WWW.LEXPERT.CA
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2018
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LEXPERT 29
Mix, Martin Gowling WLG
(403) 298-1853 martin.mix@gowlingwlg.com
Mr. Mix focuses on domestic and cross-border corporate finance and M&A
deals, as well as private equity transactions. He acts for public and private
issuers and underwriters on transactional matters, including public and
private debt and equity offerings, reorganizations and recapitalizations.
He advises on corporate governance and securities regulatory compliance
matters to various issuers.
Michael, Ian C. Bennett Jones LLP
(416) 777-5778 michaeli@bennettjones.com
Mr. Michael's practice is focused on corporate and securities law with an
emphasis on M&A involving public companies and private equity investments,
corporate finance and aviation infrastructure consortia. He has worked exten-
sively with Chinese companies in connection with their Canadian investments
and acquisitions.
Messinger, Stephen J. Minden Gross LLP
(416) 369-4147 smessinger@mindengross.com
Mr. Messinger focuses on commercial development and leasing. He acts for
developers, property managers, trust companies, pension funds and retail
chains. A frequent lecturer, he is recognized as a most frequently recom-
mended leasing lawyer.
McKenzie, Maria K. Farris, Vaughan, Wills & Murphy LLP
(604) 661-9319 mmckenzie@farris.com
Ms. McKenzie advises the public and private sectors and lenders on all aspects
of the planning, development, procurement and implementation of infrastruc-
ture and construction projects, including public-private partnerships. She also
advises on other commercial transactions, and other financing transactions
for both lenders and borrowers.
McFadden, QC, David J. Gowling WLG
(416) 369-7243 david.mcfadden@gowlingwlg.com
Mr. McFadden is involved in the development, financing and management
of infrastructure projects. His infrastructure experience encompasses the
transportation, electricity and social infrastructure sectors. Applying his
background in energy and infrastructure, he is Chair of the Board of Directors
of Toronto Hydro Corp. and 407 International Inc.
McCormick, Timothy Stikeman Elliott LLP
(416) 869-5674 tmccormick@stikeman.com
Mr. McCormick is a partner practising corporate and securities law. He has
extensive experience in commercial and corporate finance matters, including
initial public offerings, restructurings, reorganizations, joint ventures, and
debt and equity financings. He has set up Canadian operations of multi-
national corporations, and the incorporation and shareholders' agreements
for domestic start-ups.
LEXPERT-RANKED LAWYERS
Sharon Vogel, a partner with Singleton Urquhart
Reynolds Vogel LLP in Toronto, says a change in gov-
ernment can give rise to uncertainty for P3 projects.
"In Canada, we have seen P3s fall in and out of favour
in various jurisdictions. At present, in Ontario, there is
considerable uncertainty around the future of AFPs
given both the recent change in the provincial govern-
ment and the municipal elections," says Vogel. "e new
provincial government has yet to express a view on the
future use of the P3 model. Infrastructure Ontario has
only existed under a Liberal government in this prov-
ince and it will be interesting to see whether there is a
change in approach by the new government.
"In terms of the municipal elections throughout On-
tario this fall, a number of P3 projects, including some
in the transit sector, are unlikely to progress until aer
the election."
Victor Choi, a former policy advisor to the Stephen
Harper federal government, wrote in a recent blog post
(https://bit.ly/2vrL8Aa) that in reviewing Ontario's
Auditor General's 2014 Annual Report, Premier Ford's
staff are "closely examining" its attention to Infrastruc-
ture Ontario's Alternative Financing and Procurement,
or Public Private Partnerships:
"is report reviewed all the P3 projects Infra-
structure Ontario has recommended to date, and
found that the cost for delivering public Infrastruc-
ture through the P3 model, as opposed to the public
sector delivering these projects, has been $8 billion
higher. e report found major flaws in value-for-
money assessments done by Infrastructure Ontario,
and external firms it commissioned. Specifically, the
risk premiums that private sector consortia estimated,
which taxpayers ultimately had or have to pay for, were
'not based on any empirical data,' but rather on 'their
professional judgment and experience.'
"Based on this report, it appears that a clearly defined,
accountable and empirically driven value-for-money as-
sessment regime could save taxpayers billions of dollars
over the long term."
is sounds very similar to the tone coming from
the UK's National Audit Office, which in January 2018
released "A briefing on the rationale, costs and benefits
of the Private Finance Initiative; the use of and impact
of PFI, and ability to make savings from operational
contracts; and the introduction of PF2." (https://bit.
ly/2n7Agnz).
Guardian editorialists concluded, "Whatever the ini-
tial claims, PFI schemes as they have evolved have simply
not worked. e NAO report shows, with great clarity,
how future generations have been landed in some PFI
cases with billions in extra costs for little clear public
benefit. Part of this can be explained by government's
poor record in contract negotiations, which should cau-
tion against any assumption that publicly owned bodies
will inevitably do things better.
"Yet, where once the argument for private capital's
role was that competition would help to provide better
public services for less cost, now the reality is that com-
