DLA Piper has hired Ronald Borod and Jonathan Black as partners at the firm's corporate and finance practice.
Borod was formerly chair of Brown Rudnicks structured finance group, where Black was also a partner. Borod and Black organized their prior firms structured resolution group in early 2008. Through this group, they advised clients on arbitrage and repackaging strategies for structured and securitized products.
The repackaging and restructuring of distressed CMBS, CDOs, ABS and CLOs. is expected to result in the one of the largest transfers of assets in history. At DLA Piper, Borod and Black will counsel clients on the development and implementation of new structures for securitization programs, aiming to capture new value from these distressed assets.
Borod was previously chair of Brown Rudnicks structured finance group and the structured resolution group, which was created to address issues resulting from the lack of liquidity created by the subprime crisis. He has represented issuers and underwriters in a variety of ABS deals and is experienced in structuring innovative formats for securitizing new classes of assets. He developed the first national credit tenant lease finance program comprised solely of credit tenant leases and also designed and executed securitized credit leases programs to provide construction and permanent financing for two national retail companies. Borod was also the architect of and serves as issuers counsel and program advisor for a national program that securitizes legal fees awarded as a result of the 1998 settlement of the states litigation against the tobacco industry.
Borod serves on the advisory board of BNA Tax Management, the nationally recognized tax service published by the Bureau of National Affairs, and is also a member of the International Securitization & Structured Finance Report editorial advisory. He teaches a course on securitization and structured finance as an adjunct professor at the Boston University School of Law.
Black was also a member in the structured finance and structured resolution groups at Brown Rudnick. His practice includes representing institutional real estate investors, real estate advisors and companies holding real estate in a broad array of corporate and tax structured transactions as well as in all areas of general commercial real estate. He focuses on limited liability structuring and sales and acquisitions of membership interests in limited liability companies holding real estate.
"The economic crisis has caused a historic dislocation in the capital markets, and many companies are looking to unlock value from distressed assets. Our approach is to follow our clients and execute a fluid strategy that responds to current industry and economic conditions, and follows pools of capital and their velocity. Ron and Jonathan significantly enhance our ability to identify, analyze and execute on restructuring opportunities within the distressed capital markets, and we see this as a tremendous asset, said Roger Meltzer, global chair of DLA Pipers corporate and finance practice. These partners are known for their creativity and innovation in structured finance, and they bring sophisticated thought leadership in an area where we see significant opportunities for clients. Their move is the latest step in our strategy to grow our leading global Corporate and Finance practice.
In addition to their broad base of client contacts and relationships, Ron and Jonathans complex transactional experience in the capital markets will be invaluable as we continue to grow and diversify the practice, added Elliot Surkin, managing partner of DLA Pipers Boston office. We are excited about the opportunities that these two exceptional lawyers bring to our clientele in Boston, New York and abroad.