Thacher Proffitt Completed Trump Ocean Club Bond Offering

The deal, which closed yesterday, was the second successfully executedconstruction bond financing in Latin America after the watershed offering forCap Cana, S.A. last year which won several awards including "Best Asset-backedBond" for 2006 from Latin Finance. Thacher Proffitt acted as underwriter'scounsel for Bear Stearns on that deal as well.

Marc Rossell, the partner who led Thacher Proffitt's team on bothtransactions, commented: "This deal was not only another successful offeringof this type of security, but the trade was executed in a very turbulent debtmarket and was among the very few emerging markets deals that actually pricedand closed in this period. Besides the normal complexities of theseconstruction bond financings, the fact that the offering was registered inPanama and the trade was required to be crossed over the Panama stock exchangemade execution of the deal unusually challenging."

Thacher Proffitt also acted as counsel to HSBC Bank USA, N.A., asindenture trustee, and HSBC Investment Corporation (Panama), S.A. as co-trustee.

    -- Thacher Proffitt Attorneys:  Marc Rossell, Christopher Lewis, Nilo       Barredo, Rosemary Spaziani    -- Thacher Proffitt Attorneys (HSBC Team):  Charles Dietzgen, David       Natter, Ilana Chalfin    -- US counsel to Newland:  Gibson, Dunn & Crutcher - Kevin Kelley,       Bernardo Coindreau, Carlos Cruz-Abrams    -- Panamanian Counsel to Newland:  Sucre Arias & Reyes - Ernesto Eduardo       Arias, Nadiuska Lopez Abood    -- Panamanian Counsel to Bear Stearns:  Arias Fabrega & Fabrega - Ricardo       Arango, Rodrigo Cardoze

About Thacher Proffitt & Wood LLP

A 159-year-old law firm that focuses on the capital markets and financialservices industries, Thacher Proffitt advises domestic and global clients in awide range of areas, including corporate and financial institutions law,securities, structured finance, international trade matters, investment funds,swaps and derivatives, cross-border transactions, real estate, commerciallending, insurance, admiralty and ship finance, litigation and disputeresolution, technology and intellectual property, executive compensation andemployee benefits, taxation, trusts and estates, bankruptcy, reorganizationsand restructurings. The Firm has over 300 lawyers with five offices locatedin New York, NY, Washington, DC, White Plains, NY, Summit, NJ and Mexico City,Mexico. The Firm was named "Best Legal Advisor for North America" by GlobalFinance magazine, and was ranked #1 for "Top 10 Growth Leaders" by TheNational Law Journal. It was named top issuers' counsel and #1 forsecuritizations (Thomson Financial, year-end 2006 rankings), and #1 in asset-backed securities for both issuer's and underwriter's counsel by The New YorkLaw Journal.

Thacher Proffitt is on the Web at .