Enfoque Latino - Spring 2006 - US

enfoque latino is the semi-annual newsletter prepared by the bilingual
Para leer la versión en Español, por favor vea el reverso de este boletín.
enfoque
Latino
attorneys of Sheppard Mullin’s Hispanic/Latino Business Practice.
SHEPPARD MULLIN
S H E P PA R D M U L L I N R I C H T E R & H A M P T O N L L P
Spring 2006 Edition
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N E W S L E T T E R
In this Issue . . .
International Arbitration = Good Business
By David Huebner
Mexico – How Recent Tax Proposals Would
Impact Your Business and the Professionals
Providing Advice By Mindy Piatoff
Security, The New Sign of Globalization
By Rogelio Cruz Vernet and Chevez Abogados
International Arbitration=
Good Business
By David Huebner
It is well-settled in most circles that
international arbitration promotes and
even facilitates business activity and
Immigration Reform Legislation Coming
economic growth. Nowhere is that
By Mary Pivec
point more powerful commercially (or
perhaps more controversial politically)
United States' Antidiscrimination Laws May Apply
Overseas: Extraterritorial Application of Title VII
than in dynamic "emerging" markets,
including those of Latin America.
By Douglas Farmer and Adena Hadar
Arbitration
Do Your Lawyers Speak Your Employees'
Language? By Douglas Farmer
Latin
America
is
booming. There are a number of well
regarded arbitration institutions, many
eminent
The Group’s Recent Activities
in
arbitrators,
and
recent
supportive changes in laws in the
region.
The
major
international
institutions, including the International
EDITOR: Douglas Farmer
Los Angeles | Century City | New York | San Francisco | Washington D.C. | Orange County | Santa Barbara | San Diego | Del Mar Heights
www.sheppardmullin.com
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Chamber of Commerce and the International Centre
also be easier to maintain ongoing business
for Dispute Resolution, are focusing substantial
relationships when currently opposing parties are
resources there.
spared the full force of adversarial court proceedings
and discovery processes.
GOOD BUSINESS
There are several reasons why international
Fourth, and perhaps most important, the inter-
arbitration makes for good business for those
national arbitration regime facilitates enforcement
investing, trading, or otherwise operating in or from
of awards, so that the resources and effort invested
Latin America.
in obtaining a result are not wasted. In most cases, a
court judgment obtained in one
First,
international
arbitration
country is of little use when the
removes the parties from the court
assets
systems of the interested nation
judgment are located in another
states (at least for most purposes).
country.
That fact alone creates incentives to
arbitration, however, the New York
conduct business, at least at the
Convention on the Recognition and
margin, because the risk of facing
Enforcement of Arbitral Awards —
hostile,
signed by more than 150 nations —
biased,
unexpectedly
remote,
expensive
or
court
available
provides
proceedings is significantly reduced.
In
the
that
commercial
to
an
satisfy
context
the
of
international
arbitration
award
obtained in the territory of one
Second, parties are free to select the law that
signer is enforceable by summary proceeding in the
governs their relationship, the rules to be followed
territory of any other signatory.
in the dispute process, and the location in which any
dispute will be heard and resolved. That flexibility
GOOD HOSTS
gives parties the ability to manage risk, reduce cost,
In addition, arbitration provides a mechanism for
avoid
multiple
dealing with the complexities and risks of doing
jurisdictions, and omit procedures (such as U.S.-style
business directly with host nations themselves. If
discovery) that they consider burdensome or
there is any situation in which one might most wish
undesirable.
to avoid local courts, it is when one is doing business
overlapping
proceedings
in
with the sovereign entity that established and
Third, arbitration proceedings are confidential and
"controls" those local courts.
often less "aggressive" than court proceedings. The
details of a dispute and the proprietary information
A relatively recent and accelerating phenomenon in
of the parties are thus more easily kept from the
that regard (and of particular importance in Latin
public record and the eyes of competitors. It may
America) is the bilateral investment treaty ("BIT"),
–2–
in which two states agree on matters related to
disputes involving
investment between them. In most cases BITS
foreigners.
include an agreement to submit to arbitration any
investment disputes that might arise between one
That
of the states and a citizen of the other. States
began to change
enter into BITS with the dual purpose of protecting
in the 1980s as
"outbound"
governments
investment
and
encouraging
posture
"inbound" investment, using the commitment to
sought to encourage new foreign investment and
arbitrate as one of the means to both ends.
trade in response to acute or chronic economic
Germany and Pakistan signed the first BIT in 1959.
weakness. Over the past decade several Latin
By the end of the 1980s, there were approximately
American nations, including Brazil, Chile, and
385 BITs in effect. There has been an explosion in
Mexico, have adopted new laws governing
BITs over the past ten years, and by the end of the
international arbitration. There is increasing
1990s, there were more than 1,850 BITS involving
political recognition that laws that encourage
173 nations. There are now approximately 2,400
and support arbitration are necessary to attract
BITS in effect.
foreign investment and spur economic growth.
There are related signs that judiciaries are
Contrary to the standard arbitration posture, BITs
increasingly viewing arbitration as a proper
do not require a contract or specific agreement by
manifestation of parties' freedom to contract
the parties (whether in advance or at the time
rather than as a threat to judicial jurisdiction or
dispute arises) to arbitrate. Rather, a signatory
authority.
nation agrees in a blanket fashion to submit to
arbitration if an investor from the other signatory so
Latin American nations started signing BITs in the
requests in the future.
late 1980s, and there are now well over 300 in
place. In terms of actual disputes, there are
LATIN AMERICA DEVELOPMENTS
currently more than 40 state-investor arbitrations
Many Latin American jurisdictions have held long-
pending against Argentina arising from troubled
standing
international
projects or challenged regulatory measures.
arbitration and forced investment and trade
Many more are likely to follow as foreign
disputes into their local courts regardless of the
investors avail themselves of the arbitration
wishes of the parties. Historical concerns about
provisions in BITs and the increased statutory
sovereignty, application of local law, uneven
receptiveness to arbitration.
positions
disfavoring
bargaining power, and proper treatment of local
parties made courts and legislatures reluctant to
There is the potential for backlash because of the
sanction, let alone facilitate, the removal from
volume of arbitrations against Argentina and
national authorities of control over resolution of
certain developments in the oil sector in
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Venezuela.
The tax reforms that became effective January 1,
FINAL NOTES
2006, and the fiscal reforms still open for discussion,
International arbitration provides many obvious
include the following.
benefits to commercial parties, and its popularity
and use are growing rapidly in Latin America. What
TAX REFORMS
comes next depends in large part upon (1) the ability
1. THE BEST-METHOD RULE AND AN INCREASE IN
of arbitration institutions to adapt to emerging
market
circumstances
and
sensitivities,
TRANSFER-PRICING AUDITS
(2)
commercial parties' ongoing trust in the impartiality
In January 2005, the Organization for Economic
and quality of arbitral processes and results, and (3)
Cooperation and Development (“OECD”) completed
the continued willingness of sovereigns to subject
its peer review of Mexico’s transfer pricing policies
themselves and their citizens to de-nationalized
and practices. The OECD generally had praise but
dispute resolution options.
criticized the country on two issues: an inadequate
number of transfer pricing audits and a lack of
For more information, please contact David Huebner
priority for transfer pricing methods. Mexico plans to
correct both of these issues.
Mexico – How Recent Tax
Proposals Would Impact Your
Business And The Professionals
Providing Advice
By Mindy Piatoff
The pending legislation would establish a hierarchy
of transfer pricing methods by requiring taxpayers to
first attempt using the comparable uncontrolled
price method. If inapplicable, the taxpayer would
have to prove that it produces unreliable results and
then select the method that provides the most
reliable measure of the arm’s length standard.
During 2005 Mexican President Vicente Fox sent
Mexico also hopes the best-method rule will increase
Congress a measure including proposed tax and
compliance with another transfer pricing provision
fiscal changes that would significantly affect
introduced in 2001. This requires taxpayers to file an
companies doing business in Mexico and the
annual form that discloses detailed information on
professionals that advise them. The Tax reforms were
each cross-border, related party transaction.
approved by Congress, signed by the President and
entered into force on January 1, 2006. The Fiscal
The pending legislation would also require taxpayers
reforms were more controversial. The necessary
to demonstrate the cost or sale price being tested in
consensus was not obtained and the laws were not
their transfer pricing analysis is an actual market
modified. Discussion was expected in the March
price. This would require finding taxpayers with
Congressional session but was once again delayed.
comparable products that is extremely difficult. In
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the absence of such comparable information,
and allow the tax authorities to re-characterize the
taxpayers would need to make adjustments to third-
tax effects of an artificial or improper transaction
party data making the result less, not more, reliable.
(or series of transactions). These transactions have
Mexico’s tax authority, Servicio de Administracion
the same economic effect of an actual or proper
Tributaria
transaction.However,
(“SAT”),
is
committed
to
increase
artificial
or
improper
significantly the number of transfer pricing audits it
transactions also produce a tax benefit such as
conducts. More personnel will be available for
reduction of the taxable base, the creation of a
transfer pricing audits because the SAT will complete
loss or another tax benefit that would not other-
all
remaining
maquiladora
agreements
requests
advance
in
for
wise result.
pricing
2005,
thereby
A committee of experts drawn
allowing APA personnel to shift to
from SAT would make the
transfer pricing audits.
determinations. This is the same
office that audits taxpayers. The
Both the increase in transfer
committee could make these
pricing audits and the enactment
determinations during audits or
of transfer pricing legislation will
at the request of taxpayers
require
seeking a ruling.
taxpayers
to
perform
additional transfer pricing analyses and prepare
more complete documentation.
Accountants and tax lawyers are concerned that the
tax authorities would have extraordinary discretion
2. REAL ESTATE INVESTMENT TRUSTS
and would create significant uncertainty for
taxpayers. Causing additional concern is another
The pending legislation would allow the contributor
aspect of the law that would hold attorneys,
to defer gain on the contribution of real estate into
accountants and other professionals who issue
a qualified trust until the participation in the trust
advice or opinions that result in artificial or improper
is sold or the trust sells the contributed assets,
transactions jointly and severally liable for any
whichever occurs first. If the participation is publicly
taxes assessed.
traded and certain conditions are met, sale of
the participation in the trust would be exempt for
2. INDEPENDENCE REQUIREMENTS
the seller.
The
proposed
legislation
introduces
strict
FISCAL REFORMS
independence requirements for CPAs. Mexican
1. SUBSTANCE-OVER-FORM
companies (whether public or not) that meet certain
thresholds for income, assets or employees are
The proposal would introduce the substance-over-
required to have a CPA file a tax report with their
form principal into Mexican tax law for the first time
audited financial statements.
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The requirements included in the proposal exceed
in New York, I was able to observe the frustration of
those required under the U.S. Sarbanes-Oxley Act. It
hundreds of representatives of multinational
would create a complete separation between
companies with the avalanche of security measures
auditors and tax advisers by disallowing auditors and
adopted by their government through the CBP
their firms from providing any tax advice to tax
(Customs and Border Protection); these measures
compliance clients.
represent an increase in the operating cost of their
everyday transactions and hold back the flow and
Each of these provisions could have a significant
delivery of supplies to the United States.
impact on any business operating in Mexico and
especially for any business engaged in cross-border
In Mexico we have not succeeded in completely
transactions with related parties. We will watch the
doing away with the obstacles of the taxing
progress of the legislation and provide updates and
authorities as a hindrance to trade, and we have
additional guidance as it becomes available.
barely started the transition toward forms of
government-business relationships based on the
For more information about the proposed legislation
trust of the government in serious and established
or
operators
about
Mexico's
current
transfer
pricing
by
means
of
“reliable
importer”
requirements, please contact Mindy Piatoff at
qualification policies under the certified company
202.772.5339 or mpiatoff@sheppardmullin.com.
scheme. In developed countries, they are already
discussing the adoption of other more drastic
Security, The New Sign of
Globalization
measures of monitoring international trade, not for
By Rogelio Cruz Vernet, Esq.
security and the fight against terrorism, which,
Partner in the Law Firm of Chevez Abogados, S.C.
unfortunately, can ruin our attempts at truly
Head of the Foreign Trade and Customs Area
opening up the country to trade and development.
Efficient but safe international trade—that is the
In Mexico we still believe that a “low risk importer”
new dilemma for businessmen and authorities after
is one that does not represent a threat of tax evasion
the tragic events of September 2001 in New York City
and that enjoys the authorities’ confidence that it
and Washington, D.C. and March 2004 in Spain. Thus,
will implement in its business controls the internal
efforts to achieve an efficient global economy are
review mechanisms so that every time it reports the
faced with a new world challenge: SECURITY in the
commission of violations, it will know how to
supply chain.
correct itself and enjoy certain benefits in its
tax or administrative purposes, which they have
already achieved, but for purposes of national
operation in exchange for that self-regulation.
At the 84th Annual Conference of the American
In the United States, and soon in all of the countries
Association of Importers and Exporters held last May
participating in the World Customs Organization
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lenging concepts such as
(WCO), a “low-risk importer”
“national sovereignty.” Will
means an importer that has
implemented
strict
we be so bold as to allow the
security
establishment of the CBP in our
measures throughout its supply
deep sea ports? Or, will the
chain and thereby participates in the
Asians be the ones who once
prevention of terrorist acts.
again
What
implications
accompany
win
in
terms
of
competitiveness under the adoption
the
of security measures?
adoption of these measures for our
country? Very simple: shortly, suppliers of
companies located in the United States that
Under the conditions I have previously mentioned, a
export to that country will have to adopt security
true opportunity for Mexico presents itself if we can
procedures based on C-TPAT in order to continue
implement it: the United States, the world’s great
being suppliers of those companies. Otherwise, the
“supermarket,” is complicating matters by hindering
recommendation of the CBP to its importers is simply
and obstructing the flow of commerce. Isn’t this the
to get rid of those suppliers under the penalty of not
time to work on creative and attractive mechanisms
enjoying the “benefits” of expeditious custom
to facilitate customs and trade in Mexico and offer
clearance for goods entering their country.
the international community a new place to sell and
buy a significant percentage of that merchandise
Investment in the security of the supply chain
that will not enter the U.S. on time?
will increasingly be a basic condition for staying in
the market, since, even though C-TPAT is “a
To the extent we work with greater enthusiasm on
voluntary program,” it is clear that any company that
the modernization of our customs system, stop
fails to adopt it will seriously compromise its
inventing administrative burdens and additional
competitiveness and business opportunities.
economic charges for the operators of international
trade and make Mexico an attractive place for world
Especially noteworthy is the implementation of the
trade, we will be able to take advantage of this
CSI program. This program involves the inspection of
upcoming situation; otherwise, we will be forsaking
containers from the ports of origin by means of the
the integrated development of Mexico and assuming
establishment of inspection stations operated by U.S.
to a greater degree the social differences and
Customs in other countries. Currently, there are 26
problems that these changes will be accompanied by.
participating ports in Asia and Europe and one in
South Africa. The question our government leaders
Now is the time to work and prepare ourselves.
and legislators are going to have to ask is how we
Foreign trade has changed forever since 2001, but
are going to adopt these measures in Mexico so that
the wave is barely starting to crest.
our ports do not lose competitiveness, without chal-
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Immigration Reform Legislation
Coming
Employers
By Mary Pivec
violations
prosecuted for
sanctions
would face a
m i n i m u m
Without doubt, major change is coming in United
penalty of $5,000 for each unauthorized worker;
States immigration laws. This past December, the
however, if previously fined for employing the
U.S. House of Representatives passed The Border
undocumented, the minimum fine per worker would
Protection, Antiterrorism and Illegal Immigration
be $25,000. Paperwork penalties would also increase
Control Act of 2005. As its name portends, the House
from a floor of $1,000 per violation to $25,000,
measure is tough on migrants who enter illegally,
depending upon the size of the employer. Under
families and community organizations who shelter
current law, employers may be prosecuted criminally
and assist them, and employers who knowingly
for engaging in a "pattern and practice" of hiring or
employ them – all of whom could face criminal
continuing to employ unauthorized workers. Under
prosecution for such activities as aggravated felons.
the House bill, the maximum criminal fine for such
Further, friends, family members and employers of
violations would be raised from $3,000 to $50,000
the undocumented could face mandatory property
per
seizure housing, transporting, for knowingly
imprisonment would be expanded from 6 months to
employing them.
one year.
The House measure also seeks to strengthen and
Both organized labor and the U.S. Chamber of
expand
verification
Commerce oppose the House immigration reform
requirements by mandating creation of a secure,
bill because it contains no means for unauthorized
electronic data base housing social security numbers
workers to legalize their status, and no means for
and alien registration data. During the first three
employers to find workers to jobs currently filled by
years following passage, private employers could
the
access the data base voluntarily to verify new hires
construction, hospitality, food processing, restaurant
and previous hires. Government employers would be
and manufacturing industries will suffer labor
required to do so by 2008, as would private
shortages. The Senate must still be heard from
employers by 2011. Current law contains no
before the House proposals become law.
requirement for verification of employees hired
Senator Arlen Spector, Chairman of the Senate
prior to November 6, 1986.
Judiciary Committee, has authored a draft bill that
the
current
workplace
worker,
and
the
undocumented.
minimum
period
Unquestionably,
of
the
addresses the concerns about worker shortages and
Civil
penalties
for
unlawful
hires
will
rise
provides a means by which undocumented workers
dramatically if the House bill becomes law.
can obtain temporary authorization for work – and
–8–
an opportunity for becoming lawful permanent
For more information contact Mary Pivec at
residents. The Spector proposal would create a new
202.772.5310 or mpivec@sheppardmullin.com
Deferred Mandatory Departure (DMD) status for
registered workers for a maximum period of 5 years,
resident. DMD status would be available to
United States' Antidiscrimination
Laws May Apply Overseas:
Extraterritorial Application of
Title VII
undocumented workers already present in the
By Douglas Farmer and Adena Hadar
following which participants would be required to
depart the U.S. as a condition of admission as
temporary H-5A nonimmigrant workers (sponsored
by a designated employer), or as a permanent
United States, as well as future entrants. The Spector
bill would also increase the total number of annual
Title VII of the Civil Rights Act of 1964 is the United
employment-based permanent visas from 140,000 to
States
290,000 and would increase the annual per-country
discrimination based on race, color, religion, sex
limits which adversely impact immigrants from
and national origin. But can Title VII and its
Mexico. These measures are aimed at reducing the
prohibition on employmet discrimination extend
waiting time for visa numbers among non-degreed
beyond the territorial United States? The answer
workers, which have been severely backlogged
appears to be "yes." Title VII can applied
under the current system.
extraterritorially in two basic ways. First, Title VII
law
that
prohibits
employment
protects citizens employed
It is expected that Senator
outside the United States
Spector will introduce his
by U.S. employers. Second,
bill for debate in the Senate
Title VII protects citizens
Judiciary Committee in late
and legal residents in the
February or early March
United States employed by
2006.
foreign employers.
legislators
Tancredo
traveling
Restrictionist
such
as
(R-CO)
the
Tom
are
Title VII protects citizens of
country,
the
United
States
campaigning for voters to
employed in most U.S.-
oppose inclusion of a guest
owned
worker program and insist
companies
or
controlled
located
in
that Senators pass an enforcement-only bill. For his
foreign countries. Courts generally look to four
part, President Bush continues to promote a guest
factors to determine whether a company is U.S.-
worker program. At this point, it is difficult to predict
controlled: (1) the interrelation of operations; (2)
how the debate will come out. Stay tuned.
common management; (3) centralized control of
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labor relations; and (4) common ownership or
would cause the company to violate the law of the
financial control. 42 U.S.C. § 2000e-1(c). The United
host country. 42 U.S.C § 2000e-1(b). To establish this
States Equal Employment Opportunity Commission
"foreign laws defense," a foreign employer must
("EEOC"),
with
prove three elements: (1) the alleged prohibited
enforcing Title VII, uses its own test to decide
conduct took place in a foreign workplace, (2)
whether a foreign employer is U.S.-owned or
compliance with Title VII would cause the employer
controlled. The EEOC looks first at the place of
to violate the law of the foreign country, (3) in which
the
federal
agency
charged
incorporation of the company to
the workplace is located. See Policy
determine control. If a company has
Guidance: Analysis of the sec 4(f)(1)
been incorporated outside the United
"Foreign laws defense." Courts have
States, the EEOC next analyzes whether
narrowly construed this defense. See
the
Sumitomo Shoji Am., Inc. v. Avagliano,
company
has
"significant
457 U.S. 176 (1982).1
connections" with the United States. A
foreign
company
has
"significant
connections" with the United States if it
There is also an exception to Title VII's
has its principal place of business in the
application to foreign employers within
United
dominant
the United States. American subsidiaries
shareholders or those with voting
of foreign companies may be permitted
control are United States citizens, or
to prefer their own citizens (potentially
States,
the
the company's officers and directors are located in
a national origin claim) under treaties with the
the United States. See EEOC Oct. 1993 Enforcement
United States. See, e.g, Fortino v. Quasar Co., 950 F.2d
Guidance, FEP Man. At 405:6665. If a foreign
389, 392 (7th Cir. 1991). In which case, a company
company meets either of these tests, then it will be
must establish not only that it is protected by the
considered "U.S.-controlled" and subject to Title
treaty, but also that the employment practices at
VII's prohibitions of unlawful discrimination even
issue are covered under the treaty and, thus, the
outside of the United States.
treaty impacts Title VII's application.
However, there is an exception to Title VII's
Employers are encouraged to closely evaluate all
application to U.S.-owned or controlled companies
situations where there are issues involving foreign
located in foreign countries. Title VII will not apply
employment of United States citizens both within
to such companies when compliance with Title VII
and outside the United States.
1The treaty at issue in Sumitomo was a bilateral friendship, commerce and navigation ("FCN") treaty between Japan and the
United States. The following Latin American countries also have FCN treaties with the United States: Argentina, Bolivia, Brazil,
Costa Rica, and Paraguay.
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For more information contact Douglas Farmer at
415.774.2906 or dfarmer@sheppardmullin.com and
Adena Hadar at 213.617.4128 or
ahadar@sheppardmullin.com.
Do Your Lawyers Speak Your
Employees' Language?
Matt Sonne at 714.424.2802
By Douglas Farmer
msonne@sheppardmullin.com (Orange County/
Inland Empire, CA)
Before Governor Schwarzenegger signed Assembly
Bill 1825 into law, employers were only required to
take "all reasonable steps necessary to prevent
The Group’s Recent Activities
discrimination and harassment from occurring" in
the workplace. Now, employers with 50 or more
MGM MIRAGE CORPORATION
employees are required to provide two hours of
Sheppard Mullin was selected by the MGM Mirage
mandatory sexual harassment training for their
Corporation to conduct Spanish language sexual
managers and supervisors. If your employees or
harassment training for managers and employees of
managers are not proficient in English, and your
the Mandalay Bay Hotel in Las Vegas. The multi-day
company
training
provides
training,
employment
program
included
intensive
Spanish
handbooks, applications, or required postings in
language training on state and federal anti-
English only, you may face additional and legal
discrimination laws, company complaint procedures,
exposure.
and practical steps for litigation avoidance.
Few national law firms are able to provide expert
WESTLB BANK
bilingual employment law services to its clients like
On December 23, the firm closed the financing for
Sheppard Mullin.
the acquisition by a subsidiary of ICA (Ingenieros
Civiles Asociados) of a controlling interest of 13
For more information on our employment law
airports in the Northern and Central part of Mexico.
services or seminars in English or Spanish, please
The transaction constituted a secured credit facility
contact: Douglas Farmer at 415.774.2906
involving multiple issues under US and Mexican laws.
dfarmer@sheppardmullin.com (San Francisco)
Firm client, WestLB Bank, was the lead arranger of
Adena Hada at 213.617.4128
the transaction. ICA, a publicly traded company and
ahadar@sheppardmullin.com (Los Angeles)
the largest Mexican engineering and construction
Kathy Banuelos at 213.617.4251
company, is contemplating continued expansion in
kbanuelos@sheppardmullin.com (Los Angeles)
airport operations. The Mexican government has
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announced that it will continue to divest its
ment by Citigroup Venture Capital International will
ownership interest in other airport operations.
allow La Curacao to accelerate its growth in terms of
both new locations and new services geared towards
its customer base.
ENCUENTROS PROGRAM
Our entertainment attorneys recently participated in
the Encuentros program at the Miami International
In addition to corporate representation, Sheppard
Film Festival. Begun in 2003, the mission of Miami
Mullin also provided tax advice in connection with
Encuentros is to give emerging producers from Spain
the structuring the transaction.
and Latin America the chance to present their new
projects to U.S. industry professionals: producers,
GRUPO SADASI
sales agents, television stations and distributors. The
Sheppard Mullin client Grupo SADASI purchased
projects presented are features from filmmakers at all
Pulte Homes’ Mexican subsidiary in December 2005.
stages of their careers, from first-timers to veterans.
The acquisition involved a complex purchase of
membership interests in Pulte’s subsidiary, with
NATIONAL ASSOCIATION OF LATINO
financing from WestLB Bank. With this acquisition,
INDEPENDENT PRODUCERS
Grupo SADASI consolidated its position as one of the
Attorney Alexis Garcia served as a panelist at the
leading housing builders in Mexico.
National
Association
of
Latino
Independent
Producers 7th Annual Conference entitled "Latino
TRANSCENDENTAL AGREEMENT
Lens: Naked Truth."
We advised one of the country's largest mortgage
originators on Spanish language advertising issues
LA CURACAO
and
required
Sheppard Mullin represented Adir International, LLC
origination disclosures. For any mortgage issuer
(dba La Curacao), one of the largest companies the
or marketer considering entering or expanding
U.S. Hispanic market, in the sale of a 10.5% stake in
into the Spanish language market, experienced
the Company for a purchase price of $20,000,000 to
counsel, such as Sheppard Mullin's Hispanic Latino
Hispanic Growth LLC, an entity controlled by
Business Practice Group, will guide you through
Citigroup Venture Capital International. The invest-
the
regulatory
best practices.
– 12 –
Spanish
language
requirements
and
mortgage
developing