David Thatch | White & Case LLP International Law Firm, Global Law Practice
David Thatch
David Thatch

David Thatch

Partner, New York

T +1 212 819 8342

T +1 212 819 8200

E dthatch@whitecase.com

in LinkedIn profile

David Thatch’s clients describe him as having “an aptitude for esoteric securitization and complex restructuring which compliments his ‘incredible practicality’ and combined legal knowledge and business sense[,]” and commend his ability to “resolve issues in a commercial manner that works for all parties.”

Chambers USA, 2014

Overview

A partner in White & Case's Capital Markets Practice, David Thatch focuses on securitizations and is a structured finance specialist known for his out-of-the-box thinking, commercial acumen and practical advice. Recently, David’s concentration has been on the increase in regulatory risk in structured finance, as clients navigate new legal landscape in the wake of the recent concentration of government power in regulatory agencies.

David is in his element when faced with novel structuring issues. Whether solving asset isolation challenges, limiting bankruptcy risks or structuring to manage regulatory risk post credit crisis, he thrives on assisting clients in complex transactions where he can combine his practical approach to their needs with his creative ingenuity and his first-principles approach to law. David's practice is built around complex special lending situations and workouts and in esoteric or non-traditional securitizations, including whole business securitizations, intricate multi-issuance platforms and securitizations involving risks that go beyond traditional financial assets. With over 15 years of experience in finance, funds and securities, he has earned an excellent reputation working with leveraged investment funds and currently has an extremely active collateralized loan obligation (CLO) practice.

David's client base includes market leading institutions in CLOs and other top financial institutions, as well as various asset manager clients and corporate clients.

Bars and Courts

  • New York State Bar

Education

  • JD, Rutgers School of Law
  • BS, Rutgers University

Languages

  • English

Experience

Esoteric/Multi-Issuance Representations of Note:
Implementation of Securitization Program for Wendy's Funding LLC

Representation of Guggenheim Securities LLC, as lead initial purchaser, along with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC and Rabo Securities USA, Inc., as the co-managers, in the issuance and sale under a whole business securitization by Wendy's Funding, LLC, a newly formed special purpose vehicle subsidiary of The Wendy's Company, of US $2.275 billion of notes.

Implemented IP and licensing securitization program for Iconix, 2012

Representation of Iconix Brand Group, Inc., the public owner and licensor of well-known iconic brands, in all aspects of its securitization program of its intellectual property (IP) and licensing revenue. The securitization program was established in 2012 and ranked as "Standout" in the 2013 Financial Times US Innovative Lawyer awards.

First involuntary pre-packaged bankruptcy case, Zais, 2012

Representation of funds managed by Anchorage Capital Group, as majority senior noteholders, in petitioning creditors/plan proponents of Zais Investment Grade Limited VII ("Zais VII"), a collateralized debt obligation (CDO) squared, in Zaiz VIIs' bankruptcy case. This is the first involuntary pre-packaged bankruptcy case, as well as the first use of chapter 11 to unwind a CDO in a bankruptcy court. The restructuring ranked as "Stand-out" in the 2012 Financial Times US Innovative Lawyer awards.

Whole business timber securitization, Oxbow, 2011

Representation of Barclays Capital Inc., as initial purchaser and placement agent, and American AgCredit, FLCA, in the first-of-its-kind issuance of secured notes for a whole business timber securitization. The transaction ranked as "Highly Commended" in the 2011 Financial Times US Innovative Lawyer awards.

Most recent activity in the CLO Market:

Representation of JP Morgan Securities in connection with Babson CLO Ltd. US$512 Million Collateralized Loan Obligation Note Issuance (JP Morgan Securities as Placement Agent, 2015).

Representation of JP Morgan Securities in connection with Anchorage Capital CLO 6, Ltd. US$570 Million Collateralized Loan Obligation Note Issuance (JP Morgan Securities as Placement Agent, 2015).

Representation JP Morgan Securities in connection with OHA Loan Funding US$656 Million Collateralized Loan Obligation Note Issuance (JP Morgan Securities as Placement Agent, 2015).

Representation JP Morgan Securities in connection with OHA Loan Funding US$656 Million Collateralized Loan Obligation Note Issuance (JP Morgan Securities as Placement Agent, 2015).

Representation of Deutsche Bank Securities, Inc. in connection with Dorchester Park CLO Ltd. US$509.44 Million Collateralized Loan Obligation Note Issuance (Deutsche Bank Securities, Inc. as Initial Purchaser, 2015).

Speaking Engagements

March 12, 2015: JP Morgan Securitized Products Research Conference

December 12, 2014: Bank of America Merrill Lynch Regulatory Conference

Awards & Recognition

Ranked Securitization Lawyer, Chambers USA, 2011-2015

Chambers USA, 2015

"They're commercial, highly responsive, get the deal done on time and they're highly sensitive to any changes that might be needed from deal to deal." "They're absolutely outstanding both in their technical expertise and understanding of the commercial terms of transactions." "David Thatch is "extremely commercial and he delivers the best product possible."

Legal 500, 2015

"Led out of New York by the 'superb' David Thatch, White & Case LLP's three-partner team is 'excellent across the board' and displays 'superior knowledge' in transactions involving the securitization of esoteric assets, workout situations and CLOs. Underwriters and managers appreciate the firm's 'thoughtful approach' to CLO transactions which extends to 'thought leadership' on key regulatory changes impacting the sector."

Chambers USA, 2011

"Clients praise his ability to 'resolve issues in a commercial manner that works for all parties'", and describe him as having "an aptitude for esoteric securitization and complex restructuring which compliments his 'incredible practicality' and combined legal knowledge and business sense,"

Iconix - "Stand-Out" transaction, 2013 Financial Times Innovative Lawyer Awards

Zais (Zing VII) bankruptcy, "Stand-Out" transaction, 2012 Financial Times Innovative Lawyer Award

Oxbow – "Highly Commended" transaction, 2011 Financial Times Innovative Lawyer Award