CEO Connection

Patrick Daugherty is chief strategy partner in the Business Law Department of Foley & Lardner LLP. In practice, Mr. Daugherty directs multi-office, multi-disciplinary teams of lawyers in the planning and execution of public and private offerings of equity, debt and hybrid securities (e.g., IPOs, PIPEs, ETFs, secondary, mezzanine, high-grade and high-yield issues), structured financings, tender offers, exchange offers, restructurings, recapitalizations, mergers, acquisitions, divestitures, management buyouts, "going private" transactions and corporate governance assignments. The publisher of Best Lawyers in America™ first selected him for mention in 1995. Since 2006 he has been named as a Michigan "Super Lawyer" by Law & Politics Media, Inc. for his work in securities & corporate finance. According to Chambers USA: America's Leading Business Lawyers, he is "top of the class for capital raising and complex off-balance sheet financings."

Clients include investment banks and institutional investors, but mainly Mr. Daugherty serves multinational corporations and small-cap domestic companies that he has taken public and nurtured. Chambers reports that he is "very practical and business-oriented," providing clients a "good understanding of issues that should be taken into account."

Mr. Daugherty regularly coaches corporate boards and committees to make business decisions that comply with the Sarbanes-Oxley Act, securities laws, stock exchange rules, corporate codes and best practices. He has helped independent directors grapple with the thorny questions, such as whether, when and how to report financial crimes to the government. He routinely represents corporate clients in dealings with every division of the SEC.

In 2005, Mr. Daugherty led the team of lawyers that invented the Euro Currency Trust and brought it to market on the floor of the NYSE. Judged "the trade of the year" by SmartMoney magazine, the Euro Currency Trust was the first currency-based exchange-traded fund listed on a stock exchange anywhere in the world.

Mr. Daugherty's other experience includes leadership on:

    * billions of dollars in capital raising transactions, including the largest SEC-registered public offering ever executed by an automotive parts supplier

    * every species of M&A transaction and program, including, recently, the domestic portion of the largest divestiture program in the United States      * organization of numerous investment funds and securities broker-dealers, including a direct predecessor of Banc of America Securities

   * full-service corporate counsel to companies in diverse industries: insurance, food processing, OEM parts supply, motorsports, robotics, telecommunications and textiles

   * advocacy for defrauded investors such as the prosecution of claims against Lancer Partners -- the largest penny stock fraud in history

During the Reagan Administration, Mr. Daugherty was counsel to SEC commissioner Edward F. Fleischman in Washington, D.C. Mr. Daugherty advised Commissioner Fleischman on all major initiatives of the SEC, including the storied prosecutions of Ivan Boesky, Michael Milken, Drexel Burnham and others and the reform of domestic financial market regulation after the 1987 market crash. He has been tendered and qualified as an expert in securities law in criminal fraud proceedings brought by the U.S. Department of Justice and has testified as an expert witness for the defendants in a civil fraud matter.

Mr. Daugherty trained with a global law firm in Wall Street after a one-year clerkship with Lloyd F. MacMahon and Edward Weinfeld, each a (late) Chief Judge of the U.S. District Court for the Southern District of New York (New York City). He was elected to the American Law Institute at age 37, joined the Federalist Society shortly after its founding and participates in the ABA Section of Business Law (Committees on Counsel Responsibility, Federal Regulation of Securities, Legal Opinions and Small Business). He is licensed to practice law in New York, Washington, D.C., North Carolina and Michigan.

A recognized thought leader on SEC topics, the capital markets, M&A and corporate governance, Mr. Daugherty lectures frequently to legal, accounting and business groups. In May 2006, at Northwestern University, he addressed the Ray Garrett Jr. Corporate and Securities Law Institute on the subject of Securities Offering Reform. He has published numerous articles (e.g., "Rethinking the Ban on General Solicitation" in the Emory Law Journal), co-authored one book (Securities Arbitration: Practice and Forms, published by Matthew Bender), and edited another (Decennial Review of Developments in Business Financing, published by the ABA). He earned a bachelor's degree, with distinction, from Northwestern in 1978 and a law degree, cum laude, from Cornell University in 1981.

Contact Info

Pat Daugherty
Partner
Foley & Lardner
One Detroit Center
500 Woodward Ave.
Suite 2700
Detroit. MI 48226-3489
(313) 234-7103
pdaugherty@foley.com