"363" Sales. One example of Mr. Daugherty's deal-making success in the restructuring field is the sale of Noble European Holdings to ArcelorMittal in 2009. Noble International was a Nasdaq-traded automobile industry supplier whose business had been damaged in 2008 by the drastic downturn in demand for cars and trucks manufactured by the "Detroit 3" car companies (GM, Ford and Chrysler). Attempts to refinance Noble's maturing debt obligations failed as the global credit crisis persisted, and the company was forced to file into Chapter 11 in Detroit. Thousands of jobs were put at risk by this bankruptcy. Noble had purchased the European laser-welding operations of ArcelorMittal, the world's largest steel company, a year earlier. In bankruptcy, Noble obtained DIP financing from the Detroit 3, then Mr. Daugherty negotiated the resale to ArcelorMittal of the European operations acquired a year earlier, together with similar businesses in Mexico and Asia. This timely resale saved the jobs of all directly-affected employees. Likewise, the restructuring team managed by Mr. Daugherty effected several other "363" sales for Noble, each of which prevented a business shut-down and thus saved jobs while raising cash proceeds with which to repay the car companies.

As a seasoned advisor, Mr. Daugherty is called upon routinely to counsel boards of directors, board committees, senior officers and trustees with respect to challenging questions of business judgment (and the consequences of that judgment). He regularly coaches principals and fiduciaries in the course of decision-making that must comply with securities laws, the Sarbanes-Oxley Act, stock exchange rules, corporate codes and best practices.

Independent Counsel. Increasingly in recent years, Mr. Daugherty has been engaged to advise directors of companies with which he and his firm have no other professional relationship. He has helped independent directors grapple with the thorny questions, such as whether, when and how to replace senior managers and report financial crimes to the government. His experience is not limited to a single industry but, on the contrary, includes industries as diverse as automobile manufacturing, biotechnology, consumer discretionary, consumer staples, finance, food processing, forest products, health care, insurance, media and entertainment, mining, motorsports, real estate, restaurants, retail, robotics, security, steel, utilities, telecommunications and textiles.

Comprehensive SEC Experience. Early in his career, Mr. Daugherty was counsel to SEC Commissioner Fleischman in Washington, D.C. Mr. Daugherty advised Commissioner Fleischman on all major initiatives of the SEC, including the reform of U.S. financial market regulation after the 1987 stock market crash and the storied prosecutions of Ivan Boesky, Michael Milken and Drexel Burnham. Building upon this experience, today Mr. Daugherty routinely represents clients in dealings with every "Division" of the SEC not only the Division of Corporation Finance that regulates public offerings, public M&A and public companies, noted above, but also the Division of Trading and Markets, the Division of Enforcement and the Division of Investment Management.

Continuous ETF Innovation. Mr. Daugherty and the Foley & Lardner ETF team capitalized on the success of the Currency Shares Euro Trust, noted above, by launching ten other currency-based ETFs, representing equity investments in the Australian dollar, the Canadian dollar, the Swiss franc, the Swedish krona, the British pound sterling, the Mexican peso, the Japanese yen, the Russian ruble, the Singapore dollar and the South African rand. All are managed by Rydex|SGI.

ETFs have been the most rapidly-growing form of investment in the U.S., exceeding $600 million under management today versus zero in 1992. This trend is continuing as investors are entrusting more dollars to ETFs than they are to mutual funds. Until 2008, however, all versions of the ETF were "passive" investment strategies according to which investors would buy shares in a trust that would use the money to invest systematically in an "index" of securities or commodities, without exercising any judgment. The "holy grail" of the ETF industry, in contrast, has been an "actively-managed" fund, in which the managers of the trust would employ subjective investment judgment in deciding what to buy, sell or hold for the trust. For years, five major financial firms raced to produce the first actively-managed ETF approved by the SEC and launched on a stock exchange. In 2008, Mr. Daugherty and his Foley colleagues won that race for their client, launching the Bear Stearns Current Yield Fund on the New York Stock Exchange ahead of all competitors.

An Expert Witness. In recognition of the breadth of his regulatory experience, Mr. Daugherty also has been called as an expert witness in litigation. He has been tendered and qualified as an expert in securities law in criminal fraud proceedings brought by the U.S. Department of Justice and has testified as an expert witness for the defendants in a civil fraud matter.

Patrick Daugherty earned a bachelor's degree, with distinction, from Northwestern University in 1978 and a law degree, cum laude, from Cornell University in 1981. He trained as a corporate and securities lawyer in Wall Street after clerking one year for Lloyd F. MacMahon and Edward Weinfeld, each a (late) Chief Judge of the U.S. District Court for the Southern District of New York (New York City). Mr. Daugherty joined the Federalist Society in its infancy while serving on the Executive Staff of the SEC during the Reagan Administration. He was invited to join the American Law Institute at age 37 and participates in continuing education programs of the ABA Sections of Administrative Law and Business Law (Committees on Federal Regulation of Securities, Legal Opinions, Mergers and Acquisitions, Professional Responsibility and Small Business).

Mr. Daugherty also has led pro-business initiatives of state and local bar associations. As a member of the Association of the Bar of the City of New York, he authored a white paper in 1982 that supported New York's enactment of path-breaking governing-law-selection and forum-selection legislation, enabling business executives and financiers to contract cross-border with full confidence that their choices of New York law and New York courtrooms would be respected should a dispute arise. A decade later, in North Carolina, he served on Governor Jim Hunt's Entrepreneurial Development Board, boosting investment and job growth throughout the Tar Heel State.

A recognized thought leader on the SEC, the capital markets, M&A, corporate governance, financial innovation and regulatory reform, Mr. Daugherty has taught classes and made presentations at Cornell, Duke, Howard, Michigan State, Northwestern, Seton Hall and Wayne State law schools. He has published scholarly articles (e.g., "Rethinking the Ban on General Solicitation" in the Emory Law Journal), co-authored one book (Securities Arbitration: Practice and Forms, published by Matthew Bender) and edited another (Decennial Review of Developments in Business Financing, published by the ABA). A member of the Supreme Court Historical Society, he appears on radio, TV and cable news programs as an expert commentator and lectures frequently to legal, accounting, business and financial groups.

Mr. Daugherty was first selected in 1995 by his peers for inclusion in The Best Lawyers in America, which currently lists him in three unique categories: Corporate Governance and Compliance Law, Corporate Law, and Securities Law. Also selected for the first and all subsequent editions of Super Lawyers for his achievements in securities and corporate finance, he has been ranked "AV" by Martindale-Hubbell since his first evaluation 20 years ago. In his home state, Mr. Daugherty was selected as "Michigan Lawyer of the Year" by Michigan Lawyers Weekly in 2007. The only corporate lawyer so honored, he was labeled a "financial wiz" and a "mastermind" for leading "the largest corporate transaction executed by a Michigan law firm" that year. According to Chambers USA: America's Leading Business Lawyers, Mr. Daugherty is "very practical and business-oriented" and is "top of the class for capital raising."

Mr. Daugherty is admitted to practice law and is a member in good standing of the bar in New York, Washington, D.C., North Carolina and Michigan. His application to practice law in Illinois is pending.