in

New York – 28 December 2004 – The international law firm of Chadbour…

New York – 28 December 2004 – The international law firm of Chadbourne & Parke LLP represented Paul Capital Partners in its issuance of $228.9 million of Asset-Backed Notes by Royalty Securitization Trust I (RST).

The transaction was the first pharmaceutical royalty securitization based on future projected cash flows of the securitized assets.

The closing of the deal was announced on Dec. 22.

A team of 14 attorneys in Chadbourne’s New York and London offices worked on the deal, headed by New York partner Andrew Coronios.

The notes are backed by a portfolio of healthcare royalty interests and revenue interests in 23 biopharmaceutical products, medical devices and diagnostics selected from 13 of the 19 investments made by Paul Royalty Fund I, L.P.

The notes have been assigned a rating of Aaa by Moody’s and a rating of AAA by Standard and Poor’s primarily on the strength of a financial guaranty policy issued by Ambac Assurance Corporation.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.