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Pierce Atwood represented City National Bank as a participating lender in connection with a $762 million syndicated revolving loan facility to an auto dealer, including an additional $25 million senior secured note financing and a $25 million subordinated note financing.
Delphi Corporation and Lear Corporation (Bankr. S.D.N.Y.). Lead counsel for a multi-national Tier 2 auto parts supplier in making contested reclamation, section 503(b)(9), unsecured and administrative claims against Chapter 11 Tier 1 auto parts suppliers Delphi Corporation and Lear Corporation, successfully negotiating a consensual resolution of all claims, including a trade agreement with Lear Corporation that resulted in payment in full of all pre and post-petition claims of client.
In a case that should be of interest to manufacturers and distributors, and especially to suppliers of building products, Pierce Atwood’s class action defense team defeated class certification in a building products case in the District of Massachusetts. Plaintiffs alleged defective design and manufacture of decking sold by our client. After extensive fact and expert discovery, Plaintiffs filed a motion for class certification, and a hearing was held. On September 21, 2015, District Judge Denise Casper issued her decision denying Plaintiffs’ motion, ruling that individualized issues of causation and injury precluded findings of commonality, typicality and adequacy under Federal Rule of Civil Procedure 23(a). The judge based her ruling, in part, on evidence that only a small percentage of purchasers had reported problems with the decking, and that almost all of the warranty claims those purchasers submitted had been honored.
With our partners from Central and Eastern Europe, our Energy attorneys are leading a legal review of sector policies addressing climate change and promoting the transition to low carbon economies.
Pierce Atwood represented CEI-Boulos Capital Management in connection with the formation and closing of the NBT CEI-Boulos Impact Fund, a $10 million real estate equity investment fund with NBT Bank. CEI-Boulos Capital Management will manage the fund, and Pierce Atwood will continue to advise the fund with respect to its investment activities.
Pierce Atwood represented Central Maine Power Company in a rate case proceeding arising from an investigation initiated by the Maine PUC following a 10-person complaint filed against CMP seeking an order decreasing the company’s delivery rates. CMP proposed a revenue requirement increase of approximately $46.5 million. After discovery and contested hearings, in February 2020, the MPUC authorized a distribution revenue requirement increase of $17.420 million, or 6.88%, from the company’s prior annual distribution revenue requirement.
Representing Central Maine Power Company and Unitil Energy Systems, Inc. with respect to claims arising under various executory contracts, including pole ownership, maintenance and rental agreements. Successfully resolved plan confirmation objections in favor of our clients, resulting in preservation of ongoing, post-bankruptcy indemnification obligations of the debtors under their executory contracts with CMP and Unitil. FairPoint Communications, Inc. Chapter 11 (Bankr. S.D.N.Y.)
We successfully defended Central Maine Power Company’s standards for planning local transmission systems before the Maine Public Utilities Commission (PUC). In a year-long investigation into the appropriate standards for Maine’s electric utilities to use in planning their local transmission systems, we defended the standards that CMP has historically followed. The PUC Staff rejected most of CMP’s planning standards as unreasonable, but the Commission largely rejected the Staff’s view and affirmed that CMP’s planning standards reflect good utility practice, are reasonable and will help ensure that CMP’s customers have a safe and reliable transmission system. CMP is pleased with this outcome as it vindicates the Company’s position and will hopefully bring certainty to the planning of future transmission projects in Maine.
We provided comprehensive representation of a renewable energy facilities developer in a series of tax exempt bond financings, a preferred stock and warrants PIPE, a private placement of common stock and five underwritten public offerings of common stock and convertible debt.
Representation of frozen food producer in connection with various antitrust issues involving competitor collaborations and dealings in the distribution chain, including pricing policies.