Morgan & Morgan

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Recent developments: Morgan & Morgan continues with the development of its new headquarters in Panama City. MMG Tower, one of the firm’s main corporate social responsibility initiatives, will be one of the first green buildings in Panama (LEED certified), becoming part of a select group worldwide. For more information about this exclusive, iconic and unique project, please visit www.mmgtower.com

2011 highlights

Mergers & acquisitions: In 2011, the firm advised the Ecuadorian group Importadora Industrial Agricola SA (IIASA) in the acquisition of Cardoze & Lindo SA in Panama. M&M also represented Intercoastal Marine Inc in connection with a US$32 million acquisition of Consalfa. M&M also represented its client Dorel with respect to Panamanian law aspects for the acquisition of a 70 per cent of the South American group Silfa.

Projects: During 2011, the firm continues representing institutions involved in financial transactions for some of the principal projects in Panama such as the Panama Canal Expansion project and Metrobus, a rapid bus transport system. During 2011, the firm advised HSBC Bank plc, HSBC Bank (Panama) SA, Caja de Ahorros and Banco Nacional in respect of a syndicated secured financing of US$300 million for the Metrobus project. M&M also represented HSBC Bank (Panama) SA in a term loan facility in a aggregate amount equal to US$15 million for this same project. M&M continues to advise its client, AES Changuinola SA, an affiliate of Arlington, VA-based The AES Corporation, in the development of the Changuinola I Hydroelectric Project, located in the province of Bocas del Toro. Currently, the Changuinola I Project is the largest infrastructure project under construction in Panama after the Panama Canal Expansion Project. The firm also continues representing Minera Panama SA, a wholly owned Panamanian subsidiary of Inmet Mining Corp, a Canada-based global mining company, in the development of a copper mining project valued at over US$5 billion. In 2011, the firm advised Inmet Mining Corp in connection with a US$500 million investment by Temasek, an investment firm headquartered in Singapore.

Banking & securities: M&M provides continued advice and assistance to the largest banking institutions in Panama, both in transactional and regulatory matters. In addition, the firm has assisted new institutions seeking to enter the Panamanian market in obtaining the required banking licences. Additionally, the firm regularly advises clients with respect to securities law issues and represents various regulated entities with the National Securities Commission, in connection with the application for licences, registration statements and reporting activities, as well as overall administrative proceedings before the Commission. During 2011, M&M provided legal advice to Panama Ports Company SA (a subsidiary of Hutchison Port Holdings) and HSBC to implement a sale and lease back for an amount up to US$260 million. The firm also represented Cirsa Gaming Corporation and Deutsche Bank in senior notes issue for €280 million.

Real estate: M&M is greatly experienced in handling some of the largest and most complex real estate transactions in Panama, involving aspects as diverse as construction and development, sales, purchases, titling, leases and mortgaging of real estate properties for commercial, retail, residential and tourism projects. The firm represents developers of luxury residential and resorts projects in Panama such as Buenaventura, Pearl Island, Linton Bay, Panama Bay, among others.

Offshore & fiduciary: In 2011 M&M opened new branches in Cyprus and Israel, an important milestone in the development of the firm’s international & fiduciary network: MMG Trust, a member of the Morgan & Morgan Group. With expertise in tax, estate and financial planning, MMG Trust operates in more than 20 cities of America, Europe and Asia.

Shipping: M&M continues to be the leader in Panama for ship finance and ship registration transactions worldwide and has contributed to update Panama’s new maritime legislation through the involvement of its partners in the enactment of four new shipping laws. Statistics from the General Directorate of Merchant Marine and the Public Registry Office of Panama shows that M&M handles 26 per cent of the ship registrations that goes through its shipping registry and 42 per cent of the total gross tonnage.

Intellectual property: The firm offers expertise in a broad range of intellectual property fields for the registration and protection of trademarks, service marks, slogans, trade names, patents, utility models, industrial designs, plant varieties and copyrights. Our attorneys also specialise in licensing, franchising, technology transfer, as well as litigation in connection with claims against trademark applications, cancellation and nullity actions, and proceedings against infringement and counterfeit of all sorts of intellectual property rights.

Pro bono: Attorneys from Morgan & Morgan dedicate more than 1,800 hours per year to pro bono cases regarding civil, family, environmental and criminal law. This year, Morgan & Morgan became the first Panamanian law firm to sign the Pro Bono Declaration of the Americas, an initiative of the New York-based Cyrus R Vance Center for International Justice. Furthermore, the Community Legal Assistance Foundation (Fundalcom), one of the CSR programs of the firm, has provided free legal assessment in more than 2,800 cases of family and domestic violence proceedings.

www.morimor.com