Ashurst advises Nakheel creditors on Abu Dhabi bailout

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  • Probably the last instruction Ashurst will ever have out of Dubai. They are not popular here for so publicly taking on a role that was adverse to the Government. I hope this 10 day job was worth it for them....

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  • Reaching at straws to suggest Ashurst had any influence over Abu Dhabi. Success by association perhaps, but hardly something to shout from the rooftops about.

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  • What Anonymous | 12:29 pm says is true - to think (or claim) otherwise would suggest a total ignorance of how things work in the UAE.

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  • Way to go Ashurst!!!

    Though, what is the link between Ashurst and the payment by AD? The article neglects to elaborate...

    I'm not sure I'd appreciate the implication even if I were in Ashurst!

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  • A lot of "sour grapes" in the comments posted by competing lawyers. I doubt Dubai would be concerned given they have set up a specific DIFC tribunal to deal with Dubai World.

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  • The article does not correctly reflect the actual state of affairs in the UAE and the role Ashurst played in representing some of the sukuk holders. The fact of the matter is AD would never have let Dubai to default. Even if there was a default, the existing law didn't allow (and it still remains unclear if the new proposed law will) a judgment to be enforced against the government or for a court to order the sale or auction of government assets. It seems that Ashurst were able to sell themselves on the basis of a) having a lawyer who's worked on a few sukuk structures whilst at Decherts and NR and positioned himself well in the market and b) playing on a sentiment of investor discomfort and uncertainty which investors wanted to develop into legal threats. They may have billed substantially for this and in doing so improving their figures conveniently before year end but you cannot really say that they 'scored a victory' for the creditors of Nakheel.

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  • Well done to Ashurst!

    I agree with the comment above about "sour grapes". This is a huge victory for them in the MENA region.

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