Author: pmalaw

PMA Represents Triple-S Management Corporation in $83 Million Stock Acquisition of American Health

PMA advised Triple-S Management Corporation (Triple-S) and its managed care subsidiary Triple-S Salud, Inc. in their $83 million all-cash acquisition of all the outstanding capital stock of Socios Mayores en Salud Holdings, Inc. (“SMSH”), the parent company of American Health, Inc., a provider of Medicare Advantage services to over 40,000 dual and non-dual eligible members in Puerto Rico. Partners Javier D. Ferrer and Manuel Rodríguez Boissen handled this matter. The transaction, which positioned Triple-S for continued growth in the Medicare Advantage segment, was structured as a reverse triangular merger and closed on February 2011. Triple-S is the leading managed care company in Puerto Rico and an independent licensee of the Blue Cross and Blue Shield Association, holding the exclusive rights to the Blue Cross and Blue Shield name and trademark in Puerto Rico. With approximately 1,000,000 customers, it reaches 30% of Puerto Rico’s population.

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PMA Acts as Underwriters and Special Tax Counsel in $112.6 Million Bond Issue

PMA acted as underwriters and Puerto Rico special tax counsel in connection with the $112.6 million Hospital Revenue and Refunding Bonds, Series 2011A and B issued on July 7, 2011 by the Puerto Rico, Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority. The Authority loaned the proceeds of the bonds to the Hospital Auxilio Mutuo Obligated Group, which operates one of the largest private tertiary care hospitals in Puerto Rico. The underwriting group was lead by J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC and included FirstBank Puerto Rico Securities Corp. and Popular Securities, Inc. Partners Javier D. Ferrer and Manuel Rodríguez Boissen handled this matter.

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PMA represents Banco Santander Puerto Rico in $242 Million Secured Credit Facility for SIFC

PMA partners Javier D. Ferrer and Antonio R. Molina represented Banco Santander Puerto Rico as lead lender and administrative agent in connection with the $242 million senior secured credit facility for the State Insurance Fund Corporation, a public corporation and government instrumentality of the Commonwealth of Puerto Rico, the first such loan from the private sector ever made to the public corporation in May 2011. The State Insurance Fund is the sole entity authorized by law to provide workmen’s compensation insurance in Puerto Rico.

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Getting the Deal Through – Product Liability 2010

For the second consecutive year, PMA collaborated on Getting the Deal Through – Product Liability, an annual report published by Law Business Research Ltd. whose contributing editors are Harvey L. Kaplan and Gregory L. Fowler. Getting the Deal Through- Product Liability provides international analysis in the area of product liability law for legal practitioners and business people. The 2010 Getting the Deal Through- Product Liability includes information on thirty-two (32) jurisdictions, with contributors from each jurisdiction preparing their jurisdiction’s chapter. Néstor M. Méndez Gómez, Heidi L. Rodríguez, María D. Trelles, and Jason R. Aguiló co-authored the updated chapter on Puerto Rico, which includes information regarding the Puerto Rico and U.S. Federal court systems and civil procedure in each forum, as well as products liability law in Puerto Rico. For more information on this publication, please visit www.GettingtheDealThrough.com.

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Jorge E. Pérez-Díaz Named Interim Head of Latin American Oversight

Baseball Commissioner Allan H. (Bud) Selig announced on November 11, 2010, that Major League Baseball has established a new structure that will oversee the continued implementation of reform to the game’s operations in the Dominican Republic and throughout Latin America. PMA litigation partner, Jorge E. Pérez-Diaz has been named the interim head of Latin American Oversight for Major League Baseball, succeeding Sandy Alderson, who was recently appointed General Manager of the New York Mets. Jorge, who has been working with Major League Baseball on Latin American issues since January, will be responsible for continuing the implementation of recommended changes aimed at improving operations in Latin America. Jorge will consult with a three-person Latin American Oversight Committee, which will be comprised of Alderson; Larry Beinfest, President of Baseball Operations for the Florida Marlins; and Bill Smith, Senior Vice President and General Manager of the Minnesota Twins. PMA managing partner, Jaime E. Santos said “we, at PMA, celebrate Jorge’s designation as the interim head of Latin American Oversight for MLB and are very excited with the opportunity of collaborating with MLB in this important endeavor.”

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Founding Partner Ignacio Alvarez Named Chief Legal Officer of Popular, Inc.

Ignacio Alvarez, one of the six founding partners of the Firm, will join Popular, Inc. as its Chief Legal Officer and Executive Vice President. This appointment is expected to become effective on or about June 21, 2010. Recognized by Chambers Global as “one of the best lawyers in Puerto Rico,” Ignacio is a brilliant lawyer and practical problem solver who has been an integral part of the Firm’s success for the past 18 years. Ignacio has had a diverse corporate practice, with an emphasis on corporate finance, banking, and general corporate representations. Jaime E. Santos, the Firm’s Managing Partner, said “We are very excited for Nacho as he takes on this important position at Popular. We will miss his many talents and key contributions. We are certain that Popular has acquired a great asset in Nacho.”

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Néstor Méndez Receives Recognition from the Foundation of the Federal Bar Association

During the Federal Bar Association’s National Mid-year Meeting held in Washington, DC on March 26-27, 2010, the Fellows of the Foundation of the Federal Bar Association held their annual Fellows Dinner. At the dinner, Foundation president Carl P. Gilmore gave Néstor Méndez a special recognition for his contribution and service to the Foundation’s Fellows Program and its Board of Directors.

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Partner Néstor Méndez Participates in Economic Development and the Judicial Branch Forum

Partner, Life Fellow and member of the board of directors of the Foundation of the Federal Bar Association (FFBA) Nestor M. Méndez recently participated in the forum: Economic Development and the Judicial Branch. The event was held on March 18, 2010 and was organized by the FFBA and the Historical Society of the Supreme Court of Puerto Rico (HSSCPR). The panel was composed of the Honorable José A. Cabranes, Judge of the U.S. Court of Appeals for the Second Circuit, Dr. Diego Iribarren, David Lewis, Vice-President Global Taxes for Eli Lilly, and Mr. Méndez. The panel was moderated by Miguel A. Soto-Class, President of the Puerto Rico Center for the New Economy. The FFBA and HSSCPR have also organized a conference on Judicial Independence by Justice Stephen G. Breyer and various activities with Justice Sonia Sotomayor in her first trip outside the Continental United States after being sworn in as an Associate Justice of the United States Supreme Court.

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