“As we continue to expand the firm’s bankruptcy and restructuring capabilities, David will be a tremendous asset to our clients, enhancing both our testimonial and advisory capabilities,” said Brattle President & Principal Dr. Torben Voetmann. “With his breadth of experience working on contentious, high-profile disputes, David is a wonderful addition to the Brattle Bankruptcy and Restructuring team and our firm more broadly.”

Mr. Prager specializes in bankruptcy and restructuring matters and corporate value and solvency disputes. He has consulted on or testified in a number of high-profile bankruptcies and restructurings, including those of Enron, Lehman Brothers, Archegos, Adelphia, Energy Future Holdings, Puerto Rico, Detroit, Syncora, and Tribune. Topics of his services have included formulations of reorganization plans, evaluations of value allocations and reasonableness of projections, and the resolution of complex capital structures.

As a financial advisor, Mr. Prager has supported both creditors and debtors in major corporate and municipal restructurings, and served in interim C-suite roles, including at The PMI Group and Syncora Guarantee. He also has expertise in fraudulent conveyance actions and forensic and trading investigations.

“Brattle’s proven commitment to quality, incisiveness, and collaboration is a perfect match for the restructuring and testimonial services I provide in matters featuring a high degree of complexity,” said Mr. Prager. “I look forward to working with my new colleagues to solve complex financial restructurings, corporate valuation disputes, and related financial matters.”

Prior to joining Brattle, Mr. Prager was a Managing Director at a global financial and risk advisory firm. He previously focused on restructuring and complex financial litigations at a financial advisory firm.

To learn more about Mr. Prager, see his full bio.

The post The Brattle Group Welcomes David W. Prager as Principal and Co-Leader of its Bankruptcy & Restructuring Practice appeared first on Brattle.

In a new article for Law360, Brattle Principal Ioannis Gkatzimas, Senior Associate Ryan Leary, and Research Analyst Musa Isani discuss how these outstanding contracts could be the subject of potential legal disputes, including in circumstances where contracting parties have differing preferences for which reference rate should replace USD LIBOR. The authors explore the challenges associated with contracts lacking clear transition paths and the different types of disputes that could arise, and detail how expert economic analysis will be invaluable in helping litigators and their clients navigate such conflicts. The article is related to a Brattle white paper published by the authors, “From USD to LIBOR: A Look at LIBOR’s Exit, SOFR’s Ascendance, Emerging Alternatives, and Economic Considerations for Litigation.”

The article, “Economic Considerations for Potential Litigation in the USD LIBOR Transition,” is available below.

View Article

The post Brattle Consultants Explore Economic Considerations for Potential Litigation in the USD LIBOR Transition appeared first on Brattle.

The lawsuit involved euro-denominated securities that were issued by Argentina in 2005 and 2010 and governed by a contract between the South American country and four institutional and corporate investors: Palladian Partners LP, HBK Master Fund LP, Hirsh Group LLC, and Virtual Emerald. The funds alleged that Argentina rebased published GDP in order to avoid paying extra sums dependent on the country’s GDP growth.

Quinn Emanuel Urquhart & Sullivan retained Brattle on behalf of the plaintiffs, and the Brattle team provided analyses concerning the provisions in the securities and the interest owed to bondholders. Mr. Caldwell testified at trial.

To learn more, read Brattle’s full case highlight.

The post Brattle Clients Awarded €1.33 billion in GDP-Linked Securities Dispute with Argentina appeared first on Brattle.

In a new white paper, Brattle Principal Ioannis Gkatzimas, Senior Associate Ryan Leary, and Research Analyst Musa Isani examine the transition away from USD LIBOR in the US market, detailing USD LIBOR’s downfall and the emergence of its recommended replacement, the Secured Overnight Financing Rate (SOFR). They also discuss a few market-based alternatives to SOFR, the initiatives and legislation designed to address challenges associated with the USD LIBOR transition, and the economic considerations for potential litigation that could arise related to the transition.

The full white paper, “From USD LIBOR to SOFR: A Look at LIBOR’s Exit, SOFR’s Ascendance, Emerging Alternatives, and Economic Considerations for Litigation,” is available below.

View White Paper 

The post Brattle Consultants Examine LIBOR Transition in US Markets and Economic Considerations for Potential Litigation in White Paper appeared first on Brattle.

The winners of the 2022 Brattle Group Prize in Corporate Finance are:

First Prize, $25,000: Andreas Fuster, Paul Goldsmith-Pinkham, Tarun Ramadorai, and Ansgar Walther
Predictably Unequal? The Effects of Machine Learning on Credit Markets
The Journal of Finance, February 2022

Distinguished Paper, $10,000: Asaf Bernstein
Negative Home Equity and Household Labor Supply
The Journal of Finance, December 2021

Distinguished Paper, $10,000: Isaac Hacamo and Kristoph Kleiner
Forced Entrepreneurs
The Journal of Finance, February 2022

The Brattle Group has funded this annual award for more than 20 years. These prizes are presented at the AFA’s annual meeting, and this year’s awards were announced at the AFA’s Annual Meeting 2023, which took place January 6–8 in New Orleans, LA. All papers published in issues of The Journal of Finance from the first five issues of the given year, and December of the previous year, are eligible. We congratulate the winners on their achievements!

View a complete list of past winners

More about the AFA

The post American Finance Association Announces 2022 Recipients of The Brattle Group Prizes in Corporate Finance appeared first on Brattle.

Prompted by discussions among policymakers and market participants about how to strengthen the resiliency of the US Treasury (UST) market, the survey was designed to gather feedback on the legal, operational, regulatory, and policy issues associated with the clearing of UST securities and repos. Various market participants – including dealers, asset managers, and brokers – were asked about their views on additional central clearing, including potential benefits and concerns. While most respondents were generally supportive of clearing, opinions varied based on the different types of respondents, suggesting additional research on the costs and benefits of additional clearing is warranted.

The report is the latest in a series of Brattle-prepared reports for ISDA as the private trade organization continues to help guide the transition away from the London Interbank Offered Rate (LIBOR) and solicits information from market participants about emerging areas of market and regulatory interest. The current report was supported by a Brattle team including Principals Ioannis Gkatzimas and Torben Voetmann, Senior Associate Nguyet Nguyen, and Associate Jacob Pastor.

See the full report, “Summary of Responses to the 2022 ISDA UST Survey,” below.

The post ISDA Publishes Brattle-Prepared Summary Report on US Treasury Clearing appeared first on Brattle.

Dr. Goldstein will also continue in his capacity as Professor of Finance at Babson College, where he holds the Donald P. Babson Chair in Applied Investments. He specializes in examining the structure of equity and bond markets and does work in climate change, dividend policy, asset pricing, real estate, and privatization.

We wish Dr. Goldstein all the best in this new role.

The post Brattle Congratulates Academic Advisor Dr. Michael Goldstein on Appointment as Secretary/Treasurer of the Financial Management Association appeared first on Brattle.

“These talented individuals provide in-depth expertise to a vast array of clients on matters related to financial services, energy, tax, and more,” shared Brattle President & Principal David Sunding. “In addition, they have made exemplary contributions to mentoring and developing their colleagues, and truly demonstrate the exceptional leadership pipeline we are fortunate to have at the firm.”

Our new Principals:

• Hollie Mason | Practice Leader: Broker-Dealers & Financial Services | Chicago
  An attorney with more than 15 years of experience in the financial industry, Ms. Mason provides expert testimony and consulting services concerning securities litigation and enforcement matters. She has deep knowledge of Financial Industry Regulatory Authority (FINRA) and Securities & Exchange Commission (SEC) rules.
• David McKnight | New York
  Mr. McKnight has over 20 years of experience providing expert testimony and consulting services in matters pertaining to mass torts, securities, finance, valuation, and bankruptcy. In mass tort matters, he has worked with liability forecasts, insurance coverage, and discounted cash flows.
• Albert Metz | New York
  Dr. Metz is a securities and finance expert with deep experience in credit analysis, financial modeling, asset pricing, market efficiency, and event studies. He has consulted on asset pricing, antitrust, mergers and acquisitions, market manipulation, collusion, fixed income securities, and various debt derivatives.
• Christine Polek | Boston
  Ms. Polek serves as a consulting and testifying expert in complex litigation requiring the application of economic, financial, and statistical analysis to legal and regulatory issues – with a focus on valuation, tax controversy, and labor and employment.
• Akarsh Sheilendranath | Boston
  Mr. Sheilendranath is an energy economist with a unique blend of expertise in wholesale electricity markets, electric transmission, and regulatory corporate finance. He specializes in transmission policy, utility investment strategy and planning, large-scale renewable integration, and cost-benefit assessments.
• Anul Thapa | Boston
  Mr. Thapa has over 12 years of experience applying economic and finance principles in complex oil and gas-related litigation, arbitration, and regulatory proceedings. His experience in commercial disputes includes damages estimation, valuation, and pricing related to energy assets and contracts.
• Mike Tolleth | New York
  Mr. Tolleth specializes in the economic analysis of energy markets, with expertise in financial modeling and valuation of energy assets, contracts, and businesses. He supports clients in litigation and arbitration matters and provides expert testimony related to cost of service, rate design, cost of capital, regulatory policy, long-run marginal cost pricing, and market power.

The post Seven Experts Promoted to Principal at The Brattle Group appeared first on Brattle.

First Prize, $25,000: Peter M. DeMarzo and Zhiguo He
Leverage Dynamics without Commitment
The Journal of Finance, December 2020

Distinguished Paper, $10,000: Itamar Drechsler, Alexi Savov, and Philipp Schnabl
Banking on Deposits: Maturity Transformation without Interest Rate Risk
The Journal of Finance, February 2021

Distinguished Paper, $10,000: Pat Akey and Ian Appel
The Limits of Limited Liability: Evidence from Industrial Pollution
The Journal of Finance, February 2021

The Brattle Group has funded this yearly award for more than 20 years. These prizes are presented at the AFA’s annual meeting, and this year’s awards were announced at the virtual 2022 ASSA/American Finance Association’s (AFA) Annual Meeting on January 7–9. All papers published in the prior year’s issues of The Journal of Finance are eligible. We congratulate the winners on their achievement!

View a Complete List of Past Winners

More about the AFA

The post American Finance Association Announces 2021 Recipients of The Brattle Group Prize appeared first on Brattle.

In preparation for the LIBOR cessation and other related IBOR changes, the International Swaps and Derivatives Association (ISDA) and its counsel have worked with The Brattle Group to prepare a series of reports on IBOR benchmarks fallback rates. Two additional reports in this series have been recently published, one related to technical adjustments to fallback formulas for the Intercontinental Exchange (ICE) Swap Rates and the other related to market participant responses to an ISDA consultation about the proposed implementation of those suggested fallback formulas.

ISDA first published a May 2021 Brattle-prepared report: Review of Proposed Technical Adjustments to Fallback Formulas for the Intercontinental Exchange (“ICE”) Swap Rates. This report reviews the technical adjustments for the fallback formulas for ICE Swap Rates, the worldwide reference rate value for fixed interest rate swap rates for major currencies across tenors. ICE Swap Rates are linked to LIBORs in a non-linear manner and are not covered by ISDA’s Supplement 70 to the 2006 ISDA Definitions and the associated protocol. These technical adjustments were introduced in early 2021 through whitepapers released by the Working Group on Sterling Risk-Free Reference Rates in the UK, and the Alternative Reference Rates Committee in the US. Brattle’s report evaluated the technical adjustments that account for differences in day count convention and payment frequency between the ICE Swap Rates and the IBOR fallbacks.

Most recently, ISDA published the Brattle-prepared report Summary of Responses to the ISDA 2021 Consultation on Fallbacks for GBP LIBOR ICE Swap Rate and USD LIBOR ICE Swap Rate. This August 2021 report follows ISDA’s June 2021 market-wide consultation on implementing the suggested fallbacks for the GBP LIBOR ICE Swap Rate and the USD LIBOR ICE Swap Rate, which were introduced by the above whitepapers. The Consultation asked market participants from around the globe whether they agreed with the suggested fallback provisions, and sought additional input on implementing the suggested fallbacks. This report provides a summary of the responses to the Consultation.

To learn more about IBOR benchmark reform and the transition away from LIBOR, click here.

The reports were supported by a Brattle team including Principals Ioannis Gkatzimas and Torben Voetmann; and Senior Associates Yingzhen Li and Nguyet Nguyen.

The post ISDA Publishes Brattle-Prepared Reports on Fallback Formulas for Intercontinental Exchange (ICE) Swap Rates appeared first on Brattle.