Project Finance MVP: Orrick's Carl Lyon

Law360, New York (December 19, 2012, 5:20 PM EST) -- To help longtime client Tennessee Valley Authority buy a gas-fired power plant without bumping up against its federally mandated debt limit, Carl Lyon went old-school.

The Orrick Herrington & Sutcliffe LLP partner combed through congressional transcripts from the 1950s, when the TVA's debt ceiling was first set, to figure out what lawmakers intended to count as debt and what was exempt.

Then he came up with a project finance solution to what was essentially an accounting problem: a $1 billion sale-leaseback that would give the TVA...
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