Goodwin Procter Pro Bono Team Helps Jumo Reinvent Support For Social Causes

Monday, January 31, 2011 - 00:00

A multi-disciplinary pro bono team from Goodwin Procter LLP played a key role in providing corporate and legal infrastructure support for the recent successful launch of Jumo, a new social network connecting individuals and organizations working for global change. Jumo (a West African word meaning "to come together") is the brainchild of Facebook co-founder Chris Hughes and helps everyday people find, follow and support those working to improve the lives of others in communities across the U.S. and around the globe.

When Mr. Hughes joined Goodwin Procter client General Catalyst Partners as an entrepreneur-in-residence, following his online organizing work on the Obama campaign team, he was seeking new business opportunities that leveraged social media tools to do good on a global basis. When Jumo needed help with start-up issues, a team of Goodwin attorneys rose to the pro bono challenge.

Most importantly, perhaps, was pro bono work to ensure that an innovative venture such as Jumo was properly structured to qualify and operate as a 501(c)(3) nonprofit organization, meeting IRS and New York State guidelines.

On December 29, 2010, Goodwin Procter client FHB Formation LLC - whose members included several hedge fund and private equity firms - completed a merger with, and into, Northeast Bancorp. Northeast Bancorp is the holding company of Northeast Bank, a Maine-chartered bank with approximately $629 million in assets. This transaction - which presented a unique configuration of control and other "first impression" bank regulatory issues - was approved after 12 months of effort by Goodwin Procter's banking team, who worked closely with the staffs of the Federal Reserve Board and Federal Reserve Bank of Boston.This was the only transaction of this type approved by the Federal Reserve in 2010.

The Goodwin Procter team was headed by partners Laura Hodges Taylor, Bill Mayer and Jim Matarese, corporate and banking; Eric Fischer and Bill Stern, banking; Scott Webster, ERISA; Carl Metzger, litigation; and Bob Kester, tax.

Goodwin Procter has again been ranked as a law firm leader in advising clients in private investment in public equity (PIPE) transactions in 2010, according to league tables recently released by PlacementTracker and PrivateRaise. During 2010, an estimated $40.2 billion was raised in more than 1200 PIPE transactions.

According to Sagient Research Systems' Placement Tracker, Goodwin ranked third by deal volume in "The 2010 PIPE Market Placement Agent Counsel League Table," with 20 transactions totaling more than $422 million in value.

According to PrivateRaise, Goodwin ranked fourth in volume in its 2010 "Top 25 PIPE Placement Agent Law Firms" and tied for eighth in their 2010 "Top 25 PIPE Issuer Law Firms" rankings, advising on 15 transactions totaling more than $406 million in value.