Jeremy R. Polk

Partner

Overview

Jeremy Polk is a partner and business lawyer with Foley & Lardner LLP. He represents public and private borrowers, issuers, and other parties in a broad range of finance transactions. Mr. Polk is a member of the firm’s Finance & Financial Institutions Practice.

Representative Experience

  • secured and unsecured, senior and subordinated, investment grade and below investment grade, revolving and term, syndicated, participated and bilateral, domestic, international and multicurrency credit agreements, and facilities and indentures; and
  • securitization and other structured finance transactions relating to various types of assets and loan participations, including securitizations of credit card receivables, mortgage loans, and equipment dealer receivables, equipment lease financings, real property tenant-in-common transactions, and mortgage loan repurchase facilities.

Mr. Polk also has experience in connection with the drafting, negotiation, and delivery of true sale / non-consolidation and true lease legal opinions in securitization and structured finance transactions and other financial asset sale transactions in the secondary market. Such opinions include true sale / non-consolidation opinions relating to the securitization of the types of assets described above, true sale opinions with respect to participation interests in loans, and true sale opinions with respect to mortgage loans sold under the Fannie Mae DUS and single family programs and the Federal Home Loan Banks' mortgage purchase programs; true sale / non-consolidation opinions with respect to the securitization of health care receivables; true lease opinions in connection with mortgage loan securitization transactions; and non-consolidation opinions in connection with real estate tenant-in-common transactions.

In addition, Mr. Polk has experience and knowledge with respect to an extensive variety of other corporate and commercial transactions and agreements (including security and pledge agreements, guarantees, subordination agreements, participation agreements, cash management services documentation, intercompany loan documentation and cash pooling arrangements) and laws.

Education

Mr. Polk graduated from the University of Minnesota, where he earned his B.S.B. with an accounting major (2000, with high distinction). Following graduation, he passed the uniform CPA examination.

Mr. Polk earned his law degree from Northwestern University School of Law (2004, summa cum laude), where he was elected to the Order of the Coif and awarded the John Paul Stevens Award for highest cumulative grade point average in his graduating class.

During law school, Mr. Polk served as an associate editor of the Northwestern Law Review, which published his comment: "Compensation for the Fruit of the Fund’s Use: The Takings Clause and Tax Refunds."

Representative Matters

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Foley represented Guggenheim Baseball Management in its acquisition of the Los Angeles Dodgers, marking the single largest transaction ever for a professional sports franchise. The new ownership group is led by Mark Walter, Chief Executive Officer of Guggenheim Partners, Earvin “Magic” Johnson, Peter Guber, and Stan Kasten, the former president of the Atlanta Braves and Washington Nationals, among others. The transaction, valued at over $2 billion, closed as of April 30, 2012, per an agreement between owner Frank McCourt and Major League Baseball (MLB) that was approved by the Delaware Bankruptcy Court, with funding occurring on May 1, 2012. This complex transaction was a unique and highly competitive sale process and tight timeline that required closing within 30 days of being selected as the winning bidder and special consideration to matters related to mergers and acquisitions, tax, bankruptcy, financing, real estate and land use, and media rights, among other areas. Overall, more than 60 Foley attorneys from 11 offices and 12 different practice groups assisted on the transaction, demonstrating both the breadth and depth of Foley’s capabilities in assisting clients to navigate such complex and high-profile transactions. The Dodgers transaction follows on the heels of Foley's successful recent representations of Wayne Weaver in his sale of the Jacksonville Jaguars, Rangers Baseball Express LLC in its acquisition of the Texas Rangers, and the Ricketts Family in its acquisition of the Chicago Cubs, which previously held the record price for an MLB franchise sale at $845 million.
Foley represents the owner of an NBA team, in its internal reorganization aimed at separating non-sports entertainment properties from the NBA-related holdings. The restructuring and reorganization involves a unique structure and an understanding of the NBA’s revenue sharing rules. Foley’s experience understanding the NBA’s regulations, as well as our clients’ expectations has been instrumental in overcoming challenges pertaining to the matter. Foley is also helping this organization explore options for renovations to modernize their sports arena and find solutions for gaining public support of a renovation project.
In 2011 Foley advised on the sale of a significant minority ownership interest in the Cincinnati Bengals NFL franchise by the estate of Austin E. “Dutch” Knowlton. Mr. Knowlton was an original owner of the Bengals, a 1968 American Football League expansion team, and a former chairman of the team’s board of directors. The estate of Mr. Knowlton had originally reached terms to sell its shares to investors in New York, but through a right to match such terms, ownership of the Cincinnati Bengals was retained by the existing ownership group.

Capabilities

Insights

Foley’s Sports Industry Practice Guide Published
01 May 2018
Lexis Practice Advisor
The Effect of Tax Reform on Financing Transactions: Thoroughly Review Your Company's Situation
27 February 2018
Legal News: Taxation
New European Legislation Creating Headaches (and Opportunities) for Borrowers
21 June 2016
Legal News: Treasury Talk

Sallie 'MAE' vs. J.C. Flowers: Lessons From a Deal Gone Bad

29 October 2007
2015 CLE Week
7-11 December 2015
Milwaukee, WI