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Insolvency, Creditors' Rights & Financial Products Alert >> Challenges to Marketplace Lending Structures May Ultimately Impact Securitizations - Alert - 06/23/2016

The ripple effects of the Second Circuit’s decision Madden v. Midland may soon reach ABS backed by loans issued through marketplace lenders that use a bank origination model. Should performance of such securitizations suffer, history suggests lawsuits by and on behalf of investors will follow. At this time, both investors in and issuers of ABS backed by marketplace lending loans should consider actions to protect their respective interests going forward, including review of the representations and warranties made by lenders and issuers in existing deals and evaluation of their approach and criteria for future investments and transactions.

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Insolvency, Creditors' Rights & Financial Products Alert >> Proposed Amendments to the Bankruptcy Code Could Adversely Affect Student Loan Securitizations - Alert - 06/02/2016

The historically lender-friendly aspects of student loans that have attracted so many new players to the market and investors in SLABS may be negatively impacted by proposed legislation aimed at student debt relief. At this time, both investors in and issuers of SLABS should consider actions to protect their respective interests going forward, including review of the representations and warranties made by originators and issuers in existing deals and evaluation of their approach and criteria for future investments and transactions.

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Insolvency, Creditors' Rights & Financial Products Alert >> Opportunities Exist for Purchasers in Chapter 11 Bankruptcies, but Risks Remain - Alert - 02/03/2016

A 363 sale can present a great acquisition opportunity for potential purchasers. Under section 363 of the Bankruptcy Code, a purchaser can acquire substantially all of a debtor’s assets free and clear of any claims or interests and be confident that the bankruptcy court’s approval of the sale will not be overturned on appeal. Despite these benefits, however, purchasers should be wary of potential successor liability claims and consult with counsel to determine how best to minimize such risks.

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Insolvency, Creditors' Rights & Financial Products Alert >> Regulations Targeting Auto Lending May¬†Ultimately Increase Litigation Related¬†To¬†Securitizations - Alert - 01/26/2016

The run-up in subprime auto lending and securitizations is reminiscent of pre-financial crisis trends in the subprime residential mortgage market, which has resulted in significant litigation. This time around, regulations aimed at curbing abuses may contribute to a new wave of litigation involving auto loan securitizations.

At this time, both investors and sponsors should consider actions to protect their respective interests going forward, including review of representations and warranties made by originators and sponsors and examining auto loan financing processes of originators for compliance with applicable laws.



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