PlacementTracker Publishes PIPE Market League Tables


SAN DIEGO, Oct. 6, 2010 (GLOBE NEWSWIRE) -- Sagient Research Systems, a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment bank and Hudson Bay Capital Management ranked as the number one most active institutional investor in the U.S. PIPE market during the first three quarters of 2010.

Sagient Research also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel, Greenberg Traurig, LLP ranked as the number one most active investor counsel, and Weinstein Smith, LLP ranked as the number one most active placement agent counsel in the U.S. PIPE market for the first nine months of 2010.

PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.

Commenting on the activity in the PIPE market, Tassanee Sukramule, Vice President of PlacementTracker, said, "Overall, we've seen 1,073 deals for $50.8 billion placed in 2010 (81 deals for $14 billion were announced that have not yet closed). This represents an astounding increase of 50% in the number of deals reported versus the same period last year. While underwritten and registered deals continue to dominate the PIPE space, we've also seen a marked increase in structured equity lines (SELs) and at-the-market (ATM) offerings. Rounding out the third quarter in 2009, we saw 64 SELs and 13 ATMs. For the same period in 2010, we've already recorded 112 SELs and 34 ATMs. In addition, more and more of these SEL investors are willing to pony up cash upfront before the equity line shares are registered. We're optimistic that this trend in upfront financing signals increased investor confidence. We congratulate all of the active members of the PIPE community for continued success in 2010.  Most of these firms are long-time clients of PlacementTracker and we are devoted to providing them with the highest caliber data available on our industry."

PlacementTracker's dynamically updating League Tables are available online at: http://www.sagientresearch.com/pt/leaguetables.cfm

The 2010 U.S. PIPE Market Investment Banking League Table
By Number of Transactions (through 09/30/10):
     
Placement Agent Name Transaction Count Total Amount Placed
Rodman & Renshaw, LLC 50 $643,682,747
Roth Capital Partners, LLC 34 $683,796,999
Chardan Capital Markets 18 $174,527,810
Lazard 16 $503,342,853
RBC Capital Markets, Inc. 13 $864,735,318
Canaccord Genuity Inc. 12 $364,838,165
Jefferies & Company, Inc. 10 $1,862,877,741
Sandler O'Neill & Partners, L.P. 10 $559,308,012
Keefe, Bruyette & Woods, Inc. 10 $322,367,135
Bank of America Merrill Lynch 9 $1,865,274,695
Stifel, Nicolaus & Co., Inc. 9 $402,215,059
Needham & Company, Inc. 9 $284,806,488
Morgan Stanley 7 $2,134,857,375
J.P. Morgan Chase & Co. 7 $954,312,381
Robert W. Baird & Co. 7 $229,795,493
Maxim Group LLC  7 $89,160,139
Ladenburg Thalmann & Co., Inc. 7 $82,868,874
Haywood Securities, Inc. 7 $45,354,090
Midtown Partners & Co., LLC 7 $37,368,148
Wells Fargo Securities, LLC 6 $683,756,175
Wedbush PacGrow Life Sciences 6 $252,847,246
William Blair & Company, LLC 6 $229,106,323
Leerink Swann & Co. 6 $187,352,849
Merriman Curhan Ford & Company 6 $161,144,990
JMP Securities LLC 6 $154,060,202
     
Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm's ranking. Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed transactions reported as of 10/04/10.
 
The 2010 U.S. PIPE Market Institutional Investor League Table
By Number of Transactions (through 09/30/10):
     
Investor Name Transaction Count Total Amount Invested
 Hudson Bay Capital Management 29 $59,835,438
 Downsview Capital, Inc. 28 $26,068,173
 Iroquois Capital L.P. 26 $44,196,606
 Heights Capital Management, Inc. 22 $33,619,605
 Citadel Advisors, LLC 21 $15,840,414
 AQR Capital Management, LLC 20 $8,108,929
 LH Financial Services Corporation 18 $7,608,313
 Millennium Management, LLC 17 $13,243,230
 Highbridge International, LLC 17 $950,003
 D.E. Shaw & Co., L.P. 17 Not Disclosed
 Deerfield Management  16 $187,030,003
 Wellington Management Company 16 $105,754,648
 Ramius LLC 15 $14,535,571
 UBS O'Connor 14 $2,375,000
 Global Capital Advisors 13 $6,446,250
 Jayhawk Capital Management 13 $15,196,381
 AWM Investment Management 13 $10,499,978
 Heller Capital Partners 12 $2,206,105
 Fidelity Management & Research 12 $104,947,978
 Chestnut Ridge Partners, L.P. 11 $4,410,986
 Straus Capital Management, LLC 10 $4,288,136
 Whitebox Advisors, LLC 10 $19,463,997
 S.A.C. Capital Advisors, LLC 10 $15,855,000
 Taylor Asset Management, Inc. 10 $9,003,852
 Midsummer Capital, LLC 10 $5,778,993
     
Investor rankings exclude all 144-A Offerings, Equity Lines of Credit, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is for closed transactions reported as of 10/04/10.
     
Disclaimer: Investors in certain Registered Direct transactions have been added to PlacementTracker based upon PlacementTracker's interpretation of those investors' pattern of activity as disclosed in certain SEC filings. Sagient Research shall not be liable for any reason if such information is inaccurate in any way. If you believe any investor information or any other information in these league tables is incorrect, please contact us at ptmemberservices@sagientresearch.com or call us at 858-200-2395.
 
The 2010 PIPE Market Issuer Counsel League Table
By Number of Transactions (through 09/30/10):
     
Legal Counsel Transaction Count Total Amount Advised
Sichenzia Ross Friedman Ference, LLP 18 $93,166,925
Dorsey & Whitney, LLP 15 $510,401,978
Greenberg Traurig, LLP 11 $157,865,002
Anslow & Jaclin, LLP 11 $107,074,625
K&L Gates LLP 10 $735,244,903
Latham & Watkins, LLP 10 $542,081,455
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC 10 $87,388,500
Cooley Godward Kronish LLP 9 $273,457,010
Pillsbury, Winthrop, Shaw & Pittman LLP 9 $97,555,257
Loeb & Loeb, LLP 8 $280,213,277
Morgan, Lewis & Bockius, LLP 8 $258,937,205
Wilmer Cutler Pickering Hale & Dorr LLP 8 $190,255,044
DLA Piper 8 $115,172,117
Wilson Sonsini Goodrich & Rosati 7 $318,155,368
Goodwin Procter, LLP 7 $124,251,852
O'Melveny & Myers, LLP 6 $165,139,596
Richardson & Patel, LLP 6 $18,152,519
Skadden, Arps, Slate, Meagher & Flom, LLP 5 $1,692,816,231
Vinson & Elkins, LLP 5 $689,078,646
Baker & McKenzie 5 $168,165,583
Morrison & Foerster, LLP 5 $127,532,500
Ellenoff Grossman & Schole LLP 5 $38,021,197
Sonnenschein Nath & Rosenthal 5 $35,100,002
Wachtell, Lipton, Rosen & Katz 4 $832,249,999
Davis Polk & Wardwell 4 $795,000,002
     
Legal counsel rankings exclude all 144-A Offerings, Structured Equity Lines, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed transactions reported as of 10/04/10.
 
The 2010 PIPE Market Investor Counsel League Table
By Number of Transactions (through 09/30/10):
     
Legal Counsel Transaction Count Total Amount Advised
Greenberg Traurig, LLP 43 $7,451,592,524
Schulte Roth & Zabel, LLP 34 $1,833,571,529
Seward & Kissel LLP 6 $6,558,419,708
Skadden, Arps, Slate, Meagher & Flom 6 $706,800,000
Katten Muchin Rosenman, LLP 5 $229,170,001
Lowenstein Sandler, PC 5 $104,371,324
Weinstein Smith LLP 5 $10,607,251
Peter J. Weisman, PC 4 $54,907,103
Quarles & Brady, LLP 4 $13,000,000
Willkie, Farr & Gallagher 3 $6,379,999,996
Weil, Gotshal & Manges, LLP 3 $930,005,620
Morrison & Foerster, LLP 3 $169,800,000
Ropes & Gray 3 $118,800,000
Bingham McCutchen, LLP 3 $52,000,000
Latham & Watkins, LLP 3 $50,000,000
Cooley Godward Kronish LLP 3 $38,134,000
Anslow & Jaclin, LLP 3 $13,140,548
Grushko & Mittman, PC 3 $6,424,998
Cleary, Gottlieb, Steen & Hamilton 2 $1,830,906,729
Simpson Thacher Bartlett, LLP 2 $206,267,850
Wachtell, Lipton, Rosen & Katz 2 $164,999,995
Baker Botts, LLP 2 $150,000,000
Jones Day 2 $138,000,001
Cozen O'Connor 2 $106,800,000
Orrick, Herrington & Sutcliffe, LLP 2 $69,600,000
     
Legal counsel rankings exclude all 144-A Offerings, Structured Equity Lines, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed transactions reported as off 10/04/10.
 
The 2010 PIPE Market Placement Agent Counsel League Table
By Number of Transactions (through 09/30/10):
     
Legal Counsel Transaction Count Total Amount Advised
Weinstein Smith LLP 50 $510,078,602
Lowenstein Sandler, PC 22 $280,498,519
Proskauer Rose, LLP 14 $312,499,591
Goodwin Procter, LLP 12 $265,424,205
Fried, Frank, Harris, Shriver & Jacobson 4 $1,025,877,499
Latham & Watkins, LLP 4 $128,523,000
Kilpatrick Stockton LLP 4 $42,147,500
Davis Polk & Wardwell 3 $1,660,456,750
Skadden, Arps, Slate, Meagher & Flom 3 $360,752,000
Baker Botts, LLP 3 $267,004,125
Choate, Hall & Stewart, LLP 3 $121,033,269
Sichenzia Ross Friedman Ference, LLP 3 $69,680,729
Leser, Hunter, Taubman & Taubman 3 $52,956,596
Littman Krooks, LLP 3 $5,892,500
Andrews Kurth, LLP 2 $158,140,287
Hunton & Williams, LLP 2 $115,984,550
Dewey & LeBoeuf LLP 2 $111,009,500
Bracewell & Guiliani LLP 2 $93,619,993
Pillsbury, Winthrop, Shaw & Pittman 2 $40,032,527
Ropes & Gray 2 $37,528,849
Blake, Cassels & Graydon LLP 2 $26,837,286
McDermott, Will & Emery 2 $24,010,502
K&L Gates LLP 2 $23,203,185
Faegre & Benson, LLP 2 $19,960,000
Cassels Brock & Blackwell LLP 1 $280,197,000
     
Legal counsel rankings exclude all 144-A Offerings, Structured Equity Lines, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed transactions reported as of 10/04/10.

About Sagient Research Systems

Sagient Research Systems is a publisher of specialized research and data. We develop, produce, and sell proprietary research products to global enterprises, including investment banks, mutual and hedge funds, pharmaceutical companies, academic institutions, and government agencies. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research.  In each of 2007, 2008, 2009, and 2010 Sagient Research was named to the Inc. 5000 list of fastest growing companies.  For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.

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