Alston & Bird has formed a multidisciplinary taskforce comprising 50 partners to assist U.S. clients with issues resulting from the credit crunch. The subprime taskforce is made up of attorneys from across the firm who specialize in financial litigation, securitization, class actions, finance, insurance coverage disputes, real estate, bankruptcy, workouts, structured products, retirement plans, banking regulation and derivatives. The group is headed by Brian Cox, whos is a finance partner from the law firm's Charlotte office, as well as John Latham, a securities litigation partner in the Atlanta office. The firm's release said that contacts in the New York office are Gary Roth, a partner in the financial services group, as well as Michael Johnson, a litigation partner.
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To keep cash flowing to the notes, the deal's senior notes have an interest reserve account covering three months' worth of class A note interest payments and fees.
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Classes A-1FCF through A-1F will repay noteholders on a pro rata basis, while classes A2 through B3 will be repaid sequentially.
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Last week's bond market turmoil continued leading up to the FOMC decision on Wednesday, pushing the 30-year fixed to near or over 7%, depending on the source.
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The Elliot-backed manager doubles down on research and expertise to confront market challenges, including tight arbitrage and a looming 2028 debt maturity wall.
September 17 -
Federal Reserve Chair Kevin Warsh framed the central bank's move to increase interest rates as a moderate adjustment to rapid economic growth during his post-Federal Open Market Committee press conference.
September 16 -
The market initially showed relief after the initial confirmation of an anticipated inflation-fighting hike but discussion of a future raise renewed concern.
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