Paul Hastings Advises Bear Stearns In $265 Million Financing For Philadelphia Park Casino

December 01, 2006

Paul Hastings Advises Bear Stearns In $265 Million Financing For Philadelphia Park Casino

New York, (December 1, 2006) - Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, represented Bear, Stearns & Co., Inc. in a $265 million financing in connection with the opening of a slot machine casino to be located at Philadelphia Park Racetrack in Bensalem, Pennsylvania. On September 27, 2006, the Philadelphia Park Racetrack was awarded a slots license by the Pennsylvania Gaming Control Board allowing it to operate a slot machine casino at the racetrack. The casino is scheduled to open in December 2006. The Paul Hastings team was led by partners William Schwitter, Michael Chernick and Katherine Lipton and associates Rick Denhup, Elan Daniels, Jesse Hiney and Lee Reeves.

About Bear, Stearns & Co. Inc.: Founded in 1923, Bear, Stearns & Co. Inc. is a leading investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $61.9 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, securities research, private client services, derivatives, foreign exchange and metals, and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending, clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City, the company has approximately 13,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's website at http://www.bearstearns.com.

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,100 attorneys in 18 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.