San Diego – January 25, 2008 – 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 Enable Capital Management ranked as the number one most active institutional investor in the PIPE market in 2007.
Sagient Research further announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel and Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel in the PIPE market in 2007.
Sagient Research also announced a record year for financing in the PIPE market with a total of $83.59 Billion raised in 1,434 transactions. 2007 is the fourth consecutive record-setting year in the PIPE market.
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, “The PIPE market hit historic levels in 2007. With over $45 Billion raised in the fourth quarter alone, the 2007 full year total exceeded the previous record level of $29.35 Billion set in 2006 by 185%. Contributing significantly to this year’s activity was the series of mega-PIPE transaction undertaken in the second half of the year by financial services firms seeking to bolster their balance sheets in response to subprime debt related write-downs. Excluding these approximately $40 Billion in transactions, 2007 was still a record year for conventional PIPE issuances, exceeding the 2006 total by 50%. Based on the activity this year, this is no longer a question that the PIPE market is a critical component of the corporate financing landscape and we fully expect growth in the market to continue at all levels in 2008. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a tremendous first 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.”
The 2007 PIPE Market Issuer Counsel League Table
By Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised |
| Sichenzia Ross Friedman Ference, LLP | 60 | $366,594,355 |
| Cooley Godward Kronish, LLP | 22 | $621,830,129 |
| Greenberg Traurig, LLP | 22 | $236,648,936 |
| Haynes and Boone, LLP | 20 | $437,863,690 |
| Morgan, Lewis & Bockius, LLP | 19 | $504,885,447 |
| Vinson & Elkins, LLP | 17 | $5,674,582,637 |
| Thelen Reid Brown Raysman & Steiner, LLC | 16 | $303,601,245 |
| Kirkpatrick & Lockhart Preston Gates Ellis, LLP | 16 | $129,778,983 |
| DLA Piper Rudnick Gray Cary US, LLP | 13 | $248,532,660 |
| Richardson & Patel, LLP | 13 | $130,747,432 |
| Gersten Savage, LLP | 12 | $65,163,548 |
| Skadden, Arps, Slate, Meagher & Flom, LLP | 11 | $2,155,333,944 |
| Loeb & Loeb, LLP | 10 | $131,653,747 |
| Wilmer Cutler Pickering Hale & Dorr, LLP | 9 | $219,626,377 |
| Morrison & Foerster, LLP | 9 | $86,871,987 |
| Guzof Ofsink, LLC | 8 | $116,446,295 |
| Lowenstein Sandler, PC | 8 | $102,451,005 |
| Duane Morris, LLP | 8 | $87,275,878 |
| Troy & Gould, PC | 8 | $72,953,015 |
| Clark Wilson, LLP | 8 | $30,048,383 |
| Latham & Watkins, LLP | 7 | $1,343,211,587 |
| Wilson Sonsini Goodrich & Rosati | 7 | $1,135,000,009 |
| Andrews & Kurth, LLP | 7 | $393,012,437 |
| Maslon Edelman Borman & Brand, LLP | 7 | $184,589,161 |
| Hogan & Hartson, LLP | 7 | $109,956,132 |
