Emerging Markets Investors Alliance, New York NY, 2024-present

Director, Legal Strategy

• Responsible for providing legal strategy advice to EMIA’s markets programs - proposed legal solutions, practical guidance, market education, and legal drafting/review

• Supported programs include EMIA’s Sovereign Debt Restructuring Campaign, its Enhanced Labeled Bond Standards, and its Innovative Sustainable Finance Campaign

Omni Bridgeway, New York NY, 2020-2024

Senior Advisor; Global Director of Distressed Debt

• Responsible for sourcing, diligencing, and implementing litigation funding and strategic advisory mandates for disputes and award enforcement/collection proceedings globally

• Invested matters include cases in the US, Brazil, Singapore, and Australia

• Responsible for developing innovative legal risk investment strategies, including distressed debt and defense-funding structures

• Key skills: (i) assessing client and law firm financing needs, (ii) modeling and designing investments, and (iii) negotiating, structuring, and documenting transactions

Morgan, Lewis & Bockius LLP [f/k/a Bingham McCutchen LLP and Hebb & Gitlin P.C.], New York NY, Singapore, Hartford CT, 1989-1994; 1995-2020

Partner – Creditors Rights and Government Advisory

• Global financial restructuring practice representing institutional investors in debt restructurings resulting from financial, political, or economic difficulties; heavy focus on sovereign debt

• Based on restructuring rules and practices in the US and other OECD countries, but often in matters where creditors’ rights were not well-defined or predictable, requiring deal creativity:

- East Asia following the Asian currency crisis of 1997 – Managed the firm’s Singapore office 1999-2003, with work in Indonesia, Malaysia, South Korea, and Thailand

- Western Europe following the global financial crisis of 2008 – Greece, Iceland, Ireland, the Netherlands, and Spain

- Latin America following regional insolvency law reform (2000 onward) and sovereign debt stress – Argentina, Barbados, Brazil, Dominican Republic, Ecuador, Grenada, Mexico, and Venezuela

• Material experience in US workouts and US litigation, including chapter 11 and chapter 15 bankruptcies

• Frequent advisor to governments on insolvency and debt restructuring law reform programs – Estonia, Indonesia, Kazakhstan, Latvia, Lithuania, Russia, and Thailand

• Participant in US Treasury, Paris Club, United Nations, Bank of England, and ICMA efforts to improve sovereign debt restructuring architecture

United States Department of Commerce, Washington DC, 1994-1995

Deputy Director, Office of the General Counsel, Commercial Law Development Program

• Managed technical assistance programs aiding Central and Eastern European countries in the transition from central planning to market economies

• Coordinated USAID funding of expert-led Commerce projects focused on trade and investment law, dovetailing with State and Treasury objectives

• Admitted to practice law in New York, Washington DC, and Connecticut

Emory University School of Law, Atlanta GA, 1986-1989

• Juris Doctor, Focus on International Law

Davidson College, Davidson NC, 1981-1985

• Bachelor of Arts, Cum Laude, German Literature

Philipps Universität, Marburg, Germany, 1983-1984

• Junior Year Abroad

Emerging Markets Corporate Debt Restructuring:

• Celpa/Rede. We advised bondholder creditors of these affiliated companies in connection with in-court Brazilian insolvency proceedings, and US chapter 15 ancillary proceedings.

• Dominican Republic hospitality company. We advised bondholder creditors in connection with a debt restructuring; several years later, we and Dominican Republic counsel advised bondholders in connection with a US and domestic litigation and enforcement strategy.

• Durango. We advised bondholder creditors in connection with a Mexican concurso proceeding, and US chapter 15 ancillary proceedings.

• Independencia. We advised bondholder creditors in connection with in-court Brazilian insolvency proceedings.

• Lupatech. We advised bondholder creditors in connection with in-court Brazilian insolvency proceedings.

• Malaysian Port project. We advised holders of bonds backed by the Port in connection with the threat from the Malaysian Ministry of Finance to support a bond default due to project management corruption suspicions; via discussion of litigation and sovereign reputation risk, we persuaded the Government to avoid default and to pay in full and on time.

• M&G Mexico. We advised M&G’s Mexican affiliates in connection their sister-companies’ US chapter 11 proceedings, including Mexican litigation analysis in anticipation of our clients’ own Mexican concurso proceedings.

• OAS. We advised bondholder creditors in connection with in-court Brazilian insolvency proceedings, and US chapter 15 ancillary proceedings. We deferred a material portion of our legal fees in the matter, pending a priority distribution from a sale of the company’s core asset, in exchange for an agreed doubling of the amount of the fees.

• Odebrecht. We advised a US securities litigation plaintiff in connection with in-court Brazilian insolvency proceedings, and US chapter 15 ancillary proceedings.

• Oi. We advised a material bondholder in connection with in-court Brazilian insolvency proceedings and the rights offering exit financing.

• Russian dairy company. We advised holders of CLNs backed by debt obligations of the Russian dairy company in an out-of-court restructuring.

• Samarco. We advised a major lender in connection with debt restructuring negotiations in the wake of a major dam burst in Brazil.

• Schahin/Lancer. We advised creditors secured by a Brazilian company-owned drillship in the enforcement of their claims against assets remaining in the underlying trust. Although ultimately not used, we and BVI counsel fully designed a solution based on a funded BVI liquidation proceeding and pre-packaged asset sale.

• Vitro. We advised the structured lender who financed settlement of the US litigation over the troublesome non-debtor discharge aspects of Vitro’s Mexican concurso plan.

Developed Markets Corporate Debt Restructuring:

• Australian mining company. We advised bondholders of an Australian mining company in connection with a restructuring that included issuance of subordinated hybrid instruments.

• Dutch offshore company. We advised bondholders of a Dutch-owned global geotechnical services company in connection with several rounds of debt restructuring, ultimately leading to the full payment of our clients’ obligations.

• Martinsa. We advised a group of non-Spanish creditors in connection with the Spanish insolvency proceedings of one of the country’s largest commercial real estate developers.

• Oakwood. We advised holders of disallowed bankruptcy claims in connection with the appeal of their disallowance, ultimately leading to the re-allowance of the claims and full-pro rata sharing in all distributions. We invoiced at discounted rates in this matter in exchange for a share of the client’s plan distribution receipts.

• Pearl Group (n/k/a Phoenix Group). We advised the London-based holders of capital securities issued by the UK’s Pearl Group (n/k/a Phoenix Group) in connection with a debt restructuring exercise that respected creditors’ contractual priorities, against a backdrop of UK litigation.

• Refco. Legal counsel to the chapter 11 trustee of Refco Capital Markets in connection with settlement of customer priority disputes and confirmation of chapter 11 plan.

• Takata. We advised holders of bonds issued by the Japanese parent company on the inclusion of a catch-up provision in the in-court proceeding’s restructuring plan, to ensure fair treatment for unsecured creditors under Japanese insolvency law.

Stressed Financial Institutions – Global Financial Crisis:

• HSH Nordbank. We advised investors who were considering HSH Nordbank in the face of reforms to German and EU reform of bank resolution laws.

• Icelandic banks. We advised creditors committees of several of the Icelandic banks that were insolvent in the global financial crisis, in connection with the design and implementation of debt restructuring schemes based on Icelandic and EU litigation analysis.

• Irish banks. We advised a group of holders of capital instruments issued by insolvent Irish banks in the global financial crisis in their negotiations with the Irish Department of Finance.

• Lehman Brothers. We were lead legal counsel to holders of structured investments in connection with their waterfall flip litigation in the Lehman bankruptcy proceedings.

Expropriation Compensation:

• Fertinitro. We advised Fertinitro’s bondholder creditors in their negotiations with Venezuela over compensation for the expropriation of Fertinitro’s assets, based on US litigation analysis; Venezuela paid the bondholders par, plus accrued interest, plus partial make-whole.

• Petrozuata. We advised Petrozuata’s bondholder creditors in their negotiations with Venezuela over compensation for the expropriation of Petrozuata’s assets, based on US 4 litigation analysis; Venezuela paid the bondholders par, plus accrued interest, plus partial make-whole.

• Sidetur. We advised holders of bonds issued by Sidetur, whose assets Venezuela expropriated, including in pending US litigation to achieve judgment on the debt claims.

• YPF. We advised a stakeholder in the financed compensation litigation brought by Petersen against Argentina in connection with US litigation and appeals processes.

Emerging Markets Structured Finance:

• Bayport. We advised the junior debt investor in a structured financing backed by payroll loans to Colombian Government officials.

• Credijusto. We advised the investors in a structured financing backed by equipment leases of a Mexican leasing company.

Sovereign Debt Restructuring:

• Barbados. We were lead legal counsel advising a group of holders of Government lease-backed certificates in connection with Barbados’ sovereign debt restructuring and IMF program.

• Belize. We advised a material holder of Belize’s external bonds in connection with sovereign debt litigation/enforcement analysis and assessment of a debt restructuring proposal.

• Dominican Republic. We advised a committee of holders of the Dominican Republic’s sovereign bonds in connection with a sovereign debt restructuring.

• Ecuador. We advised a large holder of Ecuador’s sovereign bonds in forming and executing a collection strategy in the wake of Ecuador’s declaration of the illegitimacy of its external bond debt.

• Greece. We advised a holdout group of holders of Swiss law bonds who rejected the debt restructuring proposal, and who were then paid in full and on time.

• Grenada. We advised the committee of Grenada’s external bondholders in connection with the sovereign’s external debt restructuring.

• Venezuela/PDVSA. We advised numerous holders of bonds and other claims against Venezuela and PDVSA in connection with their legal rights and remedies.

Sovereign Debt Litigation:

• Argentina. We were lead legal counsel to “me too” foreign law and New York law holdout bondholders in pursuit of their pari passu rights in the US courts.

• Grenada. We advised the committee of Grenada’s external bondholders in connection with pari passu litigation brought against Grenada by Taiwan’s Export Import Bank.

• Province of Buenos Aires. We were legal counsel to holdout bondholders in pursuing their claims in litigation in German courts.

• Venezuela. We were legal counsel in enforcing against Venezuela (and PDVSA) an ICSID arbitral award in favor of Owens Illinois in respect of Venezuela’s expropriation of Owens’ Venezuelan facility.

Sovereign Financing:

• Seychelles. We advised the investors in Seychelles’ debut sovereign “Blue bond”, designed to promote sustainable oceans and marine life.

• Suriname. We were lead legal advisor to Suriname in connection a number of its external bond issuances.

Litigation Funding Matter Examples:

• Credit Suisse Forced Acquisition. We diligenced and book-built an investor-state arbitration against Switzerland seeking damages for Switzerland’s regulatory write-down of Credit Suisse’s AT1 capital instruments as part of UBS’s acquisition of Credit Suisse.

• Singapore trade insurance claim. We funded Australian litigation against insurers on account of unpaid claims under trade credit insurance policies.

• United States investor fraud. We funded United States litigation for defrauded investor class action opt-outs against fund managers and unaffiliated fund service providers.

• Brazilian insolvency estate. We agreed to fund and manage global enforcement and collection efforts against the principals whose fraud caused the insolvency, and who have removed their assets to Europe and North America.

Innovative Legal Risk Investment Strategies:

• Defense funding. I designed a settlement-focused structure to enable litigation funding for defendants, which we have rolled out in Europe.

• Distressed debt investing. I designed and launched a distressed debt investment vehicle within our registered investment advisor, for the purpose of acquiring debt positions globally and managing them through workouts and insolvency proceedings.

• Securitization structure. I advised on the origination and structuring of a securitization vehicle to foster institutional investment in illiquid arbitration awards against sovereigns.

Industrial Leadership Roles:

• Law firm litigation finance training. I organized and co-led litigation finance CLE programs for New York litigation law firms.

• INSOL International Financiers’ Group Committee. I am a member of this leadership committee, on behalf of the litigation finance industry, which is the INSOL organization dedicated to the interests of financial institutions in cross-border insolvency matters.

• INSOL International Latin America Committee. I am also a member of this leadership committee, which is dedicated to INSOL’s growth and learning throughout Latin America.

Columbia Law School, Acquisition Finance Course, New York NY, 2023 and 2024

• Guest Lecturer, Artificial Intelligence in the Practice of Law

New York University School of Law, Acquisition Finance Course, New York NY, 2024

• Guest Lecturer, Artificial Intelligence in the Practice of Law

INSOL International, Financiers’ Colloquium, San Diego CA, May 2024

• Speaker, Third Party Releases

INSOL International, Financiers’ Colloquium, London, England, June 2022

• Speaker, Our Changing World – ESG Considerations

INSOL Latin America Virtual Webinar, New York NY, March 2022

• Panel Chair, International Dispute Funding in Latin America

Bank of America Merrill Lynch, Client session during IMF meetings, Washington DC, October 2019

• Speaker on Argentina sovereign bond restructuring

INSOL International, Annual Regional Conference, New York NY, April 2018

• Speaker on Venezuela, panel on Latin American Turmoil

American Bar Association, Section of International Law, New York NY, April 2018

• Speaker on Chapter 15, panel on Pursuing US-Based Assets in Cross Border Insolvency

Emerging Markets Trading Association, New York NY, January 2018

• Speaker, panel on Venezuela: The Path Forward

Co-author, The Cayman Islands Confirms its Commitment to Disputes Funding, Omni Bridgeway Blog (2021).

Author, Creditor Committees in Sovereign Debt Restructurings: Understanding the Benefits and Addressing Concerns, chapter 9 of Guzman, Ocampo, and Stiglitz, Too Little, Too Late: The Quest To Resolve Sovereign Debt Crises (Columbia 2016). [Precursor paper here.]

Co-author, ICMA Publishes Updated Model Sovereign Bond Clauses, Morgan Lewis LawFlash, (2015).

Co-author, Necessity Trumps Law: Lessons from Emerging Markets for Stressed Developed Markets, INSOL International (2013).

I believe the following examples of innovation from my life and career demonstrate creativity:

• In 1978, as a young student, I built an Altair 8080 desktop computer system – one of the first of its kind – and deployed it in a university chemistry laboratory.

• During 1990-1995, I provided commercial legal and transition training to post-socialist governments in Europe (Albania, Bulgaria, Estonia, Latvia, Lithuania, Romania, and Russia).

• In 1995, I automated the travel voucher process in our Commerce Department office.

• During 1999-2003, I managed a large US law firm's Singapore office completely remotely.

• In matters in 2005, 2016, and 2017, I pioneered my law firm's use of alternative (contingency) fee arrangements in litigation and insolvency matters.

• In 2010, I negotiated and implemented the first-ever scheme of arrangement for bankrupt Icelandic bank Straumur.

• In 2013, I negotiated and implemented the process for foreign bondholders to be able to vote in connection with Brazilian insolvency proceedings.

• During 2014-2016, I participated in multiple IMF, US Government, and ICMA discussions leading to bond contractual improvements for sovereign debt restructurings.

• In 2015, I negotiated and implemented new natural disaster relief clauses for sovereign debt contracts.

• During 2018-2020, I launched targeted programs to deploy market and law firm data for opportunity identification and project budgeting.

• During 2021-2024, I designed entirely new litigation and legal risk investment products for introduction to the market.

• Starting in 2024, I have served on the advisory board of Canotera, which is focused on AI-driven litigation prediction.