Joe Frumkin and Bob Giuffra Honored as 2017 Energy & Environmental Trailblazers by The National Law JournalJune 1, 2017
On June 1, Joe Frumkin and Bob Giuffra were recognized as Energy & Environmental Trailblazers by The National Law Journal.
Joe, who was recognized for his large number of energy-related M&A deals, spoke to NLJ about the innovative approach to advising Pepco Holdings in its $6.6 billion acquisition by Exelon Corp. “It was the first negotiation in an energy deal with a reverse break fee. We structured it as a prepayment, so the money was already in Pepco accounts during the deal. This strategy likely encouraged Exelon to push through a difficult regulatory process, even past the drop-dead date; they kept it going even after the D.C. Public Service Commission turned the deal down initially,” he said. “This was the first time this tactic was ever imposed in the energy context, and it helped get the deal done.”
Bob was recognized for his trailblazing litigation work representing automotive companies in emissions-related cases, in particular for his role as national coordinating counsel for Volkswagen. Speaking about his representation of Volkswagen in its emissions-related issues, he said, “We made the judgment that the best way for the company to get the lowest cost, most efficient and best settlement was to seek a global settlement with all stakeholders. In this case considering the more than $100 billion in potential exposure, victory was defined as VW putting it behind them quickly.”