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Ben Maiden reports on warnings that a New York bankruptcy court's treatment of derivatives and commercial paper could destabilize the market

Linklaters' New York team advised Qwest Communications International, on an offering of $1.95 billion of high-yield notes, which is the largest non-acquisition high-yield offering and one of the largest overall offerings to date in 2005. The issue was divided into two offerings of $1.75 billion and $200 million. Cahill Gordon & Reindel acted as initial purchasers' counsel; Gibson Dunn & Crutcher was the issuer's disclosure counsel; and Hogan & Hartson advised the issuer on regulatory matters.

Bradley Kurkowski, White & Case Dirk Schmalenbach, Freshfields Bruckhaus Deringer David Roberts, Olswang Perry Noble, Freshfields Bruckhaus Deringer White & Case appointed two new legal counsel to its capital markets group in London. Christopher Whiteley joins the structured finance practice from JP Morgan and US-qualified Bradley Kurkowski joins the high yield debt team from Weil Gotshal & Manges. Kurkowski has acted for both investment banks and companies on a variety of debt offerings and Whiteley specializes in credit derivatives.

The review of the UK regulator's enforcement practices is a step in the right direction but will mean little without more high-quality staff, says James Bagge

Shearman & Sterling and Simpson Thacher & Bartlett advised on Dresser-Rand Group's initial public offering (IPO). The offering, which raised $567 million, listed the engineering company's shares on the New York Stock Exchange. Edward Tolley of Simpson Thacher was issuer counsel on the deal. James Scott of Shearman & Sterling advised the underwriters, who were led by Citigroup and Morgan Stanley.

The replacement of a 70-year old piece of energy regulation should remove obstacles for investors wanting to buy into the US utilities market. By David Bloom and Samantha Hampshire

Alistair Graham and Larry Byrne, who act for a UK executive facing extradition to the US over price-fixing claims, argue that the new extradition system between the countries is deeply flawed

Robert Ebe and Brett Waxdeck explain how US courts became comfortable with non-US arbitration decisions

Icsid arbitration is an underused avenue for resolving sovereign bond disputes, yet it offers advantages that could afford better protection to investors. Peter Griffin and Ania Farren explain why

Romania's new Property Law created much controversy in the country, but in fact it will not change many of the substantive laws and procedural rules that have governed the Romanian real estate system. The Property Law (Law 247/2005 regarding reform in the property and justice fields and other ancillary measures), adopted on July 22 2005, has not touched the core of the real property system, but has instead lessened various hurdles faced by investors in Romania and made the judicial process easier for individuals seeking restitution of their properties. Changes have been made to the rules governing restitution of real estate and a property fund has been created that will act as an economic substitute in cases where restitution in kind is not practicable.