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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 Speakers

Rola 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.

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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 Speakers

Rod 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.




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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.

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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 Speakers

Norbert 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.

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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.

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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 speakers
David 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.

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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.






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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. 

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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.

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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 More

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.

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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 Speakers
As 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.

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