Mark Sherrill is a member of Sutherland's Energy and Environmental Practice Group, where he focuses his practice primarily on the physical and financial trading of energy commodities. His practice involves counseling energy companies and commodity traders on the interplay of issues related to bankruptcy, derivatives and the Dodd-Frank legislation. Mark has been involved in many of the country's largest bankruptcy cases, particularly those affecting the energy and commodity markets. He has worked with energy companies, broker-dealers and hedge funds on a variety derivatives transactions, including asset-based structured transactions, agreements for the purchase and sale of energy and commodities and other over-the-counter derivatives. He has also advised clients to manage their various risks associated with their derivatives positions, including as part of companies' efforts to adjust to the Dodd-Frank regime. Representative Experience Mark's recent representative experience includes: · Representing debtors, creditors and energy trading counterparties in energy bankruptcy cases including MF Global, Enron, SemCrude, National Energy & Gas Transmission, Mirant, Calpine and VeraSun. · Litigating issues related to termination values and safe-harbor rights on behalf of trading companies that were counterparties to such debtors as Lehman Brothers and Enron. · Counseling post-confirmation liquidation trusts for NEGT Energy Trading and Empire Funding Corp. · Advising a major oil and gas producer in developing its standard ISDA Master Agreements and master netting agreements. · Assisting a major hedge fund in evaluating its credit and liquidity risks associated with its trading book during the onset of the credit crunch. Professional and Community Involvement · Member, American Bankruptcy Institute · Member, International Swaps and Derivatives Association · Member, Futures Industry Association · Member, International Energy Credit Association Recent Publications and Speaking Engagements · Co-author, "MF Global Insolvency Reveals Risk in Dodd-Frank Model," Financier Worldwide (January 2012) · Co-author, "Contingency Planning in Counterparty Bankruptcies," The Deal (November 11, 2011) · Co-author, "Keeping An Eye On MF Global Fallout," Bankruptcy, Securities and Banking Law360 (November 22, 2011) · Author, "Time Constraints On Safe-Harbor Termination Rights," Dow Jones DBR Small Cap (August 17, 2011) · Co-author, "Planning for a Major Counterparty's Bankruptcy" Energy & Mining International (June 1, 2011) · Co-author, "Rough Waters In Bankruptcy Code's Safe Harbors," Bankruptcy Law360 (May 2, 2011) · Co-author, "Planning for a Major Trading Counterparty Bankruptcy" Managing Power Magazine (April 7, 2011) · Co-author, "Dodd-Frank's Eye on Energy Cos.' Use of Derivatives," Law360 (April 7, 2011) · Author, "Limitations of Market Participants' Protections Against Fraudulent Conveyance Actions," 28 American Bankruptcy Institute Journal 28 (May 2009) · Author, "Involuntary Bankruptcy and the ISDA Master Agreement: A Square Peg and a Round Hole," 27 American Bankruptcy Institute Journal 1 (April 2008) · Co-author, "The Impact of Major Energy Bankruptcies on Energy Trading," Energy and Environmental Trading: U.S. Law and Taxation (May 2008) · Author, "To Knock First or Barge Right In: Is a Chapter 11 Committee's Right to Intervene in Adversary Proceedings Absolute or Permissive?" 23 Emory Bankruptcy Developments Journal 451 (April 2007) · Author, "Put Off by Setoff: Do the BAPCPA Amendments to § 553 Do More Harm than Good?" 26 American Bankruptcy Institute Journal 56 (February 2007) · Speaker, Strafford Webinar: "Bankruptcy Safe Harbors: Latest Developments" (August 23, 2011) · Speaker, "Your Energy Counterparty Went Bankrupt - Now What?" ACC Legal Quick Hits (May 19, 2010) · Speaker, Webinar: "Counterparty Rights in the Lehman Bankruptcy" (October 23, 2008) · Speaker, American Conference Institute's Derivatives Boot Camp (March 7-8, 2007) News MF Global Insolvency Reveals Risk in Dodd-Frank Model
January 2012 Keeping An Eye On MF Global Fallout
November 22, 2011 Dynegy's Crafty Filings Threaten Bankruptcy Status Quo
November 9, 2011 Sutherland Elects Ten New Counsel
March 9, 2010 Legal Alerts Legal Alert: CFTC Holds First Open Meeting of 2012 and Finalizes Key Rulemakings Under the Dodd-Frank Act
January 13, 2012 Legal Alert: CFTC Extends Effective Date for Swap Regulation and Finalizes Certain Swap Data Recordkeeping and Reporting Requirements
December 22, 2011 Legal Alert: CFTC Attempts to Strike Balance Between Protection of Customer Funds and Flexibility for FCMs and DCOs Investing Customer Funds
December 13, 2011 Legal Alert: ISDA and SIFMA Attack Position Limits in First Challenge to CFTC Rulemaking Under the Dodd-Frank Act
December 7, 2011 Legal Alert: MF Global Update: MF Global Proceedings Test Multiple Insolvency Statutes
November 15, 2011 Legal Alert: CFTC Proposes to Extend July 14 Temporary Exemptive Relief Order
October 28, 2011 Legal Alert: CFTC To Subject Agricultural Swaps to the Same Regulatory Regime as Other Swaps, Creates a Whistleblower Program and Sets Rules and Registration Requirements for Swap Data Repositories
August 15, 2011 Legal Alert: CFTC Issues Final Order to Provide Temporary Relief from Provisions of the Dodd-Frank Act Slated to Become Effective on July 16, 2011 and Releases Agenda for Upcoming Meetings
July 15, 2011 Legal Alert: SEC Proposes Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants
June 30, 2011 Legal Alert: Prudential Regulators Extend Public Comment Deadline for Capital and Margin Proposed Rules
June 23, 2011 Legal Alert: CFTC Proposes Temporary Relief from Certain Provisions of the Dodd-Frank Act Slated to Become Effective on July 16, 2011
June 14, 2011 Legal Alert: CFTC Extends Most, But Not All, Proposed Rule Comment Periods; Lawmakers Propose Extension of Title VII's Deadline
May 6, 2011 Legal Alert: U.S. Treasury Secretary Proposes to Exempt FX Swaps and FX Forwards from Dodd-Frank's "Swap" Definition
April 29, 2011 Legal Alert: CFTC Proposes Key Rulemakings that Complete the "Mosaic" of Proposed Rules to Implement Title VII of the Dodd-Frank Act
April 28, 2011 Legal Alert: CFTC and SEC Seek Public Input on the Timetable for Effective Dates of Final Rules to Implement Title VII of the Dodd-Frank Act
April 15, 2011 Legal Alert: Proposed Margin Requirements for Uncleared Swaps Could Significantly Increase the Costs Associated with Over-the-Counter Swap Transactions and May Apply to Some End-Users
April 13, 2011 Legal Alert: Chairman Gensler Outlines Timeline for Finalizing and Implementing the Commodity Futures Trading Commission's Dodd-Frank Rulemakings
March 18, 2011 Legal Alert: Comments Sought on Proposed Interpretive Order on Disruptive Practices Due May 17
March 18, 2011 Legal Alert: U.S. District Court Affirms Lehman Ruling Raising Concern on Cross-Affiliate Netting
February 16, 2011 Legal Alert: New Lehman Plan Portends Coming Battle for Holders of Derivatives-Based Claims
February 14, 2011 Legal Alert: CFTC Proposes Rules to Continue to Allow Agricultural Swaps and Commodity Options and to Supplement Previously Proposed Swap Documentation Requirements
January 21, 2011 Legal Alert: CFTC Issues Two Additional Proposed Rules Under the Dodd-Frank Act at Its First Open Meeting of 2011
January 14, 2011 Legal Alert: Dodd-Frank Act Rulemakings-End-User Update
January 7, 2011 Legal Alert: CFTC Issues Sixth Series of Proposed Rules Under Dodd-Frank Including Rules to Further Define Swap Entities
December 2, 2010 Legal Alert: Secretary of the Treasury Seeks Input on Whether Foreign Exchange Swaps and Foreign Exchange Forwards Should Be Regulated as Swaps Under Dodd-Frank
October 29, 2010 Legal Alert: CFTC to Create a Position Reporting System for Certain Physical Commodity Swaps
October 21, 2010 Legal Alert: CFTC Solicits Comments on How the Trading of Agricultural Swaps Should Be Governed
October 20, 2010 Legal Alert: CFTC Issues Interim Final Rule With Respect to Reporting Requirements for Pre-Enactment Swaps
October 5, 2010 Legal Alert: Dodd-Frank Act Creates Significant Changes in Bankruptcy Law Affecting Derivatives and Other Trading Counterparties
September 22, 2010 Legal Alert: SEC and CFTC Request Comments on Significant Defined Terms in Title VII of Dodd-Frank
September 14, 2010 Legal Alert: ISDA Protocol Addresses New Withholding Rules for Dividend Equivalent Payments
September 1, 2010 Legal Alert: CFTC and SEC Accepting Comments on Dodd-Frank Rulemaking
August 19, 2010 Legal Alert: Financial Reform Legislation Amends Section 1256 of the Internal Revenue Code to Provide Greater Certainty with Respect to the Tax Treatment of Swaps, Caps, Floors, and Similar Agreement
July 21, 2010 Legal Alert: Final Version of Financial Regulatory Reform Bill Establishes New Landscape - Critical Details Left to Regulators
June 30, 2010 Legal Alert: Senate Passes Financial Regulatory Bill - Dramatic Changes to Derivatives Regulation a Certainty
May 24, 2010 Legal Alert: Pending Derivatives Legislation Would Create Legal Uncertainty for Existing Contracts-Particular Concerns for End-Users
May 14, 2010 Legal Alert: Compromise on Derivatives Bill Adds to Debate
April 29, 2010 Legal Alert: Derivatives Market Awaits Senate Agriculture Committee Bill After Dodd Bill Includes Few Changes
April 7, 2010 Legal Alert: SEC Staff Evaluating the Use of Derivatives by Funds
March 26, 2010 Legal Alert: New ISDA Papers on Collateral Practices
March 18, 2010 Legal Alert: CFTC Proposes Position Limits for Major Energy Commodities
January 14, 2010 Legal Alert: Derivatives Legislation Update: House Passes Bill; Senate Bill a Work in Progress
January 7, 2010 Legal Alert: Lehman Bankruptcy Court Rules on Right to Withhold Payment Under ISDA Master Agreement
September 29, 2009 Legal Alert: Obama Administration Proposes OTC Derivatives Bill
August 14, 2009 Legal Alert: CDS Small Bang Protocol Opens for Adherence
July 15, 2009 Legal Alert: Obama Administration Supports More Regulation and Restructuring of OTC Derivatives Markets
June 24, 2009 Legal Alert: Lehman Brothers Seeks to Void Contractual Rights Allowing Derivatives Counterparties to Withhold Payment
June 5, 2009 Legal Alert: Lehman Files Motion to Establish a Bar Date for Chapter 11 Proceeding Including New Proof of Claim Requirements
May 29, 2009 Legal Alert: Obama Administration Releases Plan for Regulating Derivatives
May 14, 2009 Legal Alert: Authorizing the Regulation of Swaps Act
May 6, 2009 Legal Alert: CDS Big Bang Protocol Opens for Adherence
March 16, 2009 Legal Alert: ISDA Close-Out Amount Protocol
February 27, 2009 Legal Alert: Court Reverses Prior Ruling That Commodity Supply Contract Is Not Swap Agreement Under Bankruptcy Code
February 13, 2009 Legal Alert: SEC Issues Temporary Exemption for CDS Central Counterparties
January 16, 2009 Legal Alert: Avoiding Documentation Disadvantages in OTC Derivatives Collateral Valuation Disputes
January 7, 2009 Legal Alert: Lehman Bankruptcy Developments That Affect Trading Counterparties
January 5, 2009 Legal Alert: New York State Insurance Department Tables Plan to Regulate Credit Default Swaps
November 21, 2008 Legal Alert: President's Working Group Announces Initiatives to Strengthen OTC Derivatives Oversight and Infrastructure
November 19, 2008 Legal Alert: Lehman Brothers Motion to Settle or Assign
November 18, 2008 Legal Alert: Counterparty Rights in the Lehman Brothers Bankruptcy
October 10, 2008 Legal Alert: House Financial Services Subcommittee Approves the Insurance Information Act of 2008 to Create an Office of Insurance Information
October 10, 2008 Legal Alert: Moving Forward with the Bailout - The Emergency Economic Stabilization Act of 2008 Becomes Law
October 3, 2008 Legal Alert: The Evolving "Bailout" Proposal - Emergency Economic Stabilization Act of 2008
September 29, 2008 Legal Alert: Lehman Brothers Bankruptcy-ISDA Issues
September 15, 2008 Legal Alert: NOx Emissions Allowance Contract Complaint Highlights Commercial Fallout from D.C. Circuit CAIR Decision
August 18, 2008 Legal Alert: Supreme Court Rejects Pre-Confirmation Tax Exemptions
June 18, 2008 Legal Alert: Sutherland Forms Regulatory Reform Task Force
June 12, 2008 Legal Alert: Court Determines Commodity Supply Contract Is Not Swap Agreement Under Bankruptcy Code
August 14, 2007 Legal Alert: Court Upholds Termination Payment Provision
June 14, 2007 Legal Alert: District Court Without Jurisdiction Over Calpine Efforts to Reject Power Contracts
March 23, 2006 Legal Perspective: Enron Bankruptcy Court Rejects Safe Harbor Defense
September 14, 2005 Legal Perspective: New Law Affects Energy Trading Contracts' Treatment in Bankruptcy
June 16, 2005 Publications Keeping An Eye On MF Global Fallout
November 22, 2011 Reprinted with permission Bankruptcy, Securities and Banking Law360 Contingency Planning in Counterparty Bankruptcies
November 11, 2011 The Deal 4 Risks Facing Energy Companies Today
September 2011 Reprinted with permission Risk Management Coming Changes For Derivatives Users
July 6, 2011 Reprinted with permission Energy Law360 Derivatives Documentation For Energy End Users
June 6, 2011 Reprinted with permission Energy Law360 Planning for a Major Counterparty's Bankruptcy
June 1, 2011 Reprinted with permission Energy & Mining International Rough Waters In Bankruptcy Code's Safe Harbors
May 2, 2011 Reprinted with permission Bankruptcy Law360 Dodd-Frank's Eye on Energy Cos.' Use of Derivatives
April 7, 2011 Reprinted with permission Law360 Planning for a Major Trading Counterparty Bankruptcy
April 7, 2011 Reprinted with permission Managing Power Magazine Events Webinar: Bankruptcy Safe Harbors Latest Developments
August 23, 2011 ACC Legal Quick Hits
May 19, 2010 Webinar: Counterparty Rights in the Lehman Bankruptcy
October 23, 2008 American Conference Institute's Derivatives Boot Camp
March 7-8, 2007 |