Davis Polk, Sullivan & Cromwell land key AIG roles
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Davis Polk & Wardwell and Sullivan & Cromwell have landed lead roles on the US government $85bn bail out of AIG.
Davis Polk partners Donald Bernstein (pictured), Marshall Huebner and Bradley Smith led the firm advising the Federal Reserve on its emergency rescue of the insurer, in which the US government now owns a 79.9 per cent stake.
Sullivan & Cromwell chairman Rodgin Cohen is leading the firm advising AIG.
Yesterday (16 September) The Lawyer reported on Cohen advising AIG on its $20bn lifeline from New York State regulators.
The government bail out of AIG comes after Lehman Brothers filed for bankruptcy earlier this week. Weil Gotshal & Manges veteran Harvey Miller is the leading the firm's team advising Lehman.
Earlier this week The Lawyer reported on Davis Polk insolvency head Donald Bernstein leading the firm advising Citi on its participation in a $70bn liquidity fund set up in the wake of the Lehman bankruptcy (15 September).
Cravath Swaine & Moore advised JP Morgan as collateral and administrative agent of the fund with partner Rob Kiessling leading the firm.
Cravath and Davis Polk were unavailable for comment.
