June 12, 1998

Monaco Court of Appeals
Affirms Judgment Against Finlay

On June 12, 1998, the Monaco Court of Appeals affirmed the judgment the Firm helped Credit Suisse First Boston get against Morris Finlay. Mr. Finlay appealed this judgment, and the Firm was also counsel to Credit Suisse First Boston on Mr. Finlay's appeal. Similar to the court below, the court, in affirming the lower court judgment, imposed additional sanctions against Mr. Finlay.

February 27, 1998

Monaco Office Assists With Private
Placement of Chicago Based Mutual Fund in Monaco

In a matter of first impression for the Monaco Office, the Firm assisted a major Chicago based mutual fund and its major Chicago based law firm with the placement of units of a new mutual fund that were privately offered in Monaco. While private placements of securities is a fairly regular occurrence in Monaco, this was the first time in the Firm's experience that units of a true mutual fund were placed privately. In 1990, Monaco enacted a comprehensive regulatory scheme for mutual funds. Prior to that, the status of non-French mutual funds in Monaco was unclear.

February 27, 1998

New York Office Assists With
Private Placement of Baltia Airlines Bridge Loan

The New York Office assisted client Hobbs Melville Securities Corp., a New York based NASD registered broker/dealer and a member of the European based Hobbs Melville Group, place a small bridge loan for Baltia Airlines, Inc., in anticipation of an up coming initial public offering of Baltia's securities. Starting this Summer, Baltia intends to commence regular Boeing 747 service between New York's JFK International Airport and St. Petersburg, Russia, with intermediate stops in the Baltic States.

February 25, 1998

Monaco Office Gives Opinion to
Major US Insurer on Casual Sale of Policies in Monaco

The Monaco Office assisted a major US based insurance company with its plans to offer insurance policies to residents of Monaco who have needs for US Dollar denominated policies because of obligations they may have outside Monaco that are in Dollars or related to the Dollar. Monaco's regulation of insurance incorporates French insurance regulation in addition to its own specific provisions.

February 17, 1998

Monaco Office Gives Opinion to Major
NY Investment Bank on Private Placement
of Limited Partnership Interests in Monaco

The Monaco Office assisted a major NY based investment bank and its major NY law firm with the private placement of a small number of limited partnership interests in Monaco. The interest size and minimum investment was US$10 million.

January 31, 1998

James P. Duffy, III, Reelected
President of The American Club of the Riviera

On January 31, 1998, The American Club of the Riviera, one of the older and larger American social organizations in France, held its Installation Luncheon at the beautiful and historic Le Chateau des Ollieres in Nice, France. Jacques Peyrat, the Mayor of Nice, and Joyce E. Leder, the United States Consul General from Marseille, attended the installation of the Club's officers and governors for 1998. James P. Duffy, III, was unanimously reelected President of the Club for 1998. In the picture above are, from left to right, First Vice President Arlette Bouisson, Past President Lilian Monici, Mrs. Monique Peyrat, Mr. Duffy, US Consul Leder, Mayor Peyrat, Mrs. Elaine M. Duffy, and Second Vice President Erica Friedman.

January 20, 1998

James P. Duffy, III, Reelected
Chairman of the Riviera Committee of
The American Chamber of Commerce in France

On January 20, 1998, the Riviera Committee of the American Chamber of Commerce in France held its annual meeting at the Unisys facility in St. Paul de Vence. James P. Duffy, III, was reelected Chairman of the Committee for 1998. Mr. Duffy is a member of the President's Council of the Chamber and, as Chairman of the Committee, also sits on the Board of Directors of the Chamber which is based in Paris.

January 8, 1998

Court Rejects Recomm's Motion to Reargue

On December 31, 1997, Recomm moved to reargue the dismissal with prejudice of the second amended complaint against the Firm's client, Jean-François Vincens, and another. On January 8, 1998, the US Bankruptcy Court in Tampa, Florida, rejected Recomm's motion to reargue. Unless Recomm intends to let the court's judgment become final, Recomm's only remaining option is to file a timely notice of appeal. See the entry for December 24, 1997, for additional information.