Over the last decade, Maslon has developed a specialized practice representing financial institutions in the corporate trust field. Maslon's Financial Services Group regularly provides advice regarding the rights and duties of corporate trustees under indentures, trust agreements, and other corporate trust instruments in a wide variety of situations including litigation. Our experience covers indentures subject to the Trust Indenture Act, statutory trusts, or trusts established under state law.
With respect to corporate issuances, we have experience with senior and subordinated notes and convertible securities. We also represent trustees in municipal bonds and certificates of participation transactions. Our experience also extends to providing advice in connection with structured financings including CDOs, and other asset-backed debt securities issued by special purpose entities involving different types of collateral including aircraft leases, residential mortgage loans, and commercial mortgage-backed securities.
We regularly provide post-default representation to trustees who are subject to a "prudent person" standard of care. This representation extends to Chapter 11 and Chapter 9 bankruptcy proceedings as well as out-of-court debt restructurings involving tender offers, investor consents, or judicial instructions. Our attorneys also frequently participate on unsecured creditors’ committees in significant Chapter 11 corporate bankruptcy reorganizations, working closely with counsel to the creditors' committee and financial advisors in structuring and evaluating plans of reorganization, and other issues on behalf of bondholders. We help our clients seek and obtain post-Chapter 11 trusteeships relating to the liquidation of bankruptcy assets for the benefit of noteholders and other creditors. As a result of our regular work for corporate trustees we are also asked to represent note and bond investors. We are also very familiar with mechanical issues relating to the issuance of debt securities through The Depository Trust Company (DTC) and in using the DTC indirect holding system effectively.