This increase corresponds directly to the increase in the variety and complexity of the types of bonds issued, as well as the financing structures used and the sources of repayment and security for the bonds. Other contributing factors include the increasing complexity of tax and other laws pursuant to which bonds are issued, the requirements for disclosure of information, the duties of issuers, trustees, underwriters and other participants after, as well as before, issuance of the bonds, and the greatly increased enforcement attention to the municipal bond sector from the IRS and the SEC.
As one of the premier bond counsel firms in the country and one of few such firms with substantial litigation, tax, corporate finance and commercial law experience, Orrick has often been called upon to advise and represent clients in connection with bond issues that have run into some kind of post-issuance trouble. The increasing frequency of such engagements led the firm to create a Troubled Transactions Group. The purpose of this group is to mobilize lawyers with cross-disciplinary skills, to formulate strategies for the client, taking into account a wide range of legal and practical considerations. This Group is comprised of selected lawyers from several of our practice areas to combine expertise in:
We have been engaged by issuers, underwriters, financial advisors, trustees, credit providers, dealers, borrowers' bond counsel and other counsel with respect to a myriad of problems, including: