Akin Gump Advises Official Committee Of Unsecured Creditors Of Nortel Networks Inc.

Monday, August 1, 2011 - 00:00

A team of Akin Gump attorneys advised the Official Committee of Unsecured Creditors of Nortel Networks Inc. in Nortel Network Corporation's recent bankruptcy auction of more than 6,000 patents and patent applications. After a multi-day auction, a consortium consisting of Apple, EMC, Ericsson, Microsoft, Research In Motion and Sony emerged as the winning bidders with a purchase price of $4.5 billion. The sale is subject to applicable Canadian and U.S. Court approvals, and is expected to close in the third quarter of 2011.

Akin Gump recently advised pro bono clients the Grassroots Business Fund (GBF), on a deal that will help extend crucial mobile banking opportunities to sub-Saharan Africa.

Through GBF, Akin Gump attorneys provided pro bono legal counsel to Mobile Transactions International (MT), a GBF portfolio company headquartered in Zambia that connects its customers to the mass market using mobile technology and an extensive agent network. MT targets corporations, development sector organizations, government agencies and microfinance institutions across Africa to enable its customers to transact with unbanked end-users more easily, quickly, safely and affordably. The development of such a network is critical in Africa, where 81 percent of income-earning adults lack a bank account.

The deal represents part of an ongoing relationship between Akin Gump and GBF, a nonprofit organization whose mission is to build and support high-impact businesses that provide sustainable economic opportunities to millions of people around the world at the base of the economic pyramid. Since 2008, GBF has invested nearly $8.5 million in over 30 businesses that generate a significant social impact and are financially sustainable.

The Akin team includes Washington, D.C., corporate partner Jena Watson, investment funds senior counsel Christhy Vidal and counsel Erin Peters and corporate associate Omar Hashmi.

Akin Gump has announced that eight lawyers in its Moscow office have been ranked in the annual Russia's Best Lawyers Survey. Akin Gump lawyers ranked in the survey are as follows: Natalia Baratiants (Corporate), Andrei Danilov (Corporate and M&A), Suren Gortsunyan (Corporate), Varun Gupta (Capital Markets), Vladimir Kouznetsov (Corporate), Oleg Lesnichi (Telecommunications), Ilya Rybalkin (Tax) and Richard Wilkie (M&A and Oil & Gas).