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CLYDE MITCHELL - FOUNDING PARTNER
This page summarizes Clyde Mitchell's background.
Overview of Background
Clyde Mitchell has practiced business law since 1979. Mr. Mitchell spent six years working at Shearman & Sterling, a leading Wall Street law firm, and then worked in investment banking with The First Boston Corporation for several years, in restructurings and reorganizations. Later he co-founded Claugus & Mitchell, a boutique business law firm, after working for several years at a mid-sized law firm.
Mr. Mitchell is admitted to practice in New York and is a member of the American Bar Association. He is a graduate of The University of Virginia School of Law, where he was a Senior Editor of the Virginia Journal of International Law. Mr. Mitchell has an undergraduate degree in physics from the Massachusetts Institute of Technology, and he minored in economics.
Mr. Mitchell’s hobbies include traveling, windsurfing and photography.
- The following summarizes Clyde Mitchell’s career highlights, from the most recent accomplishments to those in the ancient past.
- AV® rated by Martindale.com, their top rating. Well rounded business attorney.
- Founded three businesses.
- Asked to be on the board of directors of three different companies.
- $500MM hedge fund planning and development.
- Advanced North American consumer database venture.
- Asked to be prime corporate attorney for all Glencore Ltd. and affiliated matters. Glencore is a world-class physical commodities trading firm with $48 billion in annual turnover.
- Represented the Drexel Burnham Equity Committee in reviewing and approving over 100 major transactions and settlements brought before the Drexel Steering Committee, the committee composed of representatives of all of the Official Committees charged with approving all post-bankruptcy transactions by Drexel.
- Represented the Drexel Equity Committee in investigating the investments, trading and ownership of 700-plus Drexel-related partnerships. Supervised a ten-associate review team for over six months.
- Worked in First Boston Corp.’s Reorganization Group as an investment banker on restructurings and reorganizations. Finished 2/90 in First Boston Corp.’s 2-month financial analysis program. Passed the NASD’s Series 7 exam for brokers.
- Substantial M&A transaction work at Shearman & Sterling, including a $520MM LBO, a $500MM stock merger and takeover defense advice.
- Substantial finance work at Shearman & Sterling, culminating in a request by Citicorp to represent them in a $1,000MM receivables purchase facility for a major oil company.
- A-rated by Citicorp, Citibank and Citicorp Industrial Credit on complex financial transactions.
Claugus & Mitchell Work
- $500MM hedge fund planning and development
- $250MM private placement
- Many $10MM plus investments into major private equity funds
- Advanced North American consumer database venture
- Advanced nuclear energy venture
- All-digital video camera venture (US DARPA funded)
- Many $10MM plus acquisitions and divestitures
- Many $10MM plus financings and restructurings
- For more information, see Notable Matters
Milgrim Thomajan Work
- Private investors in a $200MM acquisition of, a $200MM bridge financing of, and a $60MM subordinated loan permanent financing of, an aluminum company
- The largest private commodities trading firm in the negotiation and collateralization of over $400MM of lines of credit with over 14 banks - an auction-style secured financing
- Private investors in the restructuring of $50MM of subordinated debt of, and in the lending of $40MM of new money to, an aluminum company
- The $440MM junior subordinated debenture holders in the 1991-93 proposed USG restructurings
- Maxicare, a California-based health maintenance organization in Chapter 11, in the negotiation and preparation of its Disclosure Statement and major corporate reorganization documents
- The NVR Creditors' Committee, in reviewing its post-bankruptcy financing options ($250MM), its DIP financing and its pre-petition financings
- The Pan Am Creditors' Committee in negotiating with Delta the proposed $300MM permanent financing to be provided by Delta
First Boston Investment Banking Work
A.H. Robins reorganization team - advised the $2.5 billion Dalkon Shield Claimant Committee - conducted numerous valuation and recapitalization analyses, evaluated numerous acquisition proposals, met with various foreign and domestic suitors
Corporate restructuring of a Union Carbide subsidiary with $400MM in sales in an industry plagued with excess capacity - evaluated financial effects of merging the subsidiary with competitors - conducted stand- alone valuations and recapitalization analyses of the combined entity under buy, sell, joint venture and LBO scenarios
U.S. Lines Workout - assisted in the development of two proposed out-of-court restructurings, including one with a Norwegian shipping company
Shearman & Sterling Work
- The buy-out group of SCOA Industries in its LBO borrowing of $520MM from two bank syndicates and three institutional groups
- Atlantic Bancorporation in its $500MM stock merger with First Union Corporation
- The First Boston Corporation in its role as investment banker to Phillips Petroleum during the 1985 takeover attempts by Messrs. Pickens and Icahn
- Combustion Engineering in its simultaneous cash tender offers for the Jamesbury Corporation ($100MM) and Impell Corporation ($105MM)
- Revolving receivables purchase facilities for an oil company ($350MM), a crane manufacturer ($50MM), a light aircraft manufacturer ($50MM) and a major bank ($130MM)
- An $80MM commuter aircraft sale facility for a foreign aircraft manufacturer
- A wide variety of other secured and unsecured transactions with acquirors, airlines and aerospace companies, a prominent Canadian family, a large Caribbean resort, hospitals, and South American borrowers and utilities, most in excess of $50MM
UVA Law Research
Wrote and published Securities Regulation in Bankruptcy Reorganizations, 54 American Bankruptcy Law Journal 99 (1980) (lead article, 50 pp.), the leading article in the field at the time.
Contributed to Radioactive Waste: Management and Regulation (Macmillan 1977), and credited on the title page as contributing author, a DOE-funded research project. This is a subject that is still vexing the USA, with the recent termination of the Yucca Mountain Waste Repository Project.