief that the law will better serve the public interest if practitioners, academics, and policymakers share ideas and learn from each other in a respectful, ongoing dialogue. Looking increasingly strung out and on the edge of a breakdown as the film drags on, Penn drinks and smokes incessantly, even when interviewing high-ranking diplomats something bizarrely celebrated by the camerawork, which never strays far from Penns various vodka sodas or his overflowing ashtray. He instinctively knew the power of bringing different perspectives together in understanding and solving problems. 215.898.7483, Copyright 2023 University of Pennsylvania Carey Law School. 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. Through contributions from colleagues and former students Fine Print, Presidential Professor Co-Director... Carey Law school, Jill was an analyst at Goldman Sachs purpose is to celebrate work. Corporate Law History, in 91 Notre Dame L. Rev s generous commitment Lifelong... Please NOTE: a verification email will be missed, and industries him! To seize value in distress scenarios Debt instruments fail to address and resolve the challenging! For the Am Law 100 as a way of raising the profile of 's. 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