Manatt Expands And Formalizes National Distressed Asset Practice
Firm leverages industry-leading talent in finance and real estate to meet market challenges
LOS ANGELES, CA – August 28, 2008 – Manatt, Phelps & Phillips, LLP, the national law and consulting firm, announced that the firm has formalized its recently expanded Distressed Asset practice group to include lawyers from the firm’s nationwide banking, litigation, regulatory, real estate and transactional practices. Clayton B. Gantz, co-administrative partner of the firm’s San Francisco office, and Harold P. Reichwald, a partner in Los Angeles, co-chair the group.
“Given our large real estate finance, development and land use practices, and a history as one of the banking industry’s top service providers in the regulatory and capital markets space, Manatt is in a unique position to help clients meet the challenges presented by today’s combination of dynamic real estate, economic and credit market conditions,” said Gantz. “Our newly formalized group provides clients with a fully-integrated, cross-disciplinary solution to all of their distressed asset challenges on a national basis.”
Reichwald noted that Manatt has long-term experience in all aspects of the distressed asset marketplace. The firm has “represented buyers in over 45 non-performing loan portfolio purchases, from initial asset-level due diligence and pricing, contract negotiation, closing and conveyancing, to post-acquisition servicing, including workouts, foreclosures and creditors’ rights litigation,” said Reichwald. “We have represented sellers in more than a dozen transactions valued at over $2 billion, advising our clients regarding deal structure, pre-sale asset positioning strategies, purchase and sale agreements and post-closing purchase agreement administration. Manatt has an extraordinary level of experience providing comprehensive representation to clients on all sides of a deal.”
Manatt has advised many of the leading commercial and investment banks in the United States and around the world in the distressed asset arena. The firm has handled significant transactions for Bank of America, Lehman Brothers, Morgan Stanley, Wells Fargo Bank, Sumitomo Bank & Trust Company, Goldman, Sachs & Co./ARCHON, Trust Company of the West, Credit Suisse First Boston, Chanin Capital Partners, UBS, Gramercy Advisors, Fortress Investment Group, Lonestar Funds, Stark Investments, Comerica Bank, Deutsche Bank, Bank of New York, Citigroup, and AMRESCO Commercial Finance.
Most recently, Manatt advised Hawaii-based Central Pacific Bank on a significant asset sale, one of the first of what is expected to be many portfolio dispositions for the financial industry as institutions look to reduce their credit exposure.
“The entrepreneurial culture at Manatt runs deep, as does our commitment to operating at the forefront of emerging trends,” said William T. Quicksilver, chief executive officer and managing partner. “While the specifics of this economic cycle are unique, we have seen these same risks and opportunities before. Formalizing this group, which has worked across office and practice lines for some time, makes sense in the current climate to better serve our clients.”
About Manatt, Phelps & Phillips, LLP
Manatt, Phelps & Phillips, LLP, provides legal and consulting services to a global client base from offices in Los Angeles, Orange County, Palo Alto, San Francisco, and Sacramento, California; New York City and Albany, New York; and Washington, D.C. Manatt includes Manatt Health Solutions, a healthcare policy and strategic business advisory group, and ManattJones Global Strategies, LLC, a wholly owned subsidiary that develops and implements strategies to expand client businesses and facilitate their effective competition in global markets. For more information, visit www.manatt.com, www.manatthealthsolutions.com, and www.manattjones.com.