Provide high-level banking and analytical services for established national public finance department.

Provide high level banking and analytical services for start-up public finance department.

Responsible for major quantitative and analytical services for start-up financial guarantee company providing credit enhancement for municipal securities using an innovative, low-cost, “CDO type” capital structure designed to cover tail risk and maximize premium income and profitability. Accomplishments:Identified market participants willing to source “buyers” of municipal risk.Developed “CDO-type” collateral structures with multiple loss positions and analyzed their ability to cure portfolio defaults at various credit rating thresholds. Member of three person team that developed stochastic functions to create portfolio default probabilities and a waterfall cash flow model designed to quantify default behavior of BondFactor’s guaranteed portfolio. This functionality was developed using the Mathematica programing language and Workbench IDE. Analyses presented to rating agencies and investors.Responsible for analyzing company pro-forma profitability and valuation. Developed inter-active structuring and pro forma financial model. Model functionality includes more than 75 user inputs controlling market spread assumptions, cost of capital assumptions, reinsurer assumptions, and regulatory assumptions. Model simulates issuance of guarantees for up to 30 years, calculates premium and expenses, produces full GAAP and STAT compliant balance sheets, P&Ls, and statement of cash flows, and provides a comprehensive set of valuation metrics. Analyses presented to rating agencies and investors.

Financial consulting.

Provided senior investment banking and analytical services to major New York municipal finance clients including: New York State Metropolitan Transportation Authority, New York State Thruway Authority, New York State Division of Budget, New York State EFC, New York State Housing Finance Agency, Battery Park City Authority, City of New York, and Sports Museum of America.Accomplishments:Sports Museum of America: 2007 Deal of the Year. Lead banker. Three year project financing culminating in $50 unrated tax-exempt Liberty Bond transaction for for-profit sports attraction museum in Downtown Manhattan.City of New York: Developed Excel based refunding model for largest municipal issuer in US. Model designed to take account of unique cash flow constraints mandated by New York State Local Finance Law. Model utilized linear programming algorithm to create optimized portfolio of refunded bonds. Utilized model to structure and price transactions totaling over $1 billion.State of New York: Oversaw structuring of complex $750 million tax-exempt bonds securitized by revenue stream from New York State’s share of the national Tobacco Settlement Agreement.New York State Metropolitan Transit Authority: Developed complex analysis based on IRS arbitrage rules and regulations to determine feasibility of converting taxable bonds to tax-exempt. Structured and priced $100 million conversion based on results of this analysis which generated more than $10 million in present value debt service savings for MTA.

Provided senior financial advisory services related to tax-exempt debt issuance. Clients included: NYS Division of Budget, Battery Park City Authority, NYC Health and Hospitals Corporation, State of Iowa, State of Maine.Accomplishments:Battery Park City Authority: Financial Advisor to Battery Park City Authority on $500 million refunding and restructuring of all outstanding bonds. Advised senior management on credit rating strategy, recasting of bond indenture and dealings with underwriters.State of Maine: Authored 100 page report for State Director of Administration outlining advantages and disadvantages of various alternatives for securitizing Maine’s share of revenues from the national Tobacco Settlement Agreement and delivered findings to State legislative bodies.State of Iowa: Financial advisor for State of Iowa’s securitization of its share of revenues from the national Tobacco Settlement Agreement. Responsible for reviewing under-writer’s bond structure and pricing.State of New York: Managed analysis and execution of $275 million cash defeasance of outstanding New York State supported bonds. Designed and implemented process to analyze $40 billion debt portfolio and determine optimal bonds to defease.

Provided senior financial advisory services related to tax-exempt debt issuance. Clients included: District of Columbia Financial Control Board, State of Connecticut, State of New Hampshire, City of New York, and New York City Comptroller’s Office/New York City Employee Retirement System. Accomplishments:District of Columbia Financial Control Board: Advised on District debt structure and securitization of District’s share of the revenue from the national Tobacco Settlement Agreement.State of New Hampshire: Advised on bond transaction to securitize competitive transition charges legislated for utilities to recover stranded costs as a result of deregulation of utilities in the 1990’s. State of Connecticut: Advised on bond transaction to securitize competitive transition charges legislated for utilities to recover stranded costs as a result of deregulation of utilities in the 1990’s.New York City: Member of financial advisory team that advised New York City on $600 million securitization of the City’s share of revenues from the national Tobacco Settlement Agreement, the first to be transacted in the U.S.

Identified and developed new business lines focusing on providing financial advisory and investment consulting services for Ernst & Young not-for-profit hospital client base.Accomplishments:Member of investment consulting practice team charged with developing institutional client base among firm’s not-for-profit hospital practice. Worked closely with E&Y health care partners to identify targets and make marketing calls.Adventist Sunbelt: Senior member of team developing and implementing a risk management system for Adventist Sunbelt to manage the risk of its investment assets.

Provided investment banking and analytical services to municipal finance clients including: Washington Public Power Supply System, New York Presbyterian Hospital, and Massachusetts General Hospital.Accomplishments:Washington Public Power Supply System (“WPPSS”): Developed spread sheet based cash flow structuring model to optimize refunding of over $1.2 billion of outstanding high coupon debt of WPPSS shortly after legal disputes arising from bond defaults were resolved. Executed structuring and pricing of two major transactions within 12 month period.New York Presbyterian Hospital: Responsible for analysis and structuring of $750 million FHA insured mortgage loan financing for New York Hospital’s major modernization project which included the construction of a 700 bed patient care tower over the FDR drive in Manhattan. At the time this was the largest tax-exempt financing for a not-for-profit hospital in US history.Adventist Sunbelt: Responsible for developing and structuring first securitization of hospital receivables financed with tax-exempt bonds. Executed and priced $50 million transaction.

Investment banking and analytical support for municipal finance clients. Specialized in bond structuring and refunding analyses.