SAN DIEGO, Oct. 21, 2008 (GLOBE NEWSWIRE) -- Sagient Research Systems, a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment bank and Downsview Capital, Inc., ranked as the number one most active institutional investor in the PIPE market during the first three quarters of 2008.
Sagient Research also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel, Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel, and Feldman Weinstein, LLP ranked as the number one most active placement agent counsel in the PIPE market during the first three quarters of 2008.
PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.
Commenting on the League Tables, Robert F. Kyle, executive vice president of Sagient Research said, "Last year we identified a correlation between market volatility and PIPE issuances: as the VIX index rises, PIPE issuances decline. Therefore, it is no surprise that in the third quarter, while the VIX was hitting all-time highs as we saw a decline in the number of PIPE issuances. It is important, however, to note that while the credit and public equity markets remained effectively closed over the past three months, the PIPE market was open and active. While high profile "mega-PIPE" transactions dominated the headlines, there were 248 transactions totaling over $2.6 billion for core PIPE issuances, which we define as placements of under $100 million in gross proceeds. In total, 980 transactions have closed totaling $88.3 billion in gross proceeds during the nine months ended September 30, 2008, putting the market on pace for yet another record year. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a tremendous quarter, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market."
PlacementTracker's dynamically updating League Tables are available online at: http://www.sagientresearch.com/pt/leaguetables.cfm.
The 2008 PIPE Market Investment Banking League Table
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By Number of Transactions (through 9/30/08):
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Transaction Total Amount
Placement Agent Name Count Placed
-------------------- ---------- --------------
Rodman & Renshaw, LLC 38 $ 502,801,777
Roth Capital Partners, LLC 16 $ 249,311,448
Lazard 13 $1,198,239,875
Canaccord Adams, Inc. 12 $ 452,779,037
Midtown Partners & Co., LLC 12 $ 35,509,088
Deutsche Bank 9 $2,682,992,775
Merriman Curhan Ford & Co. 9 $ 213,416,774
Maxim Group, LLC 7 $ 33,546,179
Lehman Brothers, Inc. 6 $7,339,967,043
Emerging Growth Equities, Ltd. 6 $ 40,582,493
Palladium Capital Advisors, LLC 6 $ 16,636,400
Piper Jaffray & Co. 5 $ 124,400,518
Credit Suisse 4 $1,627,610,900
Jefferies & Company, Inc. 4 $ 548,715,160
Banc of America Securities LLC 4 $ 418,093,54
Brean Murray, Carret & Co. 4 $ 125,999,999
Leerink Swann & Co. 4 $ 110,032,214
Cowen and Company, LLC 4 $ 98,257,502
Oppenheimer & Co., Inc. 4 $ 81,920,216
Empire Asset Management Co. 4 $ 18,397,146
T.R. Winston & Company, Inc. 4 $ 12,677,831
Empire Financial Group, Inc. 4 $ 12,142,795
First Montauk Securities, Inc. 4 $ 11,329,000
Goldman, Sachs & Co. 3 $7,549,949,993
UBS 3 $2,850,875,719
Investment Banking rankings exclude all 144-A Offerings, Reg S
Placements, Equity Lines of Credit, and all PIPE transactions
conducted by Canadian issuers that trade in the U.S. on the OTC-BB or
Pink Sheets. On transactions where an investment banking firm has
acted solely as Financial Advisor, that transaction has been excluded
from that firm's ranking. Co-agented transactions award full
transaction credit to all agents participating (regardless of status
of lead agent or co-agent). Data is as reported as of 10/20/08
The 2008 PIPE Market Institutional Investor League Table
--------------------------------------------------------
By Number of Transactions (through 9/30/08):
--------------------------------------------
Transaction Total Amount
Investor Name Count Invested
------------- ----------- ------------
Downsview Capital, Inc. 25 $ 25,457,059
Enable Capital Management 24 $ 61,546,886
Iroquois Capital, L.P. 21 $ 31,124,723
Hudson Bay Capital Management, L.P. 20 $ 54,160,727
Highbridge International, LLC 18 $228,757,989
UBS Capital Americas, LLC 18 $ 64,022,904
Whitebox Advisors, LLC 16 $111,640,679
Ramius, LLC 14 $152,412,824
Atoll Asset Management, LLC 13 $ 12,736,112
Whalehaven Capital Management, Ltd. 13 $ 3,818,086
Yorkville Advisors, LLC 12 $ 50,286,017
Guerilla Partners, L.P. 12 $ 17,242,213
Midsummer Capital, LLC 12 $ 14,017,140
Chestnut Ridge Partners, L.P. 12 $ 3,008,367
Heller Capital Partners 11 $ 7,965,253
Gemini Strategies, LLC 11 $ 6,553,000
Heights Capital Management, Inc. 10 $115,054,544
Ardsley Partners, L.P. 10 $ 33,646,482
Quercus Trust (The) 9 $ 86,239,999
Vision Capital Advisors, LLC 9 $ 43,752,890
Vicis Capital, LLC 9 $ 34,750,000
Crestview Capital Partners, LLC 9 $ 8,578,755
Straus Capital Management, LLC 9 $ 6,170,396
LH Financial Services Corporation 9 $ 5,212,976
Cantara (Switzerland)S.A 9 $ 1,369,673
Investor rankings exclude all 144-A Offerings, Reg S Placements,
Equity Lines of Credit, and all PIPE transactions conducted by
Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets
Investors classified as Corporate Investors and Insurance Companies
have been excluded from this ranking. Data is as reported as of
10/20/08.
The 2008 PIPE Market Issuer Counsel League Table
------------------------------------------------
By Number of Transactions (through 9/30/08):
--------------------------------------------
Transaction Total Amount
Legal Counsel Count Advised
--------------- ----------- --------------
Sichenzia Ross Friedman Ference, LLP 24 $ 131,674,841
Richardson & Patel, LLP 15 $ 107,247,116
Greenberg Traurig, LLP 12 $ 102,564,994
Latham & Watkins, LLP 10 $ 195,167,878
Cooley Godward Kronish, LLP 10 $ 177,313,204
Heller Ehrman, LLP 9 $1,531,696,221
Haynes and Boone, LLP 9 $ 148,079,501
Hodgson Russ, LLP 9 $ 89,488,000
Morgan, Lewis & Bockius, LLP 9 $ 67,710,000
Weil, Gotshal & Manges, LLP 8 $ 224,466,782
Paul, Hastings, Janofsky & Walker, LLP 8 $ 183,916,128
DLA Piper 8 $ 115,619,503
Kirkpatrick & Lockhart Preston Gates
Ellis, LLP 8 $ 52,366,017
Wilmer Cutler Pickering Hale & Dorr, LLP 7 $ 369,327,629
Lowenstein Sandler, PC 7 $ 188,000,001
Thelen Reid Brown Raysman & Steiner, LLC 7 $ 93,653,596
Clark Wilson, LLP 7 $ 25,358,000
Jones Day 6 $7,937,360,000
Andrews & Kurth, LLP 6 $ 319,296,951
Loeb & Loeb, LLP 6 $ 161,455,656
Morrison & Foerster, LLP 6 $ 34,711,959
Ellenoff Grossman & Schole, LLP 6 $ 29,393,671
Gottbetter & Partners, LLP 6 $ 17,206,000
Sullivan & Cromwell 5 $7,949,366,758
Shearman & Sterling, LLP 5 $1,728,340,005
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements,
Equity Lines of Credit, and all PIPE transactions conducted by
Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets.
Data is as reported as of 10/20/08.
The 2008 PIPE Market Investor Counsel League Table
--------------------------------------------------
By Number of Transactions (through 9/30/08):
--------------------------------------------
Transaction Total Amount
Legal Counsel Count Advised
------------- ----------- --------------
Schulte Roth & Zabel, LLP 50 $3,449,671,678
Feldman Weinstein, LLP 27 $ 157,545,027
Greenberg Traurig, LLP 10 $ 236,659,456
Seward & Kissel 8 $8,363,815,317
Proskauer Rose, LLP 7 $ 362,975,000
Lowenstein Sandler, PC 7 $ 62,797,497
Winston & Strawn 6 $ 138,301,976
James G. Dodrill II, P.A 6 $ 11,680,000
Grushko & Mittman, PC 6 $ 11,140,100
Simpson Thacher Bartlett, LLP 5 $7,274,999,978
Latham & Watkins, LLP 5 $ 308,224,801
McDermott, Will & Emery 5 $ 41,534,925
Peter J. Weisman, PC 5 $ 16,000,000
Ropes & Gray 4 $ 309,100,863
Loeb & Loeb, LLP 4 $ 56,000,000
Anslow & Jaclin, LLP 4 $ 18,484,947
Quarles & Brady, LLP 4 $ 15,925,000
Cleary, Gottlieb, Steen & Hamilton 3 $7,332,649,993
Shearman & Sterling, LLP 3 $ 498,400,000
O'Melveny & Myers, LLP 3 $ 225,000,002
Goodwin Procter, LLP 3 $ 72,422,065
Wells, Moore, Simmons & Hubbard, PLLC 3 $ 67,532,000
Katten Muchin Rosenman, LLP 3 $ 65,600,005
Greenberg, Glusker, Fields, Claman,
Macktinger & Kinsella, LLP 3 $ 55,640,001
Cooley Godward Kronish, LLP 3 $ 46,022,863
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements,
Equity Lines of Credit, and all PIPE transactions conducted by
Canadian issuers that trade in the U.S. on the OTC-BB or Pink
Sheets. Data is as reported as of 10/20/08
The 2008 PIPE Market Placement Agent Counsel League Table
---------------------------------------------------------
By Number of Transactions (through 9/30/08):
--------------------------------------------
Transaction Total Amount
Legal Counsel Count Advised
------------- ----------- -------------
Feldman Weinstein, LLP 26 $ 264,908,311
Goodwin Procter, LLP 9 $ 694,039,513
Proskauer Rose, LLP 8 $ 583,025,159
Lowenstein Sandler, PC 8 $ 118,271,384
Winston & Strawn 8 $ 106,413,193
Morrison & Foerster, LLP 5 $ 364,321,343
Arnold & Porter 2 $ 561,418,000
Pillsbury, Winthrop, Shaw & Pittman, LLP 2 $ 50,179,993
O'Melveny & Myers, LLP 1 $ 60,000,000
Loeb & Loeb, LLP 1 $ 50,000,000
McDermott, Will & Emery 1 $ 40,000,000
Hahn & Hessen, LLP 1 $ 40,000,000
Sidley Austin, LLP 1 $ 34,500,015
Wilmer Cutler Pickering Hale & Dorr, LLP 1 $ 30,895,900
Davis Polk & Wardell 1 $ 25,882,500
Greenberg Traurig, LLP 1 $ 19,080,000
Porter & Hedges, LLP 1 $ 15,000,000
Morse & Morse, PLLC 1 $ 15,000,000
Borden, Ladner, Gervais, LLP 1 $ 14,775,488
Choate, Hall & Stewart, LLP 1 $ 11,862,402
Morse Zelnick Rose & Lander 1 $ 6,000,000
Keesal, Young & Logan 1 $ 5,650,000
Grushko & Mittman, PC 1 $ 4,850,000
Ellenoff Grossman & Schole, LLP 1 $ 3,650,000
Thelen Reid Brown Raysman & Steiner, LLC 1 $ 3,000,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements,
Equity Lines of Credit, and all PIPE transactions conducted by
Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets.
Data is as reported as of 10/20/08.
About Sagient Research Systems
Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research to the financial services and institutional investment communities. In both 2007 and 2008 Sagient Research was named to the Inc. 5000 list of fastest growing companies. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.