Haynes and Boone Leads Panda Energy in Formation of Joint Venture with Icahn

June 20, 2003

Janice Sharry, Partner
Haynes and Boone, LLP

DALLAS – Lawyers from Haynes and Boone, LLP recently represented Panda Energy International, Inc., in connection with the formation of a joint venture with entities controlled by Carl C. Icahn. The new joint venture, Panda Acquisitions Group, will actively seek and acquire U.S. energy assets such as power plants and related infrastructure.

Through the combined expertise of both companies, Panda Acquisition Group is poised to become a major player in the national energy sector. Several desired power plants have already been identified by Panda for acquisition, and the company is currently involved in advanced negotiation for multiple acquisition opportunities.

Haynes and Boone Partners Janice Sharry, Taylor Wilson and Rick Fijolek represented Panda in conjunction with Panda’s General Counsel, L. Stephen Rizzieri.

Headquartered in Dallas, Texas, Panda Energy International, Inc., is a privately held non-regulated electric generation company whose primary focus is the acquisition, ownership and operation of state-of-the-art, environmentally clean, low-cost power plants. The company has developed plants in North Carolina, Maryland, Texas, Arkansas and Arizona. Internationally, Panda has built plants in China and Nepal. For more information on Panda, visit www.pandaenergy.com.

Haynes and Boone, LLP is an international corporate law firm with nine offices throughout Texas, Washington, D.C. and Mexico City providing a full spectrum of legal services to clients around the world. With more than 425 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by National Law Journal.  AmLaw Tech Magazine Scoreboard ranked Haynes and Boone first in law firm technology in 2001. The firm has been recognized as one of the 25 “Best U.S. Law Firms at Which to Work” (Of Counsel, 2000), one of the “Best Corporate Law Firms in America” (Corporate Board Member Magazine, 2002) and recipient of the Minority Corporate Counsel Association’s 2002 Thomas L. Sager Award for commitment to diversity. For more information on Haynes and Boone, visit www.haynesboone.com.

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