When transactions go sour, our lawyers are regularly engaged by our clients to deal with the complex disputes and commercial litigation which often arise out of highly structured transactions. We have litigated for our structured finance and securitization clients against governmental agencies and regulatory bodies such as the FDIC. In addition, we have assisted our clients in connection with all aspects of workouts of securitization transactions and bankruptcies of parties to such transactions. We also regularly represent our clients in various types of disputes involving the administration of previously closed transactions. Representative engagements of our firm in this area include the following:
- Represented indenture trustees and senior investors in workouts of several CDO and CDOs of ABS transactions. Represented trustees and collateral agents in the administration and exercise of remedies in defaulted collateralized debt obligation and other secured debt transactions, including the liquidation of collateral.
- Represented mortgage finance companies in bankruptcy proceedings.
- Represented trustees and master servicers in 15 bankruptcies of RMBS originators, sellers, servicers, derivative counterparties and other financial institutions in connection with numerous MBS and CDO transactions.
- Represented a credit enhancer in the bankruptcy of Spiegel Inc. and its affiliates and related OCC bank liquidation proceedings with respect to First Consumers National Bank and the workout of Spiegel Credit Card Master Trust Series 2000-A and 2001-A Private Label Credit Card Receivables-Backed Notes.
- Represented a trustee in ongoing litigation with the FDIC relating to the NextCard Credit Card Master Note Trust, Series 1999-1, Series 2000-1 and Series 2001-1 Asset Backed Notes.
- Represented an indenture trustee in connection with the Chapter 11 bankruptcy proceedings of Northwest Airlines Corporation and representation of an owner trustee in connection with the Chapter 11 bankruptcy proceedings of FLYi, Inc.