Rarely would a panel of four lawyers talking about securitization be considered lively, but last week's Sunset Seminar on offering reform hosted by the American Securitization Forum, managed to be just that. The panel, moderated by Thacher Proffitt & Wood partner Stephen Kudenholdt, featured Richard Careaga, senior counsel for Washington Mutual, Chad Eisenberger, director and counsel for UBS and Jordan Schwartz, partner Cadwalader, Wickersham & Taft.

The panel discussed the Securities & Exchange Commission's recently published reforms to the securities offering process, a 468 page document that still has yet to be digested by a majority of industry participants, and how those reforms will affect structured finance. Kudenholdt kicked off the discussion by announcing that he had bet his fellow panelists that the first of them to refer to the 468-page document would owe the others a beer at the reception afterward.

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