Expert Details
Structured Finance, Securitization, ABS, SPVs, MBS, Due Diligence
ID: 732648
New Jersey, USA
He is experienced in writing Expert Witness Reports and Rebuttal Reports, and in Testifying. He has worked in Structured Finance in a Rating Agency, Investment and Commercial Banks, as a Monoline Bond Insurer, in Consulting, and as an Expert Witness. Expert has experience in the buy-side and the sell-side.
He is an expert on transactions. These include Structure Analysis (Mapping and Description), Special-Purpose Company (“SPC”) Criteria, Eligibility Criteria, Borrowing Base Determination and Calculation, Representations and Warranties, Payment Waterfalls, Fiduciary Duties, Industry Standards and Practices, Due-Diligence Requirements and Standards, and Market Comparables.
Expert has served as a management consultant, directing his own firm, since 2012. Expert was Managing Director of a capital management solutions firm from 2010-2012.
Education
| Year | Degree | Subject | Institution |
|---|---|---|---|
| Year: 1984 | Degree: Master of Science | Subject: Accounting | Institution: University of Massachusetts in Amherst |
| Year: 1983 | Degree: Master of Business Administration | Subject: Finance | Institution: University of Massachusetts in Amherst |
| Year: 1980 | Degree: Bachelor of Arts | Subject: Business Administration | Institution: William Paterson College |
Work History
| Years | Employer | Title | Department |
|---|---|---|---|
| Years: 2012 to Present | Employer: Undisclosed | Title: Managing Director | Department: |
Responsibilities:Expert Witness and Management Consultant focused on Securitization and Structured Finance. Expertise across ABCP, Consumer Debt (ABS and MBS) Securitization, Esoteric and Commercial Assets Securitization, Bank Lending, and Vacation Timeshare Financing and Securitization. |
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| Years | Employer | Title | Department |
| Years: 2010 to 2012 | Employer: CAPITAL MANAGEMENT SOLUTIONS LLC | Title: Managing Director | Department: |
Responsibilities:He serves as an expert witness and management consultant focused on securitization. He utilizes his expertise across ABCP, consumer debt securitization, esoteric and commercial assets securitization, and vacation timeshare financing and securitization. |
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| Years | Employer | Title | Department |
| Years: 2008 to 2010 | Employer: Aquate Ltd. | Title: Director of Banking and Securitization | Department: |
Responsibilities:His responsibilities included (a) assisting in organization and capital raising and (b) obtaining and maintaining project finance funding for the implementation of this global enterprise’s proprietary Aquate-3E renewable energy system. |
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| Years | Employer | Title | Department |
| Years: 2006 to 2008 | Employer: CIFG (Monoline Bond Insurer) | Title: Managing Director, Head of US Commercial Assets | Department: |
Responsibilities:Expert handled team management and market development, including transaction origination and managing new business execution. He was focused on expanding CIFG’s US Commercial Asset book across a variety of assets, including films, equipment leasing, insurance industry assets, middle market loans, and vacation timeshare loans. |
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| Years | Employer | Title | Department |
| Years: 2005 to 2006 | Employer: Dresdner Kleinwort | Title: Director, Debt Principal Finance & Securitization Group | Department: |
Responsibilities:Expert was Senior Originator of On-Balance Sheet and Asset-Backed Commercial Paper Conduit securitizations. He was responsible for the origination, structuring and execution of new non-generic securitizations. |
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| Years | Employer | Title | Department |
| Years: 2001 to 2005 | Employer: Calyon (Credit Agricole) | Title: Director, Conduit Securitization Group | Department: |
Responsibilities:Expert was Senior Originator of Asset-Backed Commercial Paper Conduit securitizations. He was responsible for the origination of new generic and off-the-run securitizations across Calyon’s broad customer base. |
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| Years | Employer | Title | Department |
| Years: 1996 to 2000 | Employer: SG/SG Cowen | Title: Director, Asset-Backed Securitization Group | Department: |
Responsibilities:He was Senior Originator of Term (Private and Euro Market placed) and Asset-Backed Commercial Paper Conduit securitizations. He assumed responsibility for the origination, structuring and execution of new securitizations across a variety of asset types and industries. He was recruited to SG/SG Cowen by a former subordinate at Standard & Poor’s. |
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| Years | Employer | Title | Department |
| Years: 1995 to 1996 | Employer: PNC Securities Corp. | Title: Director, Asset-Backed Securitization Group | Department: |
Responsibilities:Expert was Lead Originator and Transactor of Asset-Backed Commercial Paper Conduit Program placed securitizations.• $250MM Revolving Student Loans Receivables Warehousing Facility for a large independent student loan finance company. This was PNC’s first student loan securitization. Lead Banker. • $90MM Sub-prime Automobile Loan Securitization (fully wrapped). Lead Banker. |
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| Years | Employer | Title | Department |
| Years: 1993 to 1995 | Employer: Chemical Securities Inc. | Title: Vice President, Securitization Group | Department: |
Responsibilities:Expert was responsible for (i) developing Chemical’s MACSYS business that established and administered stand-alone companies which finance the licensees, franchisees or distributors of major national brands and (ii) asset-backed origination and structuring in the media, telecommunications and technology industries. |
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| Years | Employer | Title | Department |
| Years: 1984 to 1993 | Employer: Standard & Poor's | Title: Director/Head of Asset-Backed Commercial Paper Group, 1986-1993 | Department: |
Responsibilities:In addition to management, Expert's responsibilities included (i) developing rating criteria for commercial paper conduits and new asset types (including transactions supported by high-yield bonds, franchise fees, vacation timeshare loans, and trade receivables) and (ii) rating transactions. Heavy involvement in the assessment of new transactions; lead analyst for the first S&P rated transactions supported by trade receivables, corporate loans, utility leases, insurance premium loans, franchise loans, vacation timeshares, and consumer debt on undeveloped land. Spoke frequently at S&P and outside-sponsored seminars. Achieved rapid promotions throughout S&P career from beginning as Ratings Analyst.Rating Officer, Letter of Credit Group, 1984-1986 Headed the Letter of Credit-Backed Commercial Paper sub-group. Previously analyzed industrial revenue bonds supported by bank letters of credit; analysis required intensive document review. |
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Career Accomplishments
| Associations / Societies |
|---|
| The American Bar Association – Associate Member – Section of Litigation The Structured Finance Industry Group, Inc. (“SFIG”) – Member |
| Licenses / Certifications |
|---|
| FINRA Series 6 – Investment Company Products Limited Representative FINRA Series 7 – General Securities Representative FINRA Series 24 – General Securities Principal FINRA Series 63 – Uniform Securities Agent Not currently registered with a FINRA firm |
| Publications and Patents Summary |
|---|
| Expert has a variety of publications. He has published 8 articles on ratings criteria, 18 articles on ratings analysis, and 2 articles on securitizations. He has had over 25 speaking engagements in the span of one decade. He also writes on these topics frequently on his blog. |
Additional Experience
| Expert Witness Experience |
|---|
| 1. Defendants. Retained by Plaintiff as a Consulting & Testifying Expert. Initial Expert Report submitted, Rebuttal Report submitted, testified under Deposition, case settled (with Defendant, Fortress Credit Corp., paying $35,000,000, and no admission of liability by either party) Other Expert Witness Experience Available Upon Request |
| Training / Seminars |
|---|
| 2008 January: 3rd Insurance Linked Securities Summit – New York (IQPC) - Structuring Mortality Bonds: Co-Presenter 2007 November: 13th Annual ABS East – Orlando (IMN) - The Equipment Leasing and Commercial Finance Sector: Panelist 2007 September: Property & Casualty Insurance Securitization – New York (Marcus Evans) - Securitization of mortality and longevity risk: Presenter 2007 April: Spring ABS 2007 – Miami Beach (IMN) -…Equipment Leasing/Commercial ABS Roundtable: Panelist 2007 April: Insurance & Risk-Linked Securities Conference – New York (SIFMA) - Understanding Catastrophic Mortality Risk: Panelist 2006 April: Pricing & Risk Management for Asset-Backed Securities – New York (IM) -Analyzing ABS Product Types: Lecturer 2006 March: 5th Annual Investor’s Conference on Equipment Leasing & Securitization –New York (IMN & ELA) -Funding Through Commercial Paper Conduits- An Issuer Perspective: Panelist 2004 October: The 10th Annual Investors & Issuer’s Summit on ABS – Boca Raton (IMN) -Timeshare Receivables - An Evolving Asset Class: Panelist 2004 February: The 9th Annual ABS West – Phoenix (IMN) -Timeshare Receivables - An Evolving Asset Class: Panelist 2000 December: Securitization of Consumer Finance – New York (SRI) - Charge It! Buying into Credit Card ABS: Panelist 2000 October: The 6th Annual Summit on Asset Secur. (“ABS East”) – Paradise Island (IMN) - Entertainment, Music & Intellectual…: Panelist - Timeshare…: Panelist 2000 July: Critical Issues in Asset-Backed CP Liquidity – New York (SRI) - …Syndication Strategies and Today’s Market in Liquidity…: Panelist 2000 March: The 3rd Annual Forum on Asset-Backed Commercial Paper – New York (SRI) - New Uses for Conduits…: Panelist 2000 February: The 5th Annual Summit on Asset Securitization – Phoenix (IMN) - Intellectual Property…: Panelist - imeshare Securitization: Panelist 2000 January: The 22nd Annual Sport Summit – New York (E.J. Krause) - Stadium financing in the New Millenium: Panelist 1999 October: The 5th Annual Summit on Asset Securitization (“ABS East”) – Bermuda (IMN) - Entertainer Royalty & Intellectual Property Securitization: Panelist - Timeshare Securitization: Panelist 1999 June: The 3rd Annual Summit on Global Asset Securitization – Montreaux (IMN) - Entertainment Royalty & Intellectual Property: Panelist 1999 May: 3rd Annual Summit on Emerging & Niche Asset Securitization – New York (IMN) - The Timeshare Securitization Market: Panelist - Entertainment Securitization: Co-Moderator 1999 March: Canadian Securitization Conference – Toronto (Insight) - Securitizing Show Business and Other Intellectual Assets: Speaker 1999 February: The 6th Annual Asset Securitization Symposium – Scottsdale (SRI) - …Securitization of Entertainment & Motion Picture Royalties: Moderator 1999 February: The 4th Annual Summit on Asset Securitization – Phoenix (IMN) Entertainment Securitization: Panelist 1999 February: The 1999 Lodging & Timeshare Law Summit – Chicago (Rudnick & Wolfe) - Timeshare Finance: Panelist 1999 January: 1999 January: Entertainment & Sports Finance & Securitization Forum – New York (IIR) -Examining the Size & Potential of the Entertainment Finance Market”: Co- Presenter 1998 November: Music and Motion Picture Revenues & Royalties Securitization – London (IMN) -…Securitization [of Music Royalties]: Panelist 1998 October: Music and Motion Picture Revenues & Royalties Securitization – Beverly Hills (IMN) -...Securitization In the Motion Picture Industry: Panelist 1998 July: The Issuers’ and Investors’ Workshop on A-BCP.. - New York (SRI) - …Why Start a CP Program: Co-Presenter 1998 May: Forum on Music & Motion Pictures Revenues & Royalties Securitization – New York (IMN) – …[Securitization in the Motion Picture Industry]: Panelist 1998 February: The Fifth Annual Asset Securitization Symposium – Scottsdale (SRI) - Innovations In the Auto Market: Auto Loan, Lease & Rental Car Securitization – Moderator |
Fields of Expertise
securitization, securities finance, structured finance, document review, forensic document examination, monoline bond insurance, rating agency, asset-backed security (ABS), mortgage-backed security (MBS), asset-backed commercial paper (ABCP), fiduciary duty, industry standard, due diligence, testimony, expert witness