On February 13, 2007, Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P. through their indirect wholly owned subsidiary HCP Acquisition Inc. (together, Harbinger) acquired all of the outstanding trust units of Calpine Power Income Fund (the fund) it did not already own at a price of $13.00 per trust unit for total consideration of approximately $760 million. On February 13, 2007, HCP also acquired from Calpine Canada Power Ltd. (CCPL) all of CCPL's Class B Units in Calpine Power, L.P. (a subsidiary of the Fund) and agreed to acquire CCPL's management and operating agreements relating to the Fund for a total purchase price of $135 million. CCPL, an indirect subsidiary of Calpine Corporation, is operating within Companies' Creditors Arrangement Act (Canada) proceedings before the Alberta Court of Queen's Bench.
Harbinger was represented in Canada by Stikeman Elliott LLP (Calgary and Toronto) with a team including Jeffrey Singer, Glenn Cameron, Joel Binder, Lewis Smith, Keith Chatwin, David Taniguchi, Mike Styczen and Ricco Bhasin (corporate), David Weekes (tax), David Byers (insolvency), Brad Squibb and Jill Lankin (banking), and in court by Peter Linder, Q.C. of Peacock Linder & Halt LLP.
Milbank, Tweed, Hadley & McCloy LLP represented Harbinger in the United States, with a team led by M. Douglas Dunn (corporate) and including John O'Connor (corporate), Charles Westland (US antitrust), and Dale Ponikvar (tax). Credit Suisse was represented in Canada by a team from Fasken Martineau DuMoulin LLP led by Huy Do and consisting of Brian Wright and Wojtek Baraniak (banking), Kathleen Hanly (tax) and Richard Steinberg (securities and M&A) and in the United States by Davis Polk & Wardwell with a team including E. Waide Warner, Jr., Samuel Watson, Joe Hadley and George Kazakov.
Calpine Power Income Fund was represented by Blake, Cassels & Graydon LLP (Calgary and Toronto) with a team that included Brock Gibson, John Eamon, Chad Schneider, Leah Dickie, Chris Prokop, Clayton Bangsund and Ainsley Rice (corporate/commercial/M&A); Robert Anderson, Q.C., Kevin McElcheran (insolvency/litigation); Seumas Woods (securities/litigation); Doug Richardson and Ed Gill (tax); and Catherine McKendry (banking).
CCPL was represented by co-counsel Goodmans LLP and McCarthy Tétrault LLP (Calgary). The McCarthy team included Larry Robinson Q.C. (insolvency/litigation), Bruce MacPhail (corporate/commercial), Sean Collins (insolvency/litigation), Catherine Samuel (commercial), Michael Birch (commercial), Peter Goode (commercial), Danielle Grover (commercial) and Rob Nearing (tax). The Goodmans team included Jay Carfagnini and Brian Empey (insolvency), Fred Myers (insolvency/litigation) and John Alton (corporate/commercial).
Ernst and Young Inc., court-appointed monitor of CCPL, was represented by Patrick McCarthy, Q.C. and Josef Krüger of Borden Ladner Gervais LLP.