Case Studies

accomplished.
decisive.
perceptive.

Emmet understands that each client’s needs are unique and require legal advice that achieves the best result in a timely manner.  Following are examples of the focused, practical, creative and responsive approach we took to meet the particular goals of our clients.

Banking and Finance

  • Quick action resulted in a substantial recovery for a large financial institution.
  • May 07, 2012
  • Our client asked for help after it had been defrauded by a mortgage bank and its closing agent in connection with warehousing loan advances used to fund residential mortgage loans. We acted quickly by filing a federal court action and obtaining orders of attachment and restraining orders against the mortgage bank, its principal and comptroller, as well as the closing agent. Our actions resulted in our client receiving multi-million dollar recoveries.  

    You don’t need a Wall Street goliath to get the job done.

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Banking and Finance Litigation

  • Forensic analysis expertise leads to global settlement and substantial recovery.
  • May 06, 2012
  • Using our expertise in the forensic analysis of financial data, we discovered that our client’s loan funds had been diverted to finance the construction of a large, purportedly privately held development project.  When the developer attempted to sell its rights to this development project, so as to reap the profits obtained using the bank’s diverted funds, our practical solution prevented the transaction through litigation. This led to an advantageous global settlement and a substantial recovery by the bank in a highly complex and contentious matter.

     

    You don’t need a Wall Street goliath to get the job done.

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Corporate Trust

  • Creative solution results in full payment to bondholders.
  • May 23, 2013
  • Emmet is known for its problem solving, efficient approach to client concerns.  Recently in a defaulted sovereign debt transaction in South America, Emmet counseled a major New York bank Trustee that negotiating with the sovereign to redeem its bonds under a rarely used contract provision, rather than declaring the default and accelerating the debt, was a more constructive approach.  As a result of successful negotiations, the bondholders were paid all principal and interest due them in full.

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  • Emmet contributes to debt and equity-linked deal of the year.
  • May 23, 2013
  • Emmet teams with the largest global law firms in New York and London to provide Trustee and fiduciary counsel services on complex cross-border transactions.  In 2013, Emmet represented the Indenture Trustee and Collateral Agent in a Reynolds Group high-yield bond issuance that was named Debt and Equity-Linked Deal of the Year by the International Financial Law Review.  Our team guided the Indenture Trustee and Collateral Agent through the documentation needed for each step of the process, including a US $3.2 Billion high-yield debt issuance, amending and refinancing existing senior credit facilities, restructuring certain security arrangements, and redeeming senior secured Notes in an all cash tender offer.

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  • Insurance Linked Securitization – Collateral Solutions
  • Although well known for its work on a broad spectrum of corporate and securitization transactions on behalf of corporate trust clients, Emmet also has a team dedicated to insurance linked securitization (“ILS”) transactions as well as insurance and reinsurance trust related arrangements. Mitigation of counterparty risk and custody of assets in collateral and trust accounts have been a prime concern for transaction sponsors and their counsels in the ILS market, in particular following the issues with respect to impaired collateral on a number of Lehman related deals in the late 2000s and collateral related issues outside the ILS market during that time.

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Tax & ERISA

  • Strong legal advice leads to expedited resolution of securities case.
  • February 11, 2013
  • Executive clients involved in securities litigation against their former employer requested our advice on adding a cause of action focusing on ERISA claims, as had been urged by counsel for other executives who were involved in related actions but who did not have securities claims. After a focused review of the case, we advised against pursuing potential ERISA claims since we concluded that they were so precarious they might prejudice the legitimacy of the securities claims.  This advice allowed the securities case to move forward expeditiously, which was an important goal for our client. 

    You don’t need a Wall Street goliath to get the job done.

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  • European company avoids legal troubles in the U.S. with stock-based incentive plan.
  • May 08, 2012
  • A publicly traded European client asked us to develop a stock-based incentive plan in the U.S. similar to the plan maintained for senior managers in their home country. The home country structure posed numerous issues under the Internal Revenue Code, the Employee Retirement Income Security Act (ERISA) and the federal securities laws. Through our creativity, we were able to successfully design a structure that avoided U.S. legal problems while providing benefits economically identical to those received by the European managers.

    You don’t need a Wall Street goliath to get the job done.

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