Four Premier Bankruptcy Partners Join Cadwalader's Restructuring Team

    NEW YORK, March 13 /CNW/ - Cadwalader, Wickersham & Taft LLP, one of the
world's leading international law firms, announced today that Deryck A.
Palmer, John J. Rapisardi, George A. Davis, and Andrew M. Troop will join the
firm as partners in the Financial Restructuring Department, based in New York.
Each is currently a partner in the Business Finance & Restructuring Department
of Weil, Gotshal & Manges LLP.

    The four bring over 85 collective years of restructuring experience to
Cadwalader's already thriving practice, having represented debtors, creditors,
lenders, and investors in complex domestic and international business
reorganizations, debt restructurings, and distressed mergers and acquisitions
in a wide array of industries, including healthcare, automotive,
telecommunications, airline, energy, financial, retail, and manufacturing.
Together, they have represented debtors in some of the largest and most
complex bankruptcy cases, including Saint Vincents Catholic Medical Centers;
WestPoint Stevens; IMPATH Inc.; Bethlehem Steel Corporation; Doctor's
Community Health Care Corporation; Syratech Corporation; Sunbeam Corporation;
Marvel Entertainment, Inc.; Carmike Cinemas, Inc.; Global Star; Metallurg;
Olympia & York; F&M Distributors; Drexel Burnham Lambert; Texaco, Inc.; and
United Healthcare Newark Children's Hospital. They have also represented
lenders, committees and major creditor groups in numerous recent high-profile
cases, including Calpine Corporation; Delta Airlines; US Airways; Independence
Air; Owens Corning; Safety Kleen; Solutia; Tower Automotive; Kaiser Aluminum &
Chemical Corporation; Mirant; Iridium; Pliant Corporation; Eagle Pitcher;
Genesis Health Care; Mariner Post-Acute Care; Mariner Health Care; Centennial
Health Care; Galey & Lord; WCI Steel; Weirton Steel; Cable and Wireless; FAO
Schwarz; Aladdin Casino and Hotel; Montgomery Ward I; NSM Steel; Trump
Atlantic City Casinos; FPA; MedPartners; and PhyCor. Most recently, they have
been involved in three major out-of-court restructurings: Detroit Medical
Center; Florida Healthplans and a major sports franchise. They also have
extensive expertise in international cross-border restructurings, including
unparalleled experience advising investors with regard to Chinese
restructuring law.

    Cadwalader Chairman and Managing Partner Robert O. Link, Jr. stated, "We
are thrilled to have these well-regarded and highly experienced lawyers join
our firm. Their impressive record of transactions and client base will greatly
enhance our global restructuring capacity and provide us with phenomenal
opportunities for cross-selling and growth. We look forward to capitalizing on
the many synergies between our practices."

    Bruce R. Zirinsky, the Chairman of the firm's Financial Restructuring
Department, stated, "I have worked with these fantastic lawyers for much of my
career, and am delighted to have them join our practice. The addition of this
team of top restructuring lawyers, with wide-ranging connections and
experience, to our already strong and diverse restructuring practice, is a
major step in accomplishing many of our strategic goals. It will broaden our
representation of the corporations, financial institutions and advisory firms
that form Cadwalader's core client base, substantially enhance our ability to
handle a greater number of large U.S. and multinational restructuring matters,
and add to our already deep knowledge and experience in the health care
industry. In addition, we will be able to take on a broader role in distressed
company investments and acquisitions, continue to capitalize on cross-border
work in collaboration with our London office, and develop a robust Asian
restructuring presence through our Beijing office."

    Mr. Palmer was recently recognized by Turnarounds and Workouts as one of
the nation's "Outstanding Bankruptcy Lawyers." He serves as the co-vice-chair
of the American Bar Association's Business Bankruptcy Committee's Healthcare
Working Group and as a member of the New York State Bar Association's
Committee on Bankruptcy and Committee on Courts and Community. Also an adjunct
professor of law at New York Law School, he teaches advanced topics in
bankruptcy and corporate reorganization and lectures at many other law schools
nationwide. He is a frequent commentator and consultant on issues relating to
Chinese bankruptcy laws. Mr. Palmer received his B.A. from Syracuse University
and his J.D. from the University of Michigan.

    Mr. Rapisardi is included in the 2007 edition of The Best Lawyers in
America and identified as "highly recommended counsel" in the PLC Cross-border
Restructuring and Insolvency Handbook for 2006-2007. He was also ranked in the
2005, 2006, and 2007 editions of Chambers USA: America's Leading Lawyers for
Business, which said Mr. Rapisardi's "star continues to rise in the healthcare
industry" and that "interviewees value his integrity, calling him 'as honest
as the day is long'." Currently the bankruptcy columnist for the New York Law
Journal and an adjunct professor of law at Pace Law School, Mr. Rapisardi
publishes frequently and lectures extensively on a variety of subjects,
including cross-border restructurings and Chinese bankruptcy law. He received
his B.S. from Fordham University, his J.D. from Pace University School of Law,
and his LL.M. (with a concentration in corporate and commercial law) from New
York University School of Law.

    Mr. Davis was selected for the 2007 edition of The Best Lawyers in
America. He was also recognized as a "rising star" by Chambers in 2005 and
ranked in Chambers in 2006 and 2007, in which it was said that

    Mr. Davis "stands out due to his success in building consensus among
groups with extremely different viewpoints." Turnarounds and Workouts also
named Mr. Davis as one of the top ten outstanding young restructuring lawyers
in 2005. He is a frequent writer and speaker on restructuring topics and an
active member of the Committee on Bankruptcy and Corporate Reorganizations of
the Association of the Bar of the City of New York. He received his B.S.,
magna cum laude, from SUNY at Binghamton and his J.D., with distinction, from
Hofstra University School of Law.

    Mr. Troop has been included in The Best Lawyers in America since 2002. He
was recently honored by Nightingale Health Care News as one of the top ten
health care transaction lawyers of the year. He lectures regularly on a wide
array of topics, including the intersection of nonprofit and financial
restructuring laws and healthcare restructuring issues. Mr. Troop is committed
to pro bono work, and was honored in 2006 by the Asian American Lawyers
Association of Massachusetts for his representation of the interests of Asian
and Hispanic Americans. He received his B.A., cum laude, from Amherst College
and his J.D., cum laude, from Northwestern University School of Law.

    "We are excited to bring our talents to Cadwalader's already impressive
practice. Given our relationships and experiences with Cadwalader's
restructuring group and our shared vision regarding the future of the
practice, we believe that Cadwalader offers a strong platform from which to
make an investment in a truly international bankruptcy practice - capabilities
shared by few firms in the world," stated Mr. Palmer.

    About Cadwalader, Wickersham & Taft LLP

    Cadwalader, Wickersham & Taft LLP, established in 1792, is one of the
world's leading international law firms, with offices in New York, London,
Charlotte, Washington and Beijing. Cadwalader serves a diverse client base,
including many of the world's top financial institutions, undertaking business
in more than 50 countries in six continents. The firm offers legal expertise
in antitrust, banking, business fraud, corporate finance, corporate
governance, environmental, financial restructuring and reorganizations,
healthcare, insurance and reinsurance, litigation, mergers and acquisitions,
private client, private equity, real estate, securities and financial
institutions regulation, securitization, structured finance, and tax. More
information about Cadwalader can be found at

For further information:

For further information: Cadwalader, Wickersham & Taft LLP Claudia
Freeman, +1 212 504 6470 or Kaitlin Jaxheimer, +1 212
445 8261

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