Expert Details

Expert in Structured Finance, Securitization, ABS, SPVs, MBS, Due Diligence

Expert ID: 732648 New Jersey, USA

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He is an expert banker with over 30 years of comprehensive and diversified structured finance experience and expertise in credit, origination, structuring, and rating. He has expertise in Asset-Backed Securities (ABS), Mortgage-Backed Securities (MBS), bank warehousing lines, Asset-Backed Commercial Paper (ABCP), and other structured products. He has a broad breadth of experience and expertise across consumer and commercial assets, extensive experience with the securitization of esoteric assets, and wide involvement in corporate lending.

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.

Expert may consult nationally and internationally, and is also local to the following cities: New York, New York - Yonkers, New York - Newark, New Jersey - Jersey City, New Jersey - Paterson, New Jersey - Elizabeth, New Jersey - Bridgeport, Connecticut - New Haven, Connecticut - Hartford, Connecticut - Philadelphia, Pennsylvania

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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 Responsibilities
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.

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

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