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Structured Finance and Securitization
The credit crisis poses unique challenges and opportunities to the securitization industry. The lawyers in our Structured Finance and Securitization Practice assist clients in successfully confronting these challenges through loss mitigation efforts, restructurings and workouts of CDOs and RMBS/ABS transactions, the creation of distressed asset and opportunity funds, and the management of subprime and credit crisis-related litigation and investigations. Together with attorneys on our Troubled Asset Relief Program (TARP) Task Force, Covered Bonds Team and Credit Crisis Solutions Group, we work with our clients to achieve the common goal of a more transparent, stable and sustainable securitization market.
Members of our multidisciplinary practice group have represented clients on a wide variety of structured finance transactions, including securitizations of residential mortgage loans, automobile loans and conditional sales contracts, commercial and multi-family mortgage loans, aircraft receivables, tax-exempt and taxable municipal bonds, check remittances, collateralized debt obligations, commercial loans (performing and non-performing), high yield loans, trade receivables, cell tower leases, equipment and computer leases, health care receivables, limited partnership matters, mobile home loans, project financing receivables, preferred trust securities, royalties, credit card accounts, time-share receivables, small business loans, home equity loans, home equity lines of credit, net interest margin securities, secured and unsecured consumer loans and viatical settlements. We have represented issuers, underwriters, originators, finance companies, commercial bank conduits, collateral managers, servicers, insurers, investors, trustees and others in the acquisition, financing, sale, credit enhancement and securitization of receivables in offerings that are publicly registered, privately placed (including in the Rule 144A/Regulation S market) and placed in commercial bank conduits, and which are designed for investors in domestic and foreign markets.
As a full-service law firm, we have the resources and depth to meet our clients’ needs and help them achieve their structured finance objectives. Our attorneys are highly experienced in structuring and negotiating transactions and credit enhancements including credit linked products, equity linked products, total return swaps, credit default swaps, interest rate linked products, insurance linked products, cash flow swaps, foreign exchange linked products, commodity linked products, caps, GICs, asset swaps, credit participations with a government sponsored enterprise, monoline insurance policies and various types of liquidity facilities. We are experts on issues ranging from Regulation AB and Securities Offering Reform to covered bonds and the Emergency Economic Stabilization Act of 2008. We also are regularly quoted in the press, speak at industry conferences, publish articles and advisories, and teach CLE courses on a variety of structured finance topics.
Professionals
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New York
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New York
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New York
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New York
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Chicago
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New York
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Chicago
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New York
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New York
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New York
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Chicago
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New York
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Washington, D.C.
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Washington, D.C.
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Chicago
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Charlotte
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Managing Partner, Charlotte
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New York
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New York
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Chicago
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Irving
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New York
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Washington, D.C.
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Chicago
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New York
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Washington, D.C.
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Washington, D.C.
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Washington, D.C.
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Chicago
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Charlotte
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New York
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Chicago
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New York
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Chicago
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Charlotte
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Chicago
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New York
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Chicago
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Chicago
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New York
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Los Angeles
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September 29, 2011
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September 28, 2011
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June 10, 2011
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November 12, 2010
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November 2, 2010
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September 2010
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August 9, 2010
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November 6, 2009
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August 28, 2009
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August 5, 2009
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July 13, 2009
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June 11, 2009
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May 20, 2009
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May 4, 2009
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April 16, 2009
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March 26, 2009
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March 18, 2009
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March 12, 2009
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March 3, 2009
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February 26, 2009
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February 12, 2009
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February 10, 2009
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January 27, 2009
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January 16, 2009
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January 13, 2009
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Winter 2008
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December 23, 2008
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December 2, 2008
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December 1, 2008
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December 1, 2008
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November 18, 2008
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November 12, 2008
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October 15, 2008
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October 13, 2008
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October 13, 2008
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September 29, 2008
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September 23, 2008
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September 22, 2008
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May 2008
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August 13, 2008
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August 2008
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January 22, 2012
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Las Vegas, Nevada
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November 30, 2011
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Presented by iGlobal Forum
New York, New York
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Aircraft Securitizations
- Represented Brazilian aircraft manufacturer as lessor and debtor in the offering of aircraft-backed pass-through certificates issued by four annual series of pass-through trusts.
- Represented airline in a private securitization of its travel card and other receivables Automobile and Truck Securitizations.
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Automobile and Truck Securitizations
- Represented automobile manufacturer as issuer in over 30 public securitizations of retail auto loans to car buyers and wholesale auto loans to car dealers using owner trust and revolving master trust structures.
- Represented federal savings bank as seller and servicer in public securitizations of motor vehicle installment loans.
- Represented finance company in a securitization of truck receivables with a bank conduit and a Rule 144A term securitization backed by truck receivables.
- Represented originator of truck leases in a term securitization under Rule 144A.
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Collateralized Debt Obligations/Collateralized Loan Obligations
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Represented investment banks as issuers and initial purchasers in over 50 CDOs and CLOs using static and managed, and cash and synthetic structures.
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Represented investment banks in numerous hybrid CDO structures, the related credit enhancements (including derivatives and liquidity facilities), and back-to-back swap transactions with certain investors.
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Represented investment bank as underwriter’s counsel on a hybrid structured fund using CDO, SIV and credit opportunity fund techniques including a master trust structure.
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Represented investment and collateral managers in CDOs and CLOs utilizing various structures.
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Analyzed the CDO portfolio of a major commercial bank.
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Commercial Mortgage-Backed Securities
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Represented investment bank as issuer and underwriter of multiple public offerings of commercial mortgage-backed securities.
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Represented investment bank as placement agent, underwriter and depositor in CMBS pool transactions and securitizations of construction loans coupled with insurance and derivative products.
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Represented commercial bank in its origination and securitization of commercial mortgage loans in a series of over 25 public offerings and private placements.
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Represented finance company in the origination for immediate securitization of pools of various types of commercial mortgage loans in the United States and abroad, and associated mezzanine financing and other facilities.
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Sponsor of multiple hospital and medical office financings through dutch-auction note and commercial paper.
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Represented institutional lender in the origination of multiple large loans for securitization, including a major New York City office building.
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Health Care Receivable Securitizations
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Represented health care system in a tax-exempt securitization of health care receivables.
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Represented lead banks in a securitization of health care receivables for a state finance authority.
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Represented commercial bank in its purchase of a multimillion-dollar risk participation in a letter of credit facility for a state finance authority commercial paper vehicle for financing of Medicaid receivables.
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Intellectual Property Securitizations
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Represented underwriter in issuances of obligations secured by royalty income from compositions of various artists and in music company’s recorded music and music publishing.
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Represented underwriter in whole company securitizations of clothing manufacturer, retailers and trademarked fast food stores.
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Represented fitness company, music company and clothing retailer in financings of their trademarks, copyrights, patents and licensed rights.
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Represented borrower in issuance of senior and subordinated motion picture production financing secured by income stream from portfolio of motion pictures.
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Represented underwriter in issuance of obligations secured by income stream from a performance rights organization’s agreements with writers and publishers, and broadcast and general performance.
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Represented apparel company in financings incidental to the acquisition of intellectual property of clothing designer.
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Residential Mortgage-Backed Securities
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Represented investment banks as issuers and underwriters in over 200 public and private securitizations of fixed- and adjustable-rate, first and second lien, residential mortgage loans.
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Represented investment banks as issuers and underwriters in over 50 private re-securitizations of RMBS and net interest margin securitizations.
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Represented underwriters in over 50 public issuances by mortgage lender of residential mortgage-backed securities.
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Represented mortgage lender as the issuer in a series of public and private offerings of residential mortgage-backed securities and securities backed by revolving consumer loans and home equity loans.
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Represented underwriters in multiple exempt offerings of VA guaranteed REMIC pass-through certificates backed by VA vendee loans.
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Represented underwriters in multiple exempt offerings of pass-through certificates guaranteed by Freddie Mac and Fannie Mae.
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Restructurings/Workouts/Opportunity Funds
- Represented private capital management advisor in development of loss mitigation strategies with respect to portfolios of cash and synthetic CDOs.
- Represented issuers in restructurings and workouts of CDOs and asset-backed securities such as trade-receivables securitizations.
- Represented insurers on terminations of synthetic CDO transactions caused by the bankruptcy of the seller of credit protection.
- Represented investment fund in connection with creation and operation of opportunity fund investing in distressed RMBS securities.
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Tax-Exempt Bond Securitizations and Credit Participations
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Represented finance company and affiliated entities in the issuance of trust certificates representing the beneficial interests in tax-exempt and taxable municipal bonds.
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Represented government sponsored enterprise in connection with credit participations involving pools of tax-exempt municipal bonds.
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Represented municipal mortgage lender and affiliated entities in the issuance of trust certificates representing the beneficial interests in tax-exempt and taxable municipal bonds.
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Represented municipal mortgage trust in connection with the issuance of preferred shares.
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Other Structured Finance and Securitization Transactions
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Represented multiple law firms in securitization of tobacco settlement legal fees.
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Represented investment banks as buyers of credit protection on a series of credit default swaps referencing residential mortgage-backed securities.
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Represented investment bank as structurer, arranger and underwriter of cell tower lease financing facility.
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Represented investment banks as whole loan purchasers and owners in the negotiation and execution of various whole loan purchase and servicing agreements.
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Represented placement agent and co-issuers in private offerings of preferred trust securities backed by capital securities of middle-market financial institutions.
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Represented financial institution as Illinois local counsel in a securitization of credit card receivables and retailer in securitization of private label credit card receivables.
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Represented finance company in the creation of a warehouse securitization product for originators of certain financial assets and in connection with inventory finance securitization facility with multiple bank conduits.
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Represented trustee and servicer of industrial revenue bonds, secured notes and other asset-backed securities in over 35 transactions.
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Represented national banking association in its role as trustee and backup servicer for pools of venture capital loans, real estate loans, auto loans, container leases and other receivables in public and private securities offerings.
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Represented large international retailer in receivables purchase facility utilizing foreign denominated receivables, with purchase price indexed against embedded foreign exchange contracts.
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Represented manufacturer in conduit securitization of trade receivables.
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Represented a foreign bank in a securitization of U.S. dollar denominated check remittances.
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Represented a life insurance company in a securitization of its interests in investment limited partnerships.
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Represented a life insurance company in several Regulation XXX reserve securitizations.
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