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We’re just beginning to compile our biannual survey of major arbitrations-Arbitration Scorecard, scheduled to appear in our next issue, Summer 2007-but it’s already clear that some of the biggest cases on the list will involve, one way or another, the Uzan family of Turkey. Through their company Telsim Mobil Telekomunikayson Hizmetleri AS, the Uzans borrowed billions to build a wireless telephone network in Turkey, and then neglected to pay the money back. The ensuing mess has been keeping lawyers busy ever since. In our last Scorecard, ABN Amro Bank N.V.’s $800 million win against Telsim in a Swiss arbitral court made our list of the ten biggest arbitration awards in 2003-04. Since then, Motorola Credit Corporation and Nokia Corporation have won a $2 billion award in their arbitration claim against Telsim-a decision that will probably rank among the largest awards in the past two years in our new Scorecard ranking. Meanwhile, in another mega-arbitration that’s now pending, a Cyprus entity called Libananco Holdings Company Ltd. is seeking a cool $10 billion from Turkey for seizing two Uzan-controlled utilities. According to press reports and experts and lawyers familiar with the case, the Uzans are behind the Libananco claim, too. Who are the Uzans, and how did they manage to set off a multifront, high-stakes litigation war in Europe and the United States? Ben Hallman, a staff reporter at The American Lawyer, tells the tale of a big investment gone horribly wrong and the ensuing global legal battle to recover the missing billions. See our cover story, ” Turkish Bath,” to find out more. Investments that tend to be slightly less risky are fueling the rapid growth of hedge funds in Europe-not to mention the hedge fund practices of law firms. A small cadre of London lawyers has been catering to the needs of hedge funds since the mid-1990s, but now that field is widening. As with private equity, the struggle for dominance in the hedge fund arena is likely to pit the deep pockets of American firms in London against the deep benches of their British competitors. For more details, please turn to ” Over the Hedge” by U.K. legal journalist Chris Crowe. [email protected]

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