News 24 Jun. 2021
Curtis successfully defends foreign states' procedural privileges in the UK Supreme Court
News 23 Jun. 2021
Ibrahim Elsadig joins Curtis as Partner in Dubai
News 09 Aug. 2021
Curtis, Mallet-Prevost, Colt & Mosle enters into association with Chevalier Law in Singapore.
Event 23 Apr. 2021
Partner Borzu Sabahi to speak on Damages, Enforcement and Annulment of Arbitral Awards at Executive Training Program hosted by the Government of India and the Indian Institute of Foreign Trade
Client Alert 18 Oct. 2021
Senior Associate Martin Wolff Discusses Practical Questions with Regard to the German Implementation of the EU Directive on Cross-Border Tax Arrangements (DAC6) in Institutional Money
News 18 Oct. 2021
Jan Krupski Joins Curtis as a Partner in Frankfurt
News 15 Oct. 2021
Claudia Frutos-Peterson and Elisa Botero Ranked Among the Top 100 Female Lawyers in Latin America by Latinvex
News 13 Oct. 2021
Curtis Joins The Appellate Project to Promote Appellate Practice to Diverse Law Students
Client Alert 15 Oct. 2021
Recent change in Dubai’s Arbitration Landscape.
News 20 Sep. 2021
Curtis Successfully Defends the Sultanate of Oman and Oman Aluminium Rolling Company LLC in U.S. Department of Commerce Trade Case
Client Alert 05 Oct. 2021
Proposed Legislative Changes to Federal Estate, Gift and Trust Taxation
Publications 22 Sep. 2021
Client Alert 24 Jun. 2021
U.S. Insight: Update on Virtual Notarization (Executive Order 202.7) During the COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021)
U.S. Insight: Update on Virtual Witnessing (New York Executive Order 202.14) During The COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021)
News 11 Oct. 2005
On October 3, 2005, the Federal Government, represented by Curtis and acting through the Bureau of Public Debt, an arm of the Treasury Department, sold back to US Airways Group, Inc. warrants to purchase 7.7 million shares of the company's common stock. The warrants were exercisable at $7.27 per share at any time before January 2012. The negotiated sale price of $115.8 million was the midpoint between the intrinsic value of the warrants based on the stock's October 1st closing price of $21 per share and the warrants' option valued based on the Black-Scholes valuation methodology. The warrants were originally issued to the federal Air Transportation Stabilization Board (ATSB) in connection with its guarantee of a $429 million senior unsecured loan to America West Airlines in January 2001 following 9/11. America West merged with US Airways on September 27, 2005.
Concluding on October 13, 2004, the Federal Government, again represented by Curtis, sold to a syndicate of investment funds its remaining $265 million position in the America West loan, as well as its $525 million position in a senior secured loan to US Airways originally guaranteed by the ATSB in March 2002. The US Airways loan, which was sold at par, had been reinstated as a part of US Airways' emergence from Chapter 11 and merger with America West. The America West loan, which sold at 101% of par, had been restructured as a second-lien loan in exchange for the ATSB's consent to the merger. Lazard LLC acted as placement agent in the sale of the loans.
The ATSB was formed by an Act of Congress after 9/11 to provide liquidity to the domestic airline industry. The representation was handled by Daniel Lenihan, Jeff Ostrager, Kathryn Alisbah, Evan Borenstein, Rekha Rangam, and Jerry Nunez.
Daniel R. Lenihan