Mayer Brown has been enlisted by Neville Kahn, Nicholas Dargan and Mark Adams from Deloitte and Touche to act for them as joint receivers of the SIV Golden Key, which is currently in receivership. Mayer structured finance partner Stephen Day as well as restructuring partner Ashley Katz are heading the Mayer Brown team. This is the most recent in a string of instructions for Mayer Brown related to SIV establishment and restructuring, according to a release from the law firm. These include Carrera Capital Finance, Rhinebridge, Cheyne Finance and the Master-Liquidity Enhancement Conduit (MLEC), among others.
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Mayer Brown announced this week that Richard Todd and David O'Connor joined its banking & finance group in London as partners.
SIV Decision Sets Precedent
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Cheyne Finance Finds Other Hero
While details of bailout structures, such as the U.S.-based M-LEC, or Super SIV, have been slow to surface, problems persist on the SIV front. The latest casualties come via the London-based hedge fund manager Cheyne Capital’s Cheyne Finance SIV, which declared a default last week just as IKB’s Rhinebridge entered into enforcement. Cheyne’s paper problems […]