PlacementTracker Publishes PIPE Market League Tables


SAN DIEGO, Oct. 21, 2008 (GLOBE NEWSWIRE) -- Sagient Research Systems, a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment bank and Downsview Capital, Inc., ranked as the number one most active institutional investor in the PIPE market during the first three quarters of 2008.

Sagient Research also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel, Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel, and Feldman Weinstein, LLP ranked as the number one most active placement agent counsel in the PIPE market during the first three quarters of 2008.

PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.

Commenting on the League Tables, Robert F. Kyle, executive vice president of Sagient Research said, "Last year we identified a correlation between market volatility and PIPE issuances: as the VIX index rises, PIPE issuances decline. Therefore, it is no surprise that in the third quarter, while the VIX was hitting all-time highs as we saw a decline in the number of PIPE issuances. It is important, however, to note that while the credit and public equity markets remained effectively closed over the past three months, the PIPE market was open and active. While high profile "mega-PIPE" transactions dominated the headlines, there were 248 transactions totaling over $2.6 billion for core PIPE issuances, which we define as placements of under $100 million in gross proceeds. In total, 980 transactions have closed totaling $88.3 billion in gross proceeds during the nine months ended September 30, 2008, putting the market on pace for yet another record year. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a tremendous quarter, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market."

PlacementTracker's dynamically updating League Tables are available online at: http://www.sagientresearch.com/pt/leaguetables.cfm.



          The 2008 PIPE Market Investment Banking League Table 
          ----------------------------------------------------
               By Number of Transactions (through 9/30/08):
               -------------------------------------------

                                        Transaction     Total Amount
       Placement Agent Name                Count           Placed
       --------------------              ----------     --------------
       Rodman & Renshaw, LLC                  38        $  502,801,777
       Roth Capital Partners, LLC             16        $  249,311,448
       Lazard                                 13        $1,198,239,875
       Canaccord Adams, Inc.                  12        $  452,779,037
       Midtown Partners & Co., LLC            12        $   35,509,088
       Deutsche Bank                           9        $2,682,992,775
       Merriman Curhan Ford & Co.              9        $  213,416,774
       Maxim Group, LLC                        7        $   33,546,179
       Lehman Brothers, Inc.                   6        $7,339,967,043
       Emerging Growth Equities, Ltd.          6        $   40,582,493
       Palladium Capital Advisors, LLC         6        $   16,636,400
       Piper Jaffray & Co.                     5        $  124,400,518
       Credit Suisse                           4        $1,627,610,900
       Jefferies & Company, Inc.               4        $  548,715,160
       Banc of America Securities LLC          4        $   418,093,54
       Brean Murray, Carret & Co.              4        $  125,999,999
       Leerink Swann & Co.                     4        $  110,032,214
       Cowen and Company, LLC                  4        $   98,257,502
       Oppenheimer & Co., Inc.                 4        $   81,920,216
       Empire Asset Management Co.             4        $   18,397,146
       T.R. Winston & Company, Inc.            4        $   12,677,831
       Empire Financial Group, Inc.            4        $   12,142,795
       First Montauk Securities, Inc.          4        $   11,329,000
       Goldman, Sachs & Co.                    3        $7,549,949,993
       UBS                                     3        $2,850,875,719

 Investment Banking rankings exclude all 144-A Offerings, Reg S
 Placements, Equity Lines of Credit, and all PIPE transactions
 conducted by Canadian issuers that trade in the U.S. on the OTC-BB or
 Pink Sheets. On transactions where an investment banking firm has
 acted solely as Financial Advisor, that transaction has been excluded
 from that firm's ranking. Co-agented transactions award full
 transaction credit to all agents participating (regardless of status
 of lead agent or co-agent). Data is as reported as of 10/20/08

      The 2008 PIPE Market Institutional Investor League Table
      --------------------------------------------------------      
           By Number of Transactions (through 9/30/08):
           --------------------------------------------
                                             Transaction  Total Amount
       Investor Name                            Count       Invested
       -------------                         -----------  ------------
       Downsview Capital, Inc.                  25        $ 25,457,059
       Enable Capital Management                24        $ 61,546,886
       Iroquois Capital, L.P.                   21        $ 31,124,723
       Hudson Bay Capital Management, L.P.      20        $ 54,160,727
       Highbridge International, LLC            18        $228,757,989
       UBS Capital Americas, LLC                18        $ 64,022,904
       Whitebox Advisors, LLC                   16        $111,640,679
       Ramius, LLC                              14        $152,412,824
       Atoll Asset Management, LLC              13        $ 12,736,112
       Whalehaven Capital Management, Ltd.      13        $  3,818,086
       Yorkville Advisors, LLC                  12        $ 50,286,017
       Guerilla Partners, L.P.                  12        $ 17,242,213
       Midsummer Capital, LLC                   12        $ 14,017,140
       Chestnut Ridge Partners, L.P.            12        $  3,008,367
       Heller Capital Partners                  11        $  7,965,253
       Gemini Strategies, LLC                   11        $  6,553,000
       Heights Capital Management, Inc.         10        $115,054,544
       Ardsley Partners, L.P.                   10        $ 33,646,482
       Quercus Trust (The)                       9        $ 86,239,999
       Vision Capital Advisors, LLC              9        $ 43,752,890
       Vicis Capital, LLC                        9        $ 34,750,000
       Crestview Capital Partners, LLC           9        $  8,578,755
       Straus Capital Management, LLC            9        $  6,170,396
       LH Financial Services Corporation         9        $  5,212,976
       Cantara (Switzerland)S.A                  9        $  1,369,673

 Investor rankings exclude all 144-A Offerings, Reg S Placements,
 Equity Lines of Credit, and all PIPE transactions conducted by
 Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets
 Investors classified as Corporate Investors and Insurance Companies
 have been excluded from this ranking. Data is as reported as of
 10/20/08.

             The 2008 PIPE Market Issuer Counsel League Table
             ------------------------------------------------
               By Number of Transactions (through 9/30/08):
               --------------------------------------------

                                               
                                             Transaction   Total Amount
        Legal Counsel                           Count         Advised
        ---------------                      -----------  --------------
        Sichenzia Ross Friedman Ference, LLP        24    $  131,674,841
        Richardson & Patel, LLP                     15    $  107,247,116
        Greenberg Traurig, LLP                      12    $  102,564,994
        Latham & Watkins, LLP                       10    $  195,167,878
        Cooley Godward Kronish, LLP                 10    $  177,313,204
        Heller Ehrman, LLP                           9    $1,531,696,221
        Haynes and Boone, LLP                        9    $  148,079,501
        Hodgson Russ, LLP                            9    $   89,488,000
        Morgan, Lewis & Bockius, LLP                 9    $   67,710,000
        Weil, Gotshal & Manges, LLP                  8    $  224,466,782
        Paul, Hastings, Janofsky & Walker, LLP       8    $  183,916,128
        DLA Piper                                    8    $  115,619,503
        Kirkpatrick & Lockhart Preston Gates 
        Ellis, LLP                                   8    $   52,366,017
        Wilmer Cutler Pickering Hale & Dorr, LLP     7    $  369,327,629
        Lowenstein Sandler, PC                       7    $  188,000,001
        Thelen Reid Brown Raysman & Steiner, LLC     7    $   93,653,596
        Clark Wilson, LLP                            7    $   25,358,000
        Jones Day                                    6    $7,937,360,000
        Andrews & Kurth, LLP                         6    $  319,296,951
        Loeb & Loeb, LLP                             6    $  161,455,656
        Morrison & Foerster, LLP                     6    $   34,711,959
        Ellenoff Grossman & Schole, LLP              6    $   29,393,671
        Gottbetter & Partners, LLP                   6    $   17,206,000
        Sullivan & Cromwell                          5    $7,949,366,758
        Shearman & Sterling, LLP                     5    $1,728,340,005

 Legal counsel rankings exclude all 144-A Offerings, Reg S Placements,
 Equity Lines of Credit, and all PIPE transactions conducted by
 Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets.  
 Data is as reported as of 10/20/08.
 

           The 2008 PIPE Market Investor Counsel League Table
           --------------------------------------------------
              By Number of Transactions (through 9/30/08):
              --------------------------------------------

                                        
                                         Transaction    Total Amount
      Legal Counsel                         Count          Advised
      -------------                      -----------    --------------
      Schulte Roth & Zabel, LLP                  50     $3,449,671,678
      Feldman Weinstein, LLP                     27     $  157,545,027
      Greenberg Traurig, LLP                     10     $  236,659,456
      Seward & Kissel                             8     $8,363,815,317
      Proskauer Rose, LLP                         7     $  362,975,000
      Lowenstein Sandler, PC                      7     $   62,797,497
      Winston & Strawn                            6     $  138,301,976
      James G. Dodrill II, P.A                    6     $   11,680,000
      Grushko & Mittman, PC                       6     $   11,140,100
      Simpson Thacher Bartlett, LLP               5     $7,274,999,978
      Latham & Watkins, LLP                       5     $  308,224,801
      McDermott, Will & Emery                     5     $   41,534,925
      Peter J. Weisman, PC                        5     $   16,000,000
      Ropes & Gray                                4     $  309,100,863
      Loeb & Loeb, LLP                            4     $   56,000,000
      Anslow & Jaclin, LLP                        4     $   18,484,947
      Quarles & Brady, LLP                        4     $   15,925,000
      Cleary, Gottlieb, Steen & Hamilton          3     $7,332,649,993
      Shearman & Sterling, LLP                    3     $  498,400,000
      O'Melveny & Myers, LLP                      3     $  225,000,002
      Goodwin Procter, LLP                        3     $   72,422,065
      Wells, Moore, Simmons & Hubbard, PLLC       3     $   67,532,000
      Katten Muchin Rosenman, LLP                 3     $   65,600,005
      Greenberg, Glusker, Fields, Claman,
       Macktinger & Kinsella, LLP                 3     $   55,640,001
      Cooley Godward Kronish, LLP                 3     $   46,022,863

 Legal counsel rankings exclude all 144-A Offerings, Reg S Placements,
 Equity Lines of Credit, and all PIPE transactions conducted by
 Canadian issuers that trade in the U.S. on the OTC-BB or Pink
 Sheets. Data is as reported as of 10/20/08

       The 2008 PIPE Market Placement Agent Counsel League Table
       ---------------------------------------------------------
             By Number of Transactions (through 9/30/08):
             --------------------------------------------
                                           Transaction   Total Amount
         Legal Counsel                        Count         Advised
         -------------                     -----------   -------------
         Feldman Weinstein, LLP                     26   $ 264,908,311
         Goodwin Procter, LLP                        9   $ 694,039,513
         Proskauer Rose, LLP                         8   $ 583,025,159
         Lowenstein Sandler, PC                      8   $ 118,271,384
         Winston & Strawn                            8   $ 106,413,193
         Morrison & Foerster, LLP                    5   $ 364,321,343
         Arnold & Porter                             2   $ 561,418,000
         Pillsbury, Winthrop, Shaw & Pittman, LLP    2   $  50,179,993
         O'Melveny & Myers, LLP                      1   $  60,000,000
         Loeb & Loeb, LLP                            1   $  50,000,000
         McDermott, Will & Emery                     1   $  40,000,000
         Hahn & Hessen, LLP                          1   $  40,000,000
         Sidley Austin, LLP                          1   $  34,500,015
         Wilmer Cutler Pickering Hale & Dorr, LLP    1   $  30,895,900
         Davis Polk & Wardell                        1   $  25,882,500
         Greenberg Traurig, LLP                      1   $  19,080,000
         Porter & Hedges, LLP                        1   $  15,000,000
         Morse & Morse, PLLC                         1   $  15,000,000
         Borden, Ladner, Gervais, LLP                1   $  14,775,488
         Choate, Hall & Stewart, LLP                 1   $  11,862,402
         Morse Zelnick Rose & Lander                 1   $   6,000,000
         Keesal, Young & Logan                       1   $   5,650,000
         Grushko & Mittman, PC                       1   $   4,850,000
         Ellenoff Grossman & Schole, LLP             1   $   3,650,000
         Thelen Reid Brown Raysman & Steiner, LLC    1   $   3,000,000

 Legal counsel rankings exclude all 144-A Offerings, Reg S Placements,
 Equity Lines of Credit, and all PIPE transactions conducted by
 Canadian issuers that trade in the U.S. on the OTC-BB or Pink Sheets.
 Data is as reported as of 10/20/08.

About Sagient Research Systems

Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research to the financial services and institutional investment communities. In both 2007 and 2008 Sagient Research was named to the Inc. 5000 list of fastest growing companies. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.



            

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