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Bankruptcy Lawyers See Land Of Opportunity In Detroit Crisis

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By The Huffington Post News Editors

By Nick Brown
July 21 (Reuters) – With more than $18 billion at stake in Detroit’s restructuring, big law firms and other advisers are clamoring to represent the city’s many creditors – including some advisers not exactly known for municipal work.
The city, which filed the largest-ever U.S. municipal bankruptcy on Thursday, tapped high-priced lawyers from Jones Day, financial advisers from Ernst & Young and restructuring consultants from Conway MacKenzie, court papers show.
For creditors and related parties, there is clearly a lot at stake. That means bondholders, insurers, retirees and others are sure to be accompanied in court by platoons of lawyers.
Detroit owes more than $8 billion in bond debt, and the insurers likely on the hook for those costs have already retained big-name law firms to take their cases.
Federal Guaranty Insurance Co tapped Weil Gotshal & Manges, according to a source close to the matter, who declined to be named because the information was not public as of Saturday. An attorney for Weil declined to comment.
David Dubrow, a lawyer at Arent Fox, confirmed on Saturday that he has been tapped by Ambac Financial Group.
And, according to the court’s electronic docket, Syncora hired Kirkland & Ellis, known for its corporate bankruptcy work, while Assured Guaranty retained Winston & Strawn, and National Public Finance Guarantee Corp hired Sidley Austin.
Bond insurers will play a key role in Detroit’s case. While a portion of the city’s $1.13 billion in general obligation bonds are secured by city assets, about $651 million of it is secured only by the ability to raise taxes. The city’s emergency manager, Kevyn Orr, has said he will treat that portion of the debt as an unsecured claim.
That classification, which has been largely untested in federal courts, is likely to be hotly contested and possibly litigated by bondholders or their insurers.
Detroit also owes $5.7 billion in unfunded healthcare and other benefits to retirees, and has …read more

Source: FULL ARTICLE at Huffington Post

Business, Finance, Occupation & Industry

USA Synthetic Fuel Corporation Appoints Three New Independent Directors

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By Business Wirevia The Motley Fool

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USA Synthetic Fuel Corporation Appoints Three New Independent Directors

WASHINGTON–(BUSINESS WIRE)– USA Synthetic Fuel Corporation (OTCQB:USFC) (“USASF”), announced today that it has appointed J. Bradley Davis, John P. Proctor and William J. Weyand as independent directors to its Board of Directors.

“We are delighted to have such an experienced team of independent directors join our Board as the Company takes steps to accelerate growth,” said USASF President and CEO Dr. Steven C. Vick.

J. Bradley Davis, 73, is the Managing Partner of Ridge Capital Partners, LLC, a private equity investment firm that he founded in February 1989. Prior to that time, Mr. Davis served as the President of Trivest, Inc., a private equity investment firm that he co-founded, from September 1981 to September 1988. Prior to that time, he was a senior vice president at LaSalle Partners and a vice president with Chemical Bank in their New York, London, and Chicago offices. Mr. Davis served on active duty in the U.S. Army from September 1961 to September 1963. Mr. Davis serves on the boards of Equibrand Holding Corporation, LAT Sportswear, Inc., We Care Operations Holding, LLC, Wincore Windows & Doors, Inc., Middleburg Financial Corporation, McGraw Foundation, Piedmont Community Foundation, and Middleburg Tennis Club. He earned a B.A. in journalism from The Pennsylvania State University.

John P. Proctor, 71, specialized in environmental and energy law and was the co-head of the environmental practice group at Winston & Strawn LLP from 1980 to 2008. He joined Winston & Strawn in 1972. From 1967 to 1972, Mr. Proctor served in the U.S. Marine Corps. Since his retirement from Winston & Strawn, he has been actively involved in several community organizations. Mr. Proctor earned a B.A. from Princeton University and an L.L.B. from the University of Pennsylvania School of Law.

William J. Weyand, 68, brings a wealth of experience in maximizing shareholder value for corporations for which he has served. From February 2005 through March 2009, Mr. Weyand was Chairman and CEO of MSC. Software before it was acquired in October 2009. From 1997 through 2001, he served as Chairman and CEO of Structural Dynamics Research Corporation, which was acquired by EDS in 2001. Prior to that time he was Executive Vice President of Measurex Corporation. Mr. Weyand has served on numerous boards of NASDAQ and NYSE-traded corporations and non-profit organizations. Mr. Weyand earned a BBA in Marketing from Nichols College.

All three independent directors bring significant …read more
Source: FULL ARTICLE at DailyFinance