Kenneth P. Morrison

Ken has handled a wide range of transactions, including:

Operating Asset Securitizations

• Camillo Properties’ issuances of term notes backed by pools of single family rental housing properties
• Fairway Media Group’s issuance of term notes and a VFN backed by billboard assets
• InSite Wireless’s issuance of term notes backed by U.S. and Canadian cellular towers and distributed antenna systems
• Unison Site Management’s issuances of VFNs and term notes backed by cellular sites
• Monitronics International’s issuance of term notes and VFNs backed by security alarm systems
• LV Tower’s issuance of term notes backed by unsold timeshare inventory

Real Estate Asset Classes

• Ally Bank’s sales to Ocwen Loan Servicing and Quicken Loans of an aggregate of over $120 billion of mortgage servicing rights (MSRs) for residential mortgages serviced on behalf of Fannie Mae and Freddie Mac

• Master repurchase agreements for residential mortgage loans, commercial mortgage loans and mortgage-related securities

• Warehouse financing facilities for MSRs related to Fannie Mae, Freddie Mac, Ginnie Mae and private label mortgage pools

• Warehouse and term financings for timeshare receivables

• Warehouse and term financings for commercial real estate assets such as cellular towers, cellular site leases and billboards

• Servicing agreements for conforming loans, prime and subprime RMBS and non-performing loans

Auto Asset Classes

• Over 100 ABS offerings representing auto and truck finance companies such as Ally Financial Inc., Ally Bank, Carmax, Inc., Triad Financial Corporation, World Omni Financial Corp. and Navistar Financial, backed by pools of:
  • retail auto or truck loans
  • dealer floorplan loans
  • leases of vehicles

• Dozens of securitized warehouse facilities and other borrowings from banks and ABCP conduits backed by retail, lease and floorplan assets

Marketplace Lending

• Loan sale programs for platform agents and originators

• Platform agreements between program agents and originating banks

• Securitizations by third party loan purchasers

• Warehouse and term issuance facilities for originators

Other Asset Classes

• Securitizations of MasterCard, VISA and private label credit card receivables sponsored by banks and retailers

• Transactions funding many specialty asset classes, including premium finance loans, security alarm contracts, structured settlements, franchise revenues, health care receivables, film slates and insurance commissions

• “Ring-fencing” arrangements for several companies involved in the energy sector, designed to enhance the creditworthiness and separateness of individual members of corporate families, through the use of bankruptcy remoteness protections and the delivery of non-consolidation opinions

• The sale by General Motors of a 51 percent interest in GMAC to a private equity group led by Cerberus Capital Management

• Counsel to ABCP conduits in transactions financing pools of equipment leases, insurance premium finance agreements, trade receivables, franchise loans and other assets

Trade Finance

• Represented two major financial institutions in structuring separate vendor finance programs operated through an electronic platform for the posting and sale of obligations owing from vendors’ customer

• Represented sponsor of an online exchange established to facilitate electronic auctions of trade receivables

• Counseled companies on terms involved in factoring facilities for trade receivables, including provision of true sale opinions