Midtown Partners & Co. is the Fourth Leading Placement Agent for Number of Transactions Closed in the First Quarter of 2008
San Diego – April 24, 2008- 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 Downsview Capital, Inc. ranked as the number one most active institutional investor in the PIPE market during the first quarter of 2008.
Sagient Research also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel, Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel, and Feldman Weinstein, LLP ranked as the number one most active placement agent counsel in the PIPE market during the first quarter of 2008.
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 League Tables, Robert F. Kyle, executive vice president of Sagient Research said, “There was an undeniable slowdown in core PIPE issuances in the first quarter of 2008. The greater volatility in the marketplace kept more issuers on the sidelines and more investors seeking appropriate pricing levels. We are encouraged by an increase in deal flow since mid-March and we expect that the second quarter will yield better opportunities for active market participants. In terms of dollars raised, the first quarter continued the record breaking pace initiated last year. With $43.36 Billion raised in 266 transactions, the dollars raised in the first quarter eclipsed the total dollars raised in the first three quarters of 2007 combined. A small group of Mega-PIPE transactions in the financial services and natural resources continued to dominate the deal roster. Still, regular market participants remained active in the first quarter and, as always, we congratulate all of the agents, investors, and legal counsel in the PIPE market for a strong first quarter, especially those leaders who topped the League Tables. Many of these firms are longtime clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market.”
The 2008 PIPE Market Investment Banking League Table
By Number of Transactions (through 3/31/08):
Placement Agent Name
Transaction Count
Total Amount Placed
Rodman & Renshaw, LLC
11
$135,635,535
Lazard
6
$721,154,900
Roth Capital Partners, LLC
5
$99,709,597
Midtown Partners & Co., LLC
4
$12,508,255
Merriman Curhan Ford & Company
3
$118,205,749
Westminster Securities Corporation
3
$21,353,000
Emerging Growth Equities, Ltd.
3
$12,982,493
Maxim Group LLC
3
$11,750,000
UBS Investment Bank
2
$2,820,875,719
Oppenheimer/CIBC
2
$1,501,771,619
J.P. Morgan Chase & Co.
2
$760,000,000
Canaccord Adams, Inc.
2
$112,000,001
Deutsche Bank Securities, Inc.
2
$55,895,903
Global Hunter Securities, LLC
2
$30,650,000
Empire Asset Management Company
2
$9,810,000
Palladium Capital Advisors, LLC
2
$6,353,000
T.R. Winston & Company, Inc.
2
$5,855,331
Empire Financial Group, Inc.
2
$5,207,496
First Montauk Securities, Inc.
2
$4,650,000
Friedman, Billings, Ramsey & Co.
1
$1,350,000,000
Morgan Stanley
1
$305,340,000
Jefferies & Company, Inc.
1
$100,000,000
Credit Suisse Securities (USA) LLC
1
$95,000,000
JMP Securities LLC
1
$60,000,000
Brean Murray, Carret & Co.
1
$50,000,000
Investment Banking rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or 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 as reported as of 4/22/08.
The 2008 PIPE Market Investment Banking League Table
By Total Amount Placed (through 3/31/08):
Placement Agent Name
Transaction Count
Total Amount Placed
UBS Investment Bank
2
$2,820,875,719
Oppenheimer/CIBC
2
$1,501,771,619
Friedman, Billings, Ramsey & Co.
1
$1,350,000,000
J.P. Morgan Chase & Co.
2
$760,000,000
Lazard
6
$721,154,900
Morgan Stanley
1
$305,340,000
Rodman & Renshaw, LLC
11
$135,635,535
Merriman Curhan Ford & Company
3
$118,205,749
Canaccord Adams, Inc.
2
$112,000,001
Jefferies & Company, Inc.
1
$100,000,000
Roth Capital Partners, LLC
5
$99,709,597
Credit Suisse Securities (USA) LLC
1
$95,000,000
JMP Securities LLC
1
$60,000,000
Deutsche Bank Securities, Inc.
2
$55,895,903
Brean Murray, Carret & Co.
2
$50,000,000
First Asia Finance Group Limited
1
$50,000,000
Kildare Capital
1
$50,000,000
Source Capital Group
1
$40,000,000
Pacific Growth Equities, Inc.
1
$30,895,900
Global Hunter Securities, LLC
2
$30,650,000
Casimir Capital L.P.
1
$30,000,000
Banc of America Securities LLC
1
$25,093,400
Four Tong Investments, Ltd.
1
$22,000,032
Median Asset Investments Limited
1
$22,000,032
Ardour Capital Investments, LLC
1
$21,400,000
Knight Capital Markets, LLC
1
$21,400,000
Investment Banking rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or 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 as reported as of 4/22/08.
The 2008 PIPE Market Institutional Investor League Table
By Number of Transactions (through 3/31/08):
Investor Name
Transaction Count
Total Amount Invested
Downsview Capital, Inc.
9
$11,323,377
Enable Capital Management
8
$8,215,000
Midsummer Capital, LLC
7
$5,525,000
Quercus Trust (The)
6
$68,039,998
Highbridge International, LLC
6
$29,292,859
Whitebox Advisors, LLC
6
$27,392,000
Hudson Bay Capital Management L.P.
6
$18,349,676
Iroquois Capital L.P.
6
$13,164,911
Gemini Strategies, LLC
6
$3,253,000
Heights Capital Management, Inc.
5
$36,700,000
Yorkville Advisors, LLC
5
$21,500,000
Ramius LLC
5
$21,367,857
Professional Traders Fund LLC
5
$10,150,000
Goldman Sachs & Co.
4
$37,968,750
Sandell Asset Management Corp.
4
$16,208,255
Pope Asset Management LLC
1
$15,700,000
Guerilla Partners LP
4
$6,535,714
Global Capital Advisors, LLC
4
$3,598,379
LH Financial Services Corporation
4
$2,750,000
Jayhawk Capital Management, LLC
4
$2,249,998
Heller Capital Partners
4
$1,805,000
Chestnut Ridge Partners, L.P.
4
$873,370
Octagon Capital Partners
4
$261,228
Vision Capital Advisors LLC
3
$14,000,000
Ardsley Partners, L.P.
3
$13,448,672
Investor rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is as reported as of 4/22/08.
The 2008 PIPE Market Issuer Counsel League Table
By Number of Transactions (through 3/31/08):
Legal Counsel
Transaction Count
Total Amount Advised
Sichenzia Ross Friedman Ference, LLP
7
$23,475,000
Richardson & Patel, LLP
6
$33,400,000
Latham & Watkins, LLP
5
$90,547,858
Greenberg Traurig, LLP
5
$28,250,001
Clark Wilson, LLP
5
$20,700,000
Heller Ehrman, LLP
4
$1,426,154,999
Cooley Godward Kronish LLP
4
$86,701,298
Morgan, Lewis & Bockius, LLP
4
$11,885,000
Jones Day
3
$890,000,000
Wilmer Cutler Pickering Hale & Dorr, LLP
3
$50,093,400
Hodgson Russ, LLP
3
$35,500,000
Haynes and Boone, LLP
3
$31,000,000
Guzof Ofsink, LLC
3
$30,159,598
Graubard Miller
3
$27,893,791
Kirkpatrick & Lockhart Preston Gates Ellis LLP
3
$14,500,000
Holland & Knight, LLP
3
$4,500,000
Shearman & Sterling, LLP
2
$1,555,340,000
Wachtell, Lipton, Rosen & Katz
2
$760,000,000
Troutman Sanders, LLP
2
$357,500,000
Loeb & Loeb, LLP
2
$62,000,001
Fulbright & Jaworski, LLP
2
$55,000,000
Foley & Lardner
2
$52,000,000
Rutan & Tucker, LLP
2
$42,499,999
Dewey & LeBoeuf LLP
3
$40,685,302
Crone Rozynko LLP
2
$16,200,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets. Data is as reported as of 4/22/08.
The 2008 PIPE Market Investor Counsel League Table
By Number of Transactions (through 3/31/08):
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets. Data is as reported as of 4/22/08
The 2008 PIPE Market Investor Counsel League Table
By Number of Transactions (through 3/31/08)
Legal Counsel
Transaction Count
Total Amount Advised
Feldman Weinstein, LLP
9
$107,066,535
Lowenstein Sandler, PC
3
$48,155,752
Winston & Strawn
3
$36,759,597
Proskauer Rose, LLP
2
$154,350,000
O'Melveny & Myers, LLP
1
$60,000,000
Morse Zelnick Rose & Lander
1
$6,000,000
Keesal, Young & Logan
1
$5,650,000
Grushko & Mittman, PC
1
$4,850,000
Meyner and Landis, LLP
1
$1,500,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets. Data is as reported as of 4/22/08.
About Sagient Research Systems
Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. 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 to the financial services and institutional investment communities. In September 2007, Sagient Research was named to the inaugural Inc. 5000 list of fastest growing companies. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.
