Paul Turner, Co-Partner in Charge of Sutherland's Houston office, is a Partner in Sutherland's Energy and Environmental Practice Group, where he focuses his practice on the fast-changing and evolving energy and commodity markets-principally the physical and financial trading of energy commodities. He has been involved in the regulatory and commercial restructuring of the energy industry and the ongoing changes to the physical, futures and derivatives markets. Paul serves as chair of Sutherland's Energy and Derivatives Creditors' Rights Team. He is a core member of the Chambers -listed Derivatives Team and is listed by The Best Lawyers in America for derivatives law (2007-2012). He was recognized as Best Lawyers' 2012 Derivatives and Futures Law: Lawyer of the Year for Houston. He also serves on Sutherland's Regulatory Reform Task Force, where he tracks the implications and implementation of the Dodd-Frank Act. Over the past several years, Paul has played a key role in significant litigation and commercial matters related to commodity contracts, forward contracts and derivatives for major energy companies and REPs. He has represented numerous clients in some of the largest energy company bankruptcies, including the bankruptcies of Lehman, The SemGroup, Enron, Mirant and NEGT Energy Trading (formally PG&E Energy Trading). He has also advised energy companies in numerous transactional issues and has worked on the sale of energy-related companies, assets and portfolios - including for trading companies and REPs. Paul also advises clients on inquiries and investigations by the Commodity Futures Trading Commission (CFTC). Representative Experience Paul's extensive representative experience includes: · Serving as counsel to energy companies in counterparty bankruptcies. · Serving as lead lawyer in bankruptcies involving liquidation and valuation of derivatives and forward transactions. · Serving as lead counsel advising a client on CFTC inquiries relating to futures/swaps trading activities. · Advising energy clients on contract documentation (including ISDA Master Agreements, EEI Power Purchase and Sale Agreements, Master Netting Agreements, and NAESB Master Agreements) for transactions involving physical power, crude oil and natural gas, as well as energy-related swaps and derivatives. · Assisting an energy company in structuring transactions with uncreditworthy counterparties. · Serving as lead counsel in sales of Texas retail electric providers. · Assisting REPs in retail and wholesale energy transactions. · Representing energy marketing and trading companies in mediations and arbitrations involving disputes with counterparties. · Analyzing energy trading portfolios and positions in commercial disputes. · Negotiating settlements involving hundreds of millions of dollars related to contracts for physical power, natural gas, coal, swaps and derivatives. Professional Honors and Awards · Named to The Best Lawyers in America in the area of derivatives law and futures law (2007-2012) · Named Best Lawyers' Derivatives and Futures Law: Lawyer of the Year in Houston (2012) · Named among the "Top Lawyers in Houston" by H Magazine (2010, 2011) · Selected for inclusion in the Houston Edition of Texas' Best Lawyers (2008) Professional and Community Involvement · Vice Chairman, Committee on Gas and Electric Marketing, American Bar Association · Former Vice Chair, Committee on Power Generation and Marketing, Energy Bar Association · Member, Board of Trustees, Houston Grand Opera · Member, Board of Directors, Lupus Foundation of America, Inc., Texas Gulf Coast Chapter Recent Publications and Speaking Engagements · Co-Author, "Contingency Planning in Counterparty Bankruptcies," The Deal (November 11, 2011) · Co-author, "4 Risks Facing Energy Companies today," Risk Management (September 2011) · Co-author, "Coming Changes for Derivatives Users," Energy Law360 (July 6, 2011) · Co-author, "Derivatives Documentation for Energy End Users," Energy Law360 (June 6, 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, "Energy markets bracing for increased costs, supervision," Houston Business Journal (March 4, 2011) · Co-author, "Backup Plan," Energy Risk Management (February 1, 2011) · Co-author, "'Dodd-Frank' is next storm to weather for energy companies,"Houston Business Journal (October 4-8, 2010) · Co-author, "Major Energy Users," Ch. 57, Energy Law & Transactions (Muchow & Mogel eds.) · Co-author, "Physical Supply Contracts Under Bankruptcy Code," Law360, Bankruptcy Section (February 25, 2009) · Author, "Court Determines Commodity Supply Contract is not Swap Agreement Under Bankruptcy Code," Pratt's Journal of Bankruptcy Law (October/November 2007) · Author, "Energy Restructuring and Creditors' Rights," Law360, Bankruptcy Section (January 29, 2007) · Co-author, "Energy Trading Bankruptcies and Their Lingering Effects," American Bar Association Energy Committee Newsletter (May 2007) · Speaker, "The Effects of the Dodd-Frank Financial Reform," North American Power Credit Organization September 2010 Meeting (September 16-17, 2010) · Speaker, "Margin of Safety?" The Implications of the Dodd-Frank Credit Requirements for Derivatives on Energy Businesses and Trading (August 18, 2010) · Speaker, Central Clearing of Interest Rate Swaps (June 15, 2010) · Speaker, Central Clearing - Questions and Answers from the Buy-Side Perspective (April 15, 2010) · Speaker, "Bankruptcy Lessons Learned: from Lehman to Lyondell," North American Power Credit Organization September 2009 Meeting (September 17-18, 2009) · Speaker, Webinar: "Counterparty Rights in the Lehman Bankruptcy" (October 23, 2008) · Speaker, Gas and Power Institute (September 4-5, 2008) · Speaker, Carbon Trade, Finance and Trends Conference (June 13, 2008) · Speaker, Energy in the Southeast Conference (June 12-13, 2008) · Speaker, Oil, Gas and Energy Law Conference (May 1-2, 8-9 and June 26-27, 2008) · Speaker, ACI's Derivatives Boot Camp (November 5-6, 2007) · Speaker, "Litigation and Regulatory Developments Affecting Power Markets," North American Power Credit Organization September 2007 Meeting (September 20-21, 2007) · Speaker, "Energy and Commodity Derivatives Transactions," American Conference Institute's Derivatives Boot Camp (March 7-8, 2007) · Speaker, North American Power Credit Organization May 2006 Meeting (May 18-19, 2006) Industries Natural Gas News MF Global Insolvency Reveals Risk in Dodd-Frank Model
January 2012 Dynegy Distances Itself from Bankrupt Holding Company
November 11, 2011 One Stud of a Lawyer
October 26, 2011 Four Sutherland Partners Recognized by Peers as "2012 Lawyers of the Year"
October 21, 2011 Q&A With Sutherland's Paul Turner
August 5, 2009 Reprinted with permission Bankruptcy Law 360,
http://www.law360.com 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 Financial Reform Bill Containing Approved Amendments Released; Members of Conference Committee Named
May 27, 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: DOE Creates Financial Institution Partnership Program in Connection with Solicitation for Renewable Energy Loan Guarantee Applications
October 12, 2009 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: 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: New York Federal Reserve Bank Releases Guidelines for Foreign Exchange Trading Activities
May 23, 2008 Legal Alert: OTC Counterparty Credit Risk in the Post-Bear Stearns World
March 17, 2008 Legal Alert: CFTC Amends Commission Recordkeeping Rule with Goal of Improving Market Oversight
October 30, 2007 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: Second Circuit Sends MTBE Actions Back to State Court
June 5, 2007 Energy Restructuring and Creditors Rights Legal Perspective Bulletin
November 9, 2006 Legal Alert: Purely Financial Traders Not Liable for RSG Charges in Midwest ISO Market
November 1, 2006 Legal Alert: Court Confirms FERC Has Retroactive Authority for Tariff Violations
August 11, 2006 Legal Alert: Energy Traders Would Retain Many Safe-Harbor Rights In Municipality Bankruptcy Cases
May 10, 2006 Legal Alert: District Court Without Jurisdiction Over Calpine Efforts to Reject Power Contracts
March 23, 2006 Legal Alert: Court Finds Termination Payment Too Speculative
October 27, 2005 Legal Alert: FERC Adopts Enforcement Policy Statement and Proposes Anti-Manipulation Rules and Audit Protections
October 25, 2005 Legal Perspective: Enron Bankruptcy Court Rejects Safe Harbor Defense
September 14, 2005 Legal Alert: Discussion on the Effects of Domenici-Barton Energy Policy Act of 2005: Title XII - Electricity
August 9, 2005 Legal Perspective: New Law Affects Energy Trading Contracts' Treatment in Bankruptcy
June 16, 2005 Legal Perspective: Prospects Good for Bankruptcy Reform Bill that Expands Safe Harbor Protections for Forward Contracts, Swap Agreements and Master Netting Agreements
March 23, 2005 Legal Perspective: Senate Passes Bill Allowing Trading Counterparties to Terminate Contracts if a Municipality Files for Bankruptcy
March 14, 2005 Legal Perspective: Bankruptcy Courts Suggest Timing Matters in Terminating Safe Harbor Contracts
March 3, 2005 Legal Perspective: Bankruptcy Court Further Limits Protections to Energy Traders
February 25, 2005 Legal Perspective: Court Rules Mirant May Reject Power Contracts Regulated by FERC
September 7, 2004 Legal Perspective: Mirant Ruling Calls into Question End Users' and Cooperatives' Ability to Terminate Forward Contracts
July 28, 2004 Publications 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 Planning for a Major Trading Counterparty Bankruptcy
April 7, 2011 Reprinted with permission Managing Power Magazine Dodd-Frank's Eye on Energy Cos.' Use of Derivatives
April 7, 2011 Reprinted with permission Law360 'Dodd-Frank' is next storm to weather for energy companies
October 4-8, 2010 Reprinted with permission Houston Business Journal Co-Authored,"Major Energy Users," Ch. 57, Energy Law & Transactions (Muchow & Mogel eds.) Co-Authored, "A Jurisdictional Clash Over Electricity Transmission: Northern States Power v. FERC," 20 Energy L.J. 205 (1999) Co-Authored, "Takings and Beyond: Implications for Regulation," 19 Energy L.J. 25 (1998) "Natural Gas Bypass and the Antitrust Laws in a Brave New (Post Order No. 636) World," 82 Va. L. Rev. 1021 (1996). Events "Margin of Safety?" The Implications of the Dodd-Frank Credit Requirements for Derivatives on Energy Businesses and Trading
August 18, 2010 Central Clearing of Interest Rate Swaps
June 15, 2010 Central Clearing - Questions and Answers from the Buy-Side Perspective
April 15, 2010 Webinar: Counterparty Rights in the Lehman Bankruptcy
October 23, 2008 Gas and Power Institute
September 4-5, 2008 Carbon Trade, Finance and Trends Conference
June 13, 2008 Energy in the Southeast Conference
June 12-13, 2008 Oil, Gas and Energy Law Conference
May 1-2, 8-9 and June 26-27, 2008 ACI's Derivatives Boot Camp
November 5-6, 2007 American Conference Institute's Derivatives Boot Camp
March 7-8, 2007 North American Power Credit Organization May 2006 Meeting
May 18 - May 19, 2006 Client Groups Electric Power Producers Energy Trading, Marketing & Financial Companies |