Trust and Agency Advisory
- Represented the trustees and agents in pre- and post-default matters in Equinox (Eclipse 2006-1) and Hercules (Eclipse 2006-4) plc CMBS transactions.
- Represented the trustee and agents on pre- and post-default matters on the Juno (Eclipse 2007-2) DAC synthetic CMBS transaction.
- Represented the security trustee, account bank, and servicer in calculation disputes on a multibillion-euro Irish DAC CMBS, and in collateral liquidation and termination of the transaction.
- Represented the account bank, cash manager, and noteholder representative in a €110 million Italian CMBS on questions regarding application of negative interest to transaction deposits.
- Represented the trustee on post-closing matters arising on a £301 million non-conforming synthetic RMBS transaction.
- Represented the trustee on application of negative interest rates to cash flows on a multibillion-pound UK RMBS transaction.
CDOs, CBOs, CLOs
- Represented the trustee and agents in a defaulted synthetic CDO arranged by a major UK bank on issues relating the interpretation of waterfall provisions and exercises of trustee discretion.
- Represented the trustee, collateral administrator, custodian, and agents in the redemption of a €350 million CLO transaction.
- Represented the indenture trustee in a defaulted $400 million managed CDO arranged by a major U.S. bank on the sale and liquidation of the underlying collateral.
- Represented the trustee on a $300 million defaulted CBO jointly arranged by a leading European investment bank and a major Bahraini bank in relation to the unwinding of the transaction and final distribution of liquidated assets to noteholders.
- Represented the issuer of $1 billion CDO notes on collateral manager replacement and associated issues.
- Represented the note trustee and security trustee on default and enforcement in a $150 million synthetic CDO.