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Investors, borrowers and financial institutions are using Environmental, Social and Governance (ESG) principles and metrics to shape the ways they attract capital, screen investments, set terms in complex transactions, and meet evolving compliance and disclosure requirements. The trend to incorporate ESG and sustainability considerations into debt issuances seems likely only to grow. In Europe specifically, the Sustainable Finance Disclosure Regulation (SFDR) and the EU Taxonomy Regulation are designed to reorient capital towards a more sustainable economy and to prevent greenwashing while promoting accountability and transparency. In this episode, host  Allan Marks speaks with Milbank partners Alexandra Grant and  Ana Grbec from the firm’s London-based European Leveraged Finance & Capital Markets group.  They discuss how ESG factors have evolved despite market volatility and uncertainty, the difference between green bonds and sustainability-linked debt instruments, and what to expect in capital markets, banking, acquisition finance, and institutional lending. About the Speakers Alexandra Grant is a European Leveraged Finance/Capital Markets partner in Milbank’s London office. She has extensive experience of advising both lenders and sponsors/borrowers on a wide range of complex and cross-border leveraged acquisition, public to private, and infrastructure financings and restructurings, across the full spectrum of products. Ana Grbec is a Capital Markets partner in Milbank’s London office of Milbank LLP. She advises on public and private capital markets and finance transactions with a focus on high-yield bonds and cross-border securities offerings across a broad range of sectors and jurisdictions.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business. For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible. For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify,  Amazon Music, Google and Audible.Disclaimer
ESG Series #10 - "This is a critical moment to accelerate our work to improve domestic cybersecurity and bolster our national resilience."  With these words, on March 21, 2022, the White House released a formal statement by President Joseph R. Biden, Jr. on U.S. Cybersecurity “to improve domestic cybersecurity and bolster our national resilience” due to evolving intelligence and heightened risks of “malicious cyber activity against the United States….[C]ritical infrastructure owners and operators must accelerate efforts to lock their digital doors. In the current cybersecurity landscape, how can you reduce your vulnerabilities and manage risk?In this episode, host Allan Marks sits down with Milbank partners Joel Harrison and Adam Fee to discuss their toolkit for preserving or restoring operational continuity and the integrity of corporate systems and data.  They explore the most effective ways to confront cybersecurity risks, craft an incident response plan, and comply with the latest evolving regulatory requirements in the US, UK and EU for reporting and disclosure of cyber-attacks.About the Speakers:Adam Fee is a partner in the Los Angeles and New York offices of Milbank and a member of the firm’s Litigation & Arbitration Group. Adam served for more than five years as an Assistant United States Attorney for the Southern District of New York, Criminal Division, where he was a member of the Terrorism and International Narcotics Unit. He has deep experience in a variety of matters, including cross-border fraud and money laundering, corruption, securities and accounting fraud, and data protection and cyber security. Joel Harrison is a partner in the London office of Milbank and a member of the firm’s Technology Practice. He advises on everything technology-related, including cloud computing, outsourcing and licensing, as well as disputes and renegotiations. He also specializes in data privacy and cybersecurity, advising on the full range of transactional, regulatory and contentious matters. His clients include some of the world’s leading corporations and financial institutions. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Listen to Cybersecurity Part 1 here. Disclaimer
A charity encounters surprising roadblocks to building a new cemetery for low-cost Muslim burials in Stafford County, Virginia. In this episode, host Allan Marks follows the cemetery’s path to justice with the lawyers who handled the civil rights case, Tawfiq Rangwala and Melanie Westover Yanez, and their pro bono client, the All Muslim Association of America, at the intersection of religious freedom, land use, and local politics in America today.About the Speakers Tawfiq Rangwala is a partner in Milbank’s New York office and a member of the firm’s Litigation & Arbitration Group. His practice focuses on the defense of US and international regulatory and criminal enforcement matters, as well as internal investigations across multiple jurisdictions and industries. He also has extensive experience handling federal and state court litigation of complex commercial cases involving securities and corporate law, contract disputes and financial restructuring.Melanie Westover Yanez is special counsel in the Washington, DC office and a member of the firm’s Litigation & Arbitration Group. She represents clients in federal and state courts in complex commercial litigation and financial restructuring litigation and has experience defending clients in individual and class action cases involving antitrust, securities, and commodities issues.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify,  Amazon Music, Google and Audible.DisclaimerSeason 2
ESG Series #7:  Are climate goals and economic development on a collision course?  As COP26 gets underway in Glasgow, the energy transition is top of mind.  Shifting energy production away from coal, oil and natural gas toward greener energy sources like wind and solar power and renewable fuels is critical to cutting the greenhouse gas emissions that cause climate change.  In the Asia-Pacific region, there is no clear consensus on the shape of the energy transition.  And there is no path to meaningful reductions in global greenhouse gas emissions that does not lead through Asia, which accounts for 60% of the world’s population and 75% of global carbon emissions.  Climate, capital and energy are truly global in reach.  The choices being made today – in allocating capital and in shaping energy and industrial policies – could either reduce or increase the most severe climate impacts around the world for at least the next century.  It is a huge challenge to make development both rapid and sustainable.  Asia is experiencing substantial population growth and massive economic development. Energy use per capita is rising fast along with the rise in GDP and the buildout of cities, industries and the critical infrastructure that sustains them.  The opportunities to invest in new energy assets – whether sustainable or not – are plentiful.  Innovative technologies like battery storage and green hydrogen are exciting for the future, but Asia is scaling up its energy sector now.  What does that urgency mean for the current investment climate and for the future of the Earth’s climate?In this episode, host Allan Marks sits down with Milbank partners James Murray and James Orme in Singapore and former Milbank partner Cathy Marsh, now at the Asian Development Bank in Manila, to look at the energy transition in Asia and the Pacific.   About the Speakers James Murray is a partner in the Singapore office of Milbank and a member of the firm’s Project, Energy and Infrastructure Finance Group. He represents parties in the development and financing of power, oil and gas, mining, telecoms and other infrastructure projects, and has advised clients on projects and financings across Asia.James Orme is a partner in the Singapore office of Milbank and a member of the firm’s Project, Energy and Infrastructure Finance Group. He has significant experience advising clients on the financing and development of complex, large-scale energy and infrastructure projects, many of which involve multi-sourced financing arrangements and multiple tiers of debt.Catherine Marsh is Assistant General Counsel of Nonsovereign Operations at Asian Development Bank, which she joined in 2018. She is a Milbank alum.Podcast host Allan Marks is a partner in the Los Angeles office of Milbank and a member of the firm’s Project, Energy and Infrastructure Finance Group. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.  DisclaimerSeason 2
The market for collateralized loan obligations ("CLOs") has had a record year, with over $1 trillion in new issuances, refinancings and resets globally so far. Debt and equity investors are clamoring for more. What’s fueling the boom in securitizations and leveraged loans, and what’s on the horizon for 2022?In this episode, host Allan Marks and alternative finance partner Sean M. Solis explore the market impacts of a yield-starved, “risk-on” investment climate, massive liquidity and low interest rates on CLOs and other structured products. They discuss how CLOs have evolved since the 2008 financial crisis, what is driving investment in these complex derivative instruments, and prospects for innovation in deal terms, financial regulation and structural protections. About the Speakers Sean M. Solis is a partner in the firm’s Alternative Investments Practice. He counsels US and international asset managers and hedge funds in connection with tens of billions of dollars of transactions across a wide variety of collateralized loan obligation transactions as well as other complex structured credit financing arrangements.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify,  Amazon Music, Google and Audible.DisclaimerSeason 2
Working remotely creates challenges to the creativity, cohesiveness and culture of any professional firm. How do you get to know each other and foster community when you’re stuck on video calls all day and you’ve lost the spontaneity of seeing people in the office? For some of the lawyers in Milbank’s Los Angeles office, the answer was to form a book club. In this episode, host Allan Marks sits down with partner Henry T. Scott and junior associates Nickta Hoss and Lucy Stanley to discuss the book club they founded and how they picked their summer reading list – Martín & Meditations on the South Valley by Jimmy Santiago Baca, The Bomber Mafia by Malcolm Gladwell, Interior Chinatown by Charles Yu, and Klara and the Sun by Kazuo Ishiguro – and the surprising and candid conversations these books sparked about inclusivity, empathy, mentoring, and overcoming imposter syndrome. About the SpeakersHenry T. Scott is a partner in the Los Angeles office of Milbank and a member of the firm's Project, Energy and Infrastructure Finance Group. Read MoreNickta Hoss and Lucy Stanley are avid readers and junior associates in the firm’s Global Project, Energy and Infrastructure Finance Group. They are based in Los Angeles.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit www.milbank.com and follow us on social media and podcast platforms, including Apple, Spotify,  Amazon Music, Google and Audible. DisclaimerSeason 2
Immigration is a complicated and controversial issue. Well over 50,000 unaccompanied children seek entry to the United States at our southern border each year. Who are they? And why are they so desperate to flee their home countries that they leave everything and everyone they know behind? What legal and moral responses should we have to them? In this episode, host Allan Marks speaks with Linda Dakin-Grimm about her #probono work guiding immigrants through the legal system. As she writes in her book, Dignity & Justice, Welcoming the Stranger at our Border, Linda's work with unaccompanied children has changed her perspective and her life. About the SpeakersLinda Dakin-Grimm is a senior consulting partner in the firm’s Litigation & Arbitration Group. She has successfully handled numerous jury and bench trials, appeals and arbitration proceedings across the US. Currently, she is working on pro bono matters related to immigration, asylum and the reunification of families separated at the US border. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business. For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify,  Amazon Music, Google and Audible. DisclaimerSeason 2
Asia’s financial markets – flush with liquidity and riding a wave of economic growth – are at an inflection point. Corporate issuers, investment banks, hedge funds and private investors have evolved over the past two decades, just as capital sources and economies have become more diverse. A burgeoning middle class across India, Thailand, Malaysia, Indonesia, the Philippines and other countries drives expansion, but each market brings its own advantages and challenges. China remains a major source of both inbound and outbound investment.  Corporations and banks from Japan, Korea and Singapore still drive huge investments across the region. What will the next decade bring?  Milbank Capital Markets partner James Grandolfo, who leads the firm’s Hong Kong office, has been navigating Asia’s markets for decades while advising on a number of blockbuster transactions, including the largest-ever Philippine IPO. In this episode, he and podcast host Allan Marks, who has worked on transactions in China, India, Indonesia, the Philippines, Thailand, Japan and Korea, together explore: the biggest changes in Asia’s markets over the last decadethe growing sophistication and breadth of Asia’s capital markets for debt and equityhow deal terms and financial products are evolving to meet the needs of Asian corporate issuersbalancing management goals for growth in profits and market share with risk mitigation and ESG concerns, seen from the perspectives of CFOs, lenders and investorsAbout the Speakers James Grandolfo leads Milbank’s Hong Kong office. With over 20 years of experience advising clients in every major country in Asia, he represents issuers and investment banks in a variety of debt, equity and equity-linked capital markets transactions. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business. For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.DisclaimerSeason 2
Biopharma is on a roll. Biologics and recombinant antibodies have advanced the treatment of cancer and autoimmune diseases.  Messenger RNA technology – an essential part of the newly developed Pfizer-BioNTech and Moderna vaccines – promises a new frontier of medical breakthroughs and future advancements in immuno-oncology and cancer therapeutics. Genetic treatments for diseases such as rheumatoid arthritis and autoimmune disorders are leading to new possibilities, built on a network of patents, know-how and collaboration between governments, academic research labs and private companies around the world.  How will we manage this accelerating technology?  Milbank partner David Gindler, head of the Intellectual Property Litigation and Licensing Group, speaks with podcast host Allan Marks about:biopharmaceuticals, biosimilars and genetic biotechthe technology behind mRNA COVID-19 vaccineshow breakthrough intellectual property is co-developed, shared and protecteddrug patents, FDA regulation, consumer protection, equitable access, insurance, antitrust and capital formationAbout the SpeakersDavid Gindler's practice focuses on intellectual property litigation and licensing, with an emphasis on complex patent litigation. While nationally recognized by Chambers USA for his expertise in life sciences matters, Mr. Gindler’s work spans a broad array of industries, including pharmaceuticals and biotechnology.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.DisclaimerSeason 2
ESG Series #6: Regenerative development enhances sustainability and resilience through a sophisticated understanding of how all living systems are interconnected. Linking diverse people and places through international scientific alliances and hands-on local projects (like regenerative finance, convenings at the Commonwealth of Nations, and Project CETI with whales) creates innovative, long-term solutions to mitigate the impact of climate change. In this episode, Milbank partner Russell Jacobs and podcast host Allan Marks speak with Rola Khoury of UK-based charity Common Earth to understand how a more systemic, inclusive approach to valuing nature and biodiversity can create ecological, social, and economic benefits on land and in the seas. They also explore how new technologies and ancient wisdom work together for a healthier planet.About the SpeakersRola Khoury is the CEO & Founder of Common Earth, a UK-based nonprofit that supports regenerative development and the restoration of ecosystems, and helps make nations and their communities sustainable and resilient to climate change.Russell Jacobs is a partner in the London office of Milbank and a member of the firm’s Tax Group.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.DisclaimerSeason 2
SPACs, or “blank check” Special Purpose Acquisition Companies, have surged over the past two years, raising over $75 billion (about half the total US IPO market) last year alone.  Recent SEC statements add complexity to accounting and disclosure rules for SPACs and could chill the market. Even so, De-SPAC (the merger of a SPAC into a private company, taking it public) transactions will trigger more M&A and PIPE deals at least through 2022. In this episode, Milbank partners Allan Marks,  Rod Miller and Iliana Ongun delve into the current state of the market for SPACs and De-SPACs, considerations for investors and target companies, and the potential for new SEC regulation.About the SpeakersRod Miller is a partner in the New York office of Milbank and a member of the firm’s Capital Markets Group.Iliana Ongun is a partner in the New York office of Milbank and a member of the firm’s Corporate Group.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.DisclaimerSeason 2
ESG Series #5: As the world transitions from fossil fuels to renewable power and other clean energy technologies, we are entering a “super cycle” of demand for new materials. The digitalization of the global economy also drives this demand, as power grids become smarter, sustainable and more resilient.  What do all these green initiatives have in common?  Batteries. The World Bank has forecasted that the production of metals such as lithium, cobalt, zinc and graphite will need to increase by as much as 500% by 2050 to meet the exploding demand for batteries in EVs, energy storage and electronic devices. Milbank Global Project, Energy & Infrastructure Finance partners Allan Marks and Alec Borisoff take a deep dive into the world of battery metals with two guests from Swiss-based Pala Investments: General Counsel Kate Southwell and Head Strategist Jessica Fung.About the Speakers:Kate Southwell  General Counsel for Pala Investments, a private equity investment firm based in Zug, Switzerland. She provides legal, commercial and strategic advice to Pala’s portfolio companies and specializes in the management of international M&A and joint ventures and the negotiation of complex construction and commercial contracts. She also advises on alternative finance structures, including streams, royalties and mezzanine finance.Jessica Fung is Head Strategist at Pala Investments. She researches emerging technologies such as electric vehicles, renewables, recycling and blockchain and forecasts how these trends will impact commodity markets and how investors will finance the future economy.Alec Borisoff is a partner in the New York office of Milbank and a member of the firm's Global Project, Energy and Infrastructure Finance Group. He represents project sponsors, financial institutions, and export credit and multilateral development agencies in a wide range of US and cross-border projects and structured financings, investment transactions and restructurings, with a particular emphasis on mining, oil & gas, infrastructure and power-related financings.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.DisclaimerSeason 2
European companies are benefitting from investors’ huge appetite for new equity offerings. Showing the strength of European capital markets in 2021, Germany's first IPO of the year closed in February: AUTO1 Group SE, a multi-brand technology company that develops solutions for online car buying and selling. In this episode, Milbank Global Corporate partners Norbert Rieger and Sebastian Heim speak with Global Project, Energy & Infrastructure Finance partner Allan Marks about how the AUTO1 IPO shows investors’ collective confidence in future growth from tech companies that are accelerating the digitalization of commerce. Norbert, Sebastian and Allan also discussed connections between public markets and private equity, broader trends in Europe, and corporate governance.About the SpeakersNorbert Rieger is Global Head of Milbank's Corporate Group. He is one of the three founding partners of the Munich office and has almost 30 years of experience in all types of corporate transactions. Norbert's broad practice covers all areas of corporate/M&A and private equity including public M&A and corporate reorganizations (Umwandlungsrecht).  He is well known for his expertise in public takeovers and public-to-private transactions.Sebastian Heim is a partner in Milbank's Global Corporate Group in Munich. His practice focuses on corporate law and M&A, specializing in private equity transactions. Sebastian also advises clients with respect to restructurings and insolvency law. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.DisclaimerSeason 2
Brazil’s capital markets are surging, with new IPOs and follow-on equity offerings in 2021 extending the hot market from last year, the best in over a decade.  Brazil is a bellwether for emerging markets globally.  What is causing this flurry of activity, and how long will it last?  In this episode, São Paulo Global Capital Markets partners Fabiana Y. Sakai and Tobias Stirnberg speak with Milbank Global Project Energy & Infrastructure Finance partner Allan Marks about the state of the Brazilian market and what it means for domestic and international investors,  for companies seeking to diversify capital sources, and for sustainability and ESG goals.Fabiana Y. Sakai is a partner in the São Paulo office of Milbank. Her practice focuses on capital markets, finance and corporate matters, and her clients include Brazilian corporations and US and Brazilian banks and underwriting firms. She has extensive experience across a broad range of industries, including infrastructure, financial services, real estate, manufacturing and retail.Tobias Stirnberg is a founding partner of Milbank’s São Paulo office. He represents Brazilian and international companies, sponsors and lenders in their cross-border work, and he has extensive experience in finance, M&A and restructuring matters across a broad range of industries, including energy, infrastructure, transportation, financial services, metals and mining and industrials.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.DisclaimerSeason 2
Starting in their fourth year of practice, Milbank associates spend a week together on campus at Harvard Law School Executive Education each year for three years in an interactive, intensive and comprehensive professional development program. In the classroom, the curriculum, developed in partnership with Harvard Law School Executive Education, covers finance and accounting, leadership and team management, strategy, marketing, negotiations and macroeconomics, and provides an MBA-like experience with a healthy dose of career guidance. The rationale: firms should provide the best training and career development possible for the benefit of their lawyers, their clients and the firm. Marking the tenth anniversary of the innovative program, 108 associates have graduated and 1217 attorneys have participated throughout all of the programs. Building on the success of the program and with overwhelmingly positive client feedback, Milbank created a Milbank@Harvard  Corporate Counsel program inviting general counsel of our clients to take similar classes with the same professors. In this episode, GPEIF partner Allan Marks and partner and Executive Director David Wolfson discuss Milbank’s training program developed and delivered at Harvard Law School Executive Education, which features professors from Harvard Law School, Harvard Business School, and Harvard Kennedy School, and why this innovative program creates remarkable outcomes for clients, attorneys and the firm’s culture. About the speakersDavid Wolfson is the firm's Executive Director and a Corporate partner in the New York office of Milbank. As Executive Director, he collaborates with the Chairman and the firm’s Executive Committee to manage the firm globally.  Podcast host Allan Marks is one of the world's leading project finance lawyers, focused on the development, financing and acquisition of complex energy and infrastructure projects, and an Adjunct Lecturer at UC Berkeley at the Law School and Haas School of Business. DisclaimerSeason 2
ESG Series #4: Two proxy advisory firms wield vast power over America’s public companies, with little accountability or transparency.  Institutional investors who control an estimated 80% of the market capital of U.S.-publicly listed companies often rely on these advisors in setting stewardship policies and in voting for or against company directors or on corporate governance matters, including ESG policies, executive compensation and investment rules. In this episode, Milbank Global Project Energy & Infrastructure Finance partner Allan Marks and Global Corporate partner Neil Whoriskey discuss how proxy advisors rose to such influence, and how the interests of fund managers, the SEC and other stakeholders are bumping up against directors’ fiduciary duties and conflicting state corporate law doctrines.  Neil Q. Whoriskey is a partner in the New York office of Milbank LLP and a member of the firm’s Global Corporate Group. His practice focuses primarily on mergers, acquisitions, and corporate governance matters. Recognized in Banking and Mergers and Acquisitions by IFLR 1000, he is the author of numerous articles on mergers and acquisitions and corporate governance topics.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business. More details at Milbank.com. For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.DisclaimerSeason 2
Last year, disgorgement accounted for $3.6 billion in monetary remedies for the US Securities and Exchange Commission, or three-quarters of all monetary remedies in SEC enforcement actions.  Two recent Supreme Court decisions – in 2017 and 2020 – sharply curtailed the SEC’s authority to pursue disgorgement.  To affirm the SEC’s powers, a new law on January 1, 2021 amended the Securities Exchange Act of 1934 to grant the SEC express statutory authority to pursue disgorgement of ill-gotten gains to prevent unjust enrichment.  The law also extended the applicable statute of limitations.  In this episode, Milbank Global Project Energy & Infrastructure Finance partner Allan Marks and Milbank’s Global Head of Litigation & Arbitration, George Canellos, discuss the new law and its impact in detail. George brings extra insight, having served in a variety of senior positions at the SEC most recently as Co-Director of the SEC Division of Enforcement. Subscribe to other episodes of the “Law, Policy & Markets” podcast here.About the speakers:George S. Canellos is a partner in the New York office of Milbank and Global Head of our Litigation & Arbitration Group. He represents financial institutions, public companies, asset management firms, and individuals in government investigations and contested litigation in federal and state courts, and advises clients on corporate governance and compliance with the securities and banking laws. He has more than two decades of experience prosecuting and defending white collar criminal cases and civil actions arising under the securities laws, having served twice in federal law enforcement — most recently in top positions such as Co-Director of the Division of Enforcement at the US Securities and Exchange Commission, and earlier as a federal criminal prosecutor in the US Attorney’s Office for the Southern District of New York.Podcast host Allan Marks is one of the world's leading project finance lawyers, with special expertise in the power and renewable energy, transportation and airports, oil and gas, water, and telecommunications sectors. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.More details at Milbank.com. DisclaimerSeason 2
Like a fine musician performing a complex work before a discerning audience, practicing law at an elite level can be as much art as science. Today, we take a breather from complex business issues in this bonus episode featuring Milbank Global Project, Energy & Infrastructure Finance partner Allan Marks and Litigation & Arbitration partner Alex Romain, who compare notes on how their years of classical piano training and passion for playing music inform their approaches to practicing law. They explore how coaching, creativity and collaboration translate into discipline, depth and distinction and how crafting a musical performance is similar to structuring and presenting a cogent legal argument that leads to persuasive communication, authentic personal relationships and positive action. We hope you enjoy our final episode of the year. See you in 2021!Alex Romain is a partner in the Los Angeles office of Milbank LLP and a member of the firm’s Litigation and Arbitration Group. Mr. Romain is a leading national trial lawyer with more than 20 years of experience representing individuals and corporations in high-stakes complex commercial litigation, white collar defense, and internal investigations. Mr. Romain’s relentless advocacy has led to exemplary results for his clients. He was a member of the trial team that exonerated the late Sen. Ted Stevens, playing a key role in pursuing the exculpatory evidence that ultimately led to the senator’s exoneration. The American Lawyer described his team’s work on the case as “one of the best criminal defense performances in memory, resulting in a heightened scrutiny of prosecutors that will affect the Justice Department for years to come.” Mr. Romain successfully represented the Baltimore Ravens and several of its senior personnel in connection with the independent investigation conducted by former FBI Director Robert Mueller into the National Football League’s handling of the Ray Rice domestic violence incident. Read MorePodcast host Allan Marks is one of the world's leading project finance lawyers, with special expertise in the power and renewable energy, transportation and airports, oil and gas, water, and telecommunications sectors. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.More details at Milbank.com.Disclaimer
ESG Series #3:  Renewable energy technology and transactions have evolved globally since the early days of wind power in California. In this episode, Milbank Global Project Energy & Infrastructure Finance partners Karen Wong (who retires this year) and Allan Marks (host) look at how the practice of law is evolving, as technology allows for increased responsiveness and productivity, and also share personal insights on building professional teams, deepening relationships, and the importance of giving back.About the SpeakersAs a partner in the firm’s Global Project, Energy and Infrastructure Finance Group, Ms. Wong focuses on the representation of sponsors and financing parties in connection with the development, acquisition, financing and/or restructuring of energy and other infrastructure facilities in Asia and North America. In her over 30 years of practice, she has led numerous development, financing and acquisition transactions involving solar, wind, hydroelectric, geothermal, biomass, waste energy and other renewable energy facilities, as well as large-scale coal, gas and LNG-fired cogeneration plants, coal gasification, transmission lines, and oil and gas pipelines.Podcast host Allan Marks is one of the world's leading project finance lawyers, with special expertise in the power and renewable energy, transportation and airports, oil and gas, water, and telecommunications sectors. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.More details at Milbank.com. Disclaimer
Top-flight lawyers conducted a three-week trial entirely online, in the midst of a pandemic and recession, to resolve issues that dated back over a decade to the last recession. Derivatives, CDOs, credit default swaps, and financial guaranties: the facts in Putnam vs. FGIC were incredibly complex. In this episode, Milbank Global Project Energy & Infrastructure Finance partner Allan Marks sorted it out with Putnam’s lead lawyers – Thomas Arena, Sean Murphy and Robert Hora  of Milbank’s Litigation & Arbitration group – to learn how they managed one of the country’s first virtual trials in complex commercial litigation in federal court, what it means for future virtual trials, and how they won the case on all counts. About the speakers: Thomas Arena represents financial institutions and corporations in federal and state courts in class actions, securities and bankruptcy litigation cases, and has conducted jury and non-jury trials in courts throughout the country. He also has substantial experience representing companies and individuals before the Department of Justice and other regulators, including the Securities and Exchange Commission and the New York Attorney General’s Office.Sean Murphy’s practice focuses on complex securities matters. He has defended dozens of companies and financial institutions in multi-jurisdictional class action and derivative litigation under state and federal securities laws, including claims under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940. He has extensive experience representing investment advisers and mutual fund boards in litigation and regulatory investigations involving management fees, revenue sharing, conflicts of interest, prospectus disclosure, distribution and trading, ERISA prohibited transactions, portfolio mismanagement, Rule 12b-1, board oversight and fiduciary duty litigation. He represents clients in regulatory and enforcement proceedings before the SEC, CFTC, FINRA and state regulators.Robert Hora focuses on litigation of complex commercial matters involving mutual funds, securities, commodities, and corporate governance. In recent years, Robert has successfully tried and defended some of the most significant cases in the mutual fund industry, involving close to $1 billion in alleged damages and resulting in precedent-setting decisions. Podcast host Allan Marks is one of the world's leading project finance lawyers, with special expertise in the power and renewable energy, transportation and airports, oil and gas, water, and telecommunications sectors. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.More details at Milbank.com.  Disclaimer
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