PlacementTracker Publishes 2008 U.S. PIPE Market League Tables


SAN DIEGO, Jan. 7, 2009 (GLOBE NEWSWIRE) -- 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 U.S. PIPE market during 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 U.S. PIPE market during the 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, "This has unquestionably been the most challenging year we have ever seen in the market. The dramatic increase in volatility and decline in market valuations certainly affected PIPE issuances in 2008. The U.S. PIPE market totaled $177.26 billion raised through 1,283 transactions in 2008 (of this amount $45.43 billion has been announced but not yet closed as of 1/6/09). This compared to $83.96 billion raised through 1,416 transactions in 2007. While 2008 was a record year for total dollars raised in the PIPE market, and represented a 111% increase over 2007, the market remained dominated by a handful of large transactions. In total, 87 mega-PIPE transactions made up $165.12 billion of the amount raised in 2008. Meanwhile, the core PIPE transactions, which we define as placements of under $100 million in gross proceeds, fell 21% from $15.34 billion in 2007 to $12.71 billion in 2008. Still, it is important to note that despite the market instability and the resulting issuance decreases, the PIPE market remained one of the only new issue markets open for business in 2008. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a tremendous quarter, especially those leaders who topped the League Tables. Many of these firms are long-time 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."

PlacementTracker's dynamically updating League Tables are available online at: http://www.sagientresearch.com/pt/leaguetables.cfm.



       The 2008 U.S. PIPE Market Investment Banking League Table
       --------------------------------------------------------- 
                        By Number of Transactions:
                        --------------------------

                                      Transaction      Total Amount
 Placement Agent Name                   Count             Placed
 --------------------                 -----------    ---------------
 Rodman & Renshaw, LLC                    44         $   585,903,098
 Roth Capital Partners, LLC               18         $   274,429,348
 Lazard                                   16         $ 1,433,424,870
 Canaccord Adams, Inc.                    13         $   431,628,722
 Midtown Partners & Co., LLC              13         $    37,509,088
 Merriman Curhan Ford & Co.               11         $   225,816,774
 Deutsche Bank                            10         $ 2,692,982,461
 Maxim Group, LLC                          7         $    33,546,179
 Lehman Brothers, Inc.                     6         $ 7,339,967,043
 Emerging Growth Equities, Ltd.            6         $    40,582,493
 Jesup & Lamont Securities Corporation     6         $    37,809,785
 Palladium Capital Advisors, LLC           6         $    16,636,400
 Credit Suisse                             5         $ 1,644,476,900
 Oppenheimer & Co., Inc.                   5         $ 1,552,795,935
 Leerink Swann & Co.                       5         $   135,232,214
 Thomas Weisel Partners, LLC               5         $    75,689,946
 Dawson James Securities, Inc.             5         $    36,246,450
 Empire Asset Management Co.               5         $    24,397,146
 Goldman, Sachs & Co.                      4         $ 7,899,949,993
 Jefferies & Company, Inc.                 4         $   548,715,160
 Banc of America Securities, LLC           4         $   418,093,542
 RBC Capital Markets, Inc.                 4         $   152,000,779
 Brean Murray, Carret & Co.                4         $   125,999,999
 Pacific Growth Equities, Inc.             4         $   116,447,636
 Piper Jaffray & Co.                       4         $   103,690,330

 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 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 for closed transactions reported as of 1/6/09.
 
 

       The 2008 U.S. PIPE Market Investment Banking League Table
       --------------------------------------------------------- 
                         By Total Amount Placed:
                         -----------------------

                                      Transaction      Total Amount
 Placement Agent Name                    Count            Placed
 --------------------                 -----------    ---------------
 Goldman, Sachs & Co.                      4         $ 7,899,949,993
 Lehman Brothers, Inc.                     6         $ 7,339,967,043
 UBS Investment Bank                       3         $ 2,850,875,719
 Deutsche Bank                            10         $ 2,692,982,461
 JPMorgan                                  3         $ 2,011,282,900
 Credit Suisse                             5         $ 1,644,476,900
 Oppenheimer & Co., Inc.                   5         $ 1,552,795,935
 Lazard                                   16         $ 1,433,424,870
 Friedman, Billings, Ramsey & Co.          1         $ 1,350,000,000
 Keefe, Bruyette & Woods, Inc.             3         $   611,280,138
 Rodman & Renshaw, LLC                    44         $   585,903,098
 Jefferies & Company, Inc.                 4         $   548,715,160
 Canaccord Adams, Inc.                    13         $   431,628,722
 Banc of America Securities LLC            4         $   418,093,542
 Morgan Stanley                            2         $   331,222,500
 Sandler O'Neill & Partners, L.P.          3         $   305,790,000
 Roth Capital Partners, LLC               18         $   274,429,348
 Dahlman Rose & Company, LLC               2         $   249,703,942
 Merriman Curhan Ford & Co.               11         $   225,816,774
 Fearnley Fonds ASA                        1         $   209,703,942
 Carnegie ASA                              1         $   209,703,942
 DnB NOR Markets                           1         $   209,703,942
 RBC Capital Markets, Inc.                 4         $   152,000,779
 Leerink Swann & Co.                       5         $   135,232,214
 Knight Capital Markets, LLC               2         $   126,400,001

 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 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 for closed transactions reported as of 1/6/09.



     The 2008 U.S. PIPE Market Institutional Investor League Table
     -------------------------------------------------------------
                        By Number of Transactions:
                        --------------------------

                                      Transaction    Total Amount
 Investor Name                           Count         Invested
 -------------                        -----------    -------------
 Downsview Capital, Inc.                  26         $  30,457,059
 Enable Capital Management                25         $  63,046,886
 Hudson Bay Capital Management, L.P.      21         $  59,160,727
 Iroquois Capital, L.P.                   21         $  31,124,723
 Highbridge International, LLC            18         $ 228,757,989
 Atoll Asset Management, LLC              18         $  24,773,731
 Ramius, LLC                              16         $ 158,412,824
 Whitebox Advisors, LLC                   16         $ 111,640,679
 Vicis Capital, LLC                       14         $  59,250,000
 Yorkville Advisors, LLC                  13         $  66,560,006
 UBS O'Connor, LLC                        13         $  55,027,079
 Midsummer Capital, LLC                   13         $  14,017,140
 Whalehaven Capital Management, Ltd.      13         $   3,818,086
 Chestnut Ridge Partners, L.P.            13         $   3,264,181
 Wellington Management Company, LLP       12         $ 247,538,324
 Guerilla Partners, LP                    12         $  17,242,213
 Vision Capital Advisors, LLC             11         $  52,752,890
 Heller Capital Partners                  11         $   7,968,311
 Gemini Strategies, LLC                   11         $   6,553,000
 LH Financial Services Corporation        11         $   5,664,888
 T. Rowe Price Associates, Inc.           10         $ 262,288,650
 BAM Opportunity Fund, L.P.               10         $ 180,684,015
 Heights Capital Management, Inc.         10         $ 115,054,544
 Ardsley Partners, L.P.                   10         $  33,646,482
 Heller Capital Partners                  10         $   7,860,253

 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 Pink Sheets. Investors
 classified as Corporate Investors and Insurance Companies have been
 excluded from this ranking. Data is for closed transactions reported
 as of 1/6/09.



        The 2008 U.S. PIPE Market Issuer Counsel League Table
        ----------------------------------------------------- 
                       By Number of Transactions:
                       --------------------------

                                      Transaction      Total Amount
 Legal Counsel                           Count            Advised
 -------------                        -----------    ---------------
 Sichenzia Ross Friedman Ference, LLP     28         $   146,682,801
 Richardson & Patel, LLP                  16         $   108,582,766
 Cooley Godward Kronish, LLP              14         $   275,824,395
 Greenberg Traurig, LLP                   13         $   103,989,994
 Latham & Watkins, LLP                    11         $   239,297,878
 Morgan, Lewis & Bockius, LLP             11         $    75,235,000
 Weil, Gotshal & Manges, LLP              10         $ 3,225,466,782
 Wilmer Cutler Pickering Hale &
  Dorr, LLP                               10         $   440,527,629
 Heller Ehrman, LLP                        9         $ 1,531,696,221
 Lowenstein Sandler, PC                    9         $   191,815,001
 Haynes and Boone, LLP                     9         $   148,079,501
 DLA Piper                                 9         $   116,619,503
 Morrison & Foerster, LLP                  9         $    98,209,959
 Hodgson Russ, LLP                         9         $    90,238,000
 Loeb & Loeb, LLP                          8         $   175,205,656
 Paul, Hastings, Janofsky & Walker, LLP    8         $   163,984,549
 Kirkpatrick & Lockhart Preston Gates
  Ellis, LLP                               8         $    54,691,017
 Bryan Cave, LLP                           8         $    42,129,627
 Jones Day                                 7         $ 8,337,360,000
 Shearman & Sterling, LLP                  7         $ 5,746,340,005
 Skadden, Arps, Slate, Meagher &
  Flom, LLP                                7         $   619,126,750
 Goodwin Procter, LLP                      7         $   235,090,659
 Thelen Reid Brown Raysman &
  Steiner, LLC                             7         $    93,653,596
 Dorsey & Whitney, LLP                     7         $    72,193,483
 Clark Wilson, LLP                         7         $    25,358,000

 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 Pink Sheets. Data is
 for closed transactions reported as of 1/6/09.



       The 2008 U.S. PIPE Market Investor Counsel League Table
       -------------------------------------------------------
                      By Number of Transactions:
                      -------------------------- 

                                      Transaction      Total Amount
 Legal Counsel                           Count           Advised
 -------------                        -----------    ----------------
 Schulte Roth & Zabel, LLP                53         $  3,515,661,364
 Feldman Weinstein, LLP                   26         $    154,135,027
 Greenberg Traurig, LLP                   16         $    360,801,594
 Seward & Kissel                           8         $  8,363,815,317
 Latham & Watkins, LLP                     8         $    900,090,801
 Proskauer Rose, LLP                       8         $    365,025,000
 Lowenstein Sandler, PC                    8         $     63,797,497
 Simpson Thacher Bartlett, LLP             7         $  7,724,999,978
 James G. Dodrill II, P.A.                 7         $     13,980,000
 Sullivan & Cromwell                       6         $  9,419,000,002
 Shearman & Sterling, LLP                  6         $    943,300,000
 Winston & Strawn                          6         $    138,301,976
 Grushko & Mittman, PC                     6         $     11,140,100
 Katten Muchin Rosenman, LLP               5         $    123,675,005
 McDermott, Will & Emery                   5         $     41,534,925
 Peter J. Weisman, PC                      5         $     16,000,000
 Munger, Tolles & Olson, LLP               4         $ 12,400,000,000
 Ropes & Gray                              4         $    309,100,863
 O'Melveny & Myers, LLP                    4         $    231,000,002
 Skadden, Arps, Slate, Meagher &
  Flom, LLP                                4         $    155,008,167
 Goodwin Procter, LLP                      4         $    122,422,076
 Cooley Godward Kronish LLP                4         $     56,022,707
 Loeb & Loeb, LLP                          4         $     56,000,000
 Anslow & Jaclin, LLP                      4         $     18,484,947
 Quarles & Brady, LLP                      4         $     18,425,000

 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 Pink Sheets. Data is
 for closed transactions reported as of 1/6/09.
 
 
 
    The 2008 U.S. PIPE Market Placement Agent Counsel League Table
    --------------------------------------------------------------
                       By Number of Transactions:
                       --------------------------

                                      Transaction    Total Amount
 Legal Counsel                           Count          Advised
 -------------                        -----------    -------------
 Feldman Weinstein, LLP                   29         $ 295,658,311
 Proskauer Rose, LLP                      15         $ 895,343,326
 Goodwin Procter, LLP                     10         $ 704,029,199
 Lowenstein Sandler, PC                    9         $ 126,188,384
 Winston & Strawn                          8         $ 106,413,193
 Morrison & Foerster, LLP                  6         $ 467,321,347
 Littman Krooks, LLP                       5         $  23,993,679
 Arnold & Porter                           2         $ 561,418,000
 Pillsbury, Winthrop, Shaw &
  Pittman, LLP                             2         $  50,179,993
 Skadden, Arps, Slate, Meagher &
  Flom, LLP                                1         $ 254,000,000
 O'Melveny & Myers, LLP                    1         $  60,000,000
 Loeb & Loeb, LLP                          1         $  50,000,000
 McDermott, Will & Emery                   1         $  40,000,000
 Hahn & Hessen, LLP                        1         $  40,000,000
 Sidley Austin, LLP                        1         $  34,500,015
 Wilmer Cutler Pickering Hale &
  Dorr, LLP                                1         $  30,895,900
 Troutman Sanders, LLP                     1         $  28,280,000
 Davis Polk & Wardell                      1         $  25,882,500
 Greenberg Traurig, LLP                    1         $  19,080,000
 Porter & Hedges, LLP                      1         $  15,000,000
 Aboudi & Brounstein                       1         $  15,000,000
 Morse & Morse, PLLC                       1         $  15,000,000
 Borden, Ladner, Gervais, LLP              1         $  14,775,488
 Choate, Hall & Stewart, LLP               1         $  11,862,402
 Morse Zelnick Rose & Lander               1         $   6,000,000

 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 Pink Sheets. Data is
 for closed transactions reported as of 1/6/09.

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 both 2007 and 2008 Sagient Research was named to the Inc. 5000 list of fastest growing companies. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.



            

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