Kuwait-based telecom firm Zain is not concerned over a lawsuit by South Africa-based Econet Wireless disputing the ownership of Zain Nigeria, Zain's chief executive said in remarks published on Monday.

"Saad al-Barrak affirmed that the group is not facing any risk from a legal dispute over Zain Nigeria," al-Rai newspaper reported. "(This issue ) is old and dates back to before 2006."

Last week, Econet said it disputed the purchase in 2006 by Celtel, now called Zain, of a majority stake in a group called Vee Networks Limited, now Zain Nigeria.

Barrak said that Econet has lost similar cases that it had filed in British courts over past years, the newspaper reported.

Zain Nigeria has traded under various brands since 2001 due to a series of boardroom conflicts.

It has been known as Vee Networks, Vmobile, Celtel and now Zain Nigeria.

Econet -- which has operations in nine countries in Africa, Europe and the East Asia Pacific rim -- said in a statement it was pursuing arbitration proceedings because it believed it had been denied its right of first refusal over the stake.

It has now appealed to legal authorities including an international tribunal operating under the auspices of the United Nations for the transaction to be unwound.

Zain, a hot but tricky potential acquisition target for stagnating Western telecoms groups, has invested more than $12 billion in Africa.

Nigeria is the group's biggest market, contributing 21 per cent of customers and 17 per cent of revenues.

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Struggling CIT Group Inc. has launched a debt restructuring effort it hopes will trim at least $5.7 billion from its balance sheet, but also is asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection.

New York-based CIT, one of the nation's largest lenders to small and midsize businesses, has been devastated by the downturn in the credit markets and is attempting to restructure its operations to remain in business. CIT received $2.3 billion in federal bailout aid last fall, a $3 billion emergency loan in July from some of its largest bondholders, and bought back $1 billion in debt but still needs to reduce its debt burden to survive.

The company said late Thursday that its restructuring plan has been approved by its board and by the steering committee of its bondholders. Under terms of the deal, bondholders would exchange their current notes for a portion of five series of newly issued secured notes, with maturities ranging from four to eight years, and/or newly issued preferred shares.

The exchange offers will expire just before midnight Oct. 29. However, for the out-of-court debt restructuring to be successful, CIT said at least $5.7 billion worth of debt must be able to be wiped off of its balance sheet.

Therefore, CIT also is asking most bondholders and other holders of CIT debt to approve a prepackaged reorganization plan so the company has the option of filing for and quickly exiting Chapter 11 bankruptcy protection in the event the debt swap doesn't achieve its goals.

A press release distributed by Sheppard Mullin today states that Kenneth Yood has joined the Los Angeles/Century City office of Sheppard, Mullin, Richter & Hampton LLP as a partner on the firm's Healthcare team and in the Corporate practice group.  Yood joins Sheppard Mullin from Fulbright & Jaworski in Los Angeles.

Ken Yood represents healthcare providers and healthcare companies, including specialty and general acute hospitals (including local district, nonprofit and for-profit facilities), home health agencies, pharmaceutical vendors, nursing facilities, and health information and management providers. Yood has expertise in Medicare and Medicaid reimbursement and certification, state licensing, and federal regulatory compliance.  He also counsels clients on physician referral law limitations, state and federal fraud and abuse issues, and state and federal false claims and program fraud matters.  Additionally, Yood helps clients operate and establish healthcare compliance programs, as well as internal and external investigations of healthcare facilities.

"Ken is an impressive healthcare attorney with an excellent reputation in the industry, who brings significant knowledge and expertise to the firm.  Ken's experience in healthcare regulatory and reimbursement matters dovetails well with our interdisciplinary healthcare practice.  Additionally, his transactional expertise will be of value to our private equity clients, as investment interest in this area heats up," said Guy Halgren, chairman of the firm.

Commented Yood, "With a growing healthcare group, a well-established position in California and a very strong healthcare labor practice, Sheppard Mullin is a perfect platform for my practice and clients. The firm has an entrepreneurial and collegial culture, which I value highly.  I look forward to working closely with partner Eric Klein in Century City, whole ads the firm's Healthcare team."

Yood received a J.D. from University of New York at Buffalo School of Law in 1989, a M.A. in Public Health from Harvard University in 1990 and a B.A. from Haverford College in 1986.  He has been recognized as a leading healthcare lawyer in Chambers USA: America's Leading lawyers for Business since 2005.

Also today, Louis Lehot joined Sheppard Mullin's Corporate practice group as a partner in the Silicon Valley office from Simpson Thacher & Bartlett in Palo Alto.  Earlier this year, Brian Weimer joined the Sheppard Mullin's Washington, D.C. office and Todd Bissett joined the firm's Shanghai office as partners in the Corporate practice group.  Weimer joined from Latham & Watkins in Washington, D.C. and Bissett joined from O'Melveny & Myers in Beijing.

Sheppard Mullin has 200 attorneys based in its Los Angeles offices (Downtown and Century City).  The firm's Corporate practice group includes more than 100 attorneys firm wide and the Healthcare team includes more than 20 attorneys. 

According to The American Lawyer, we may have to scan the dockets of the largest bankruptcies in recent US history to see if any of them produced so much legal work as quickly as the Lehman Brothers Chapter 11 has since the bank filed for bankruptcy almost exactly 11 months ago.

To wit: Weil, Gotshal & Manges filed its second application for legal fees and expenses late Monday, and, if approved, the firm will have crossed the $100 million mark in total billings if one includes so-called hold back payments the court will distribute at a later date.

The second application covers four months -- Feb. 1 through May 31-- and it comes just a few days after Judge James Peck of federal bankruptcy court in Manhattan approved Weil's initial request for about $55 million in fees and expenses for the period of Sept. 15, 2008 through January of this year. As the Wall Street Journal reported Monday, that application got the approval of not only Peck, but also a special fee committee headed up by Kenneth Feinberg (the Obama administration's pay czar).

According to their website, 19 Jones Day lawyers are included in Law & Politics magazine's lists of Northern California Super Lawyers and Rising Stars. Those lawyers are listed on their website.

Super Lawyers are the top attorneys in their respective practice areas, selected by their peers and verified by the attorney-led research staff at Law & Politics.

2009 marks the inaugural year for Northern California Rising Stars, who must be 40 years old or younger, or in practice 10 years or fewer. The selection process includes nominations by Northern California Super Lawyers and evaluation by Law & Politics' research department.

The selection of the 2009 Northern California Super Lawyers & Rising Stars is based on surveys of more than 48,500 lawyers across northern California. Each lawyer was given a score based on the number of votes received and the source of those votes.

Law & Politics, a publication of Key Professional Media, Inc., has been publishing legal magazines since 1990 and Super Lawyers since 1991.

According to The American Lawyer, Baker & McKenzie reported Friday that global revenue declined 3 percent to $2.11 billion and profits per partner fell a more significant 17 percent to $992,000 in fiscal year 2009, bringing an end to a four-year period over which the firm experienced consecutive double-digit revenue growth and an 85 percent increase in profits.

While Chicago-based Baker & McKenzie, which generated 66 percent of its fees outside the United States, highlighted the role currency exchange rates played in the falling benchmarks for fiscal year 2009, management admitted the economic downturn negatively impacted the firm's financial performance.

"The financial crisis progressed into an economic recession that has been very challenging for our clients, for all law firms and for us," said John Conroy, chairman of the firm's executive committee. According to Conroy, the impact of the economic downturn has been muted by the firm's proactive efforts, beginning more than eight months ago, to engage clients and adjust to their legal needs. This has included expanding the firm's restructuring practice.

Other practice areas helped hold up the firm's bottom line. Labor and employment, intellectual property and tax remained resilient throughout the downturn, Conroy says.