In the News

Haynes and Boone Expands its Corporate and Capital Markets Practices in New York Office

NEW YORK – The New York office of Haynes and Boone, LLP has added two partners, George Wang and Nir Yarden, as part of its strategic expansion of its corporate and capital markets practices. The combined practices of Mr. Wang and Mr. Yarden are focused on servicing the corporate and financing needs of private equity and hedge funds, prime brokers and other institutional capital market clients. >>

New York and Washington Haynes and Boone Attorneys Named to Super Lawyers List

NEW YORK / WASHINGTON, D.C. – Fourteen attorneys in the New York and Washington, D.C. offices of Haynes and Boone, LLP have been named outstanding attorneys by Super Lawyers and Rising Stars. >>

Haynes and Boone Analysis: The Regulatory Reform Bill - Opportunities and Risks

President Barack Obama signed H.R. 4173 on July 21, 2010. The "Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010," is the result of a long process of heated, political debate over what steps the United States should take to prevent future financial crises similar to the "Great Recession." The intent of the linked memorandum is to provide a broad overview of the various provisions of the Act, to demonstrate how those provisions will impact different business sectors, and to shed light on opportunities and risks that the Act may present.

Click here to download a copy of the Haynes and Boone analysis and other webinar materials.  >>



Recent Publications

Marketing from a Young Partner's Perspective

Kudos! As a new partner, you have survived the law firm gauntlet and have been elevated to the partner ranks. This article outlines strategies for marketing from a young partner's perspective. >>



Craig S. Unterberg

Partner

New York


30 Rockefeller Plaza
26th Floor
New York, New York 10112
T +1 212.659.4987
F +1 212.884.8206


Craig Unterberg is the head of the Prime Brokerage and Equity Lending practice group. He concentrates his practice in the representation of borrowers and lenders in secured and unsecured lending and finance transactions, including margin stock lending, private equity and hedge fund financings, syndicated financings, mergers and acquisition financings, and distressed debt transactions.

In addition, Craig provides extensive regulatory advice on margin lending issues.

His finance and regulatory experience includes:

  • Representing a large investment bank in margin stock liquidity loan agreements in excess of $2.5 billion to domestic investment funds.
  • Representing the lead lender in loans and repurchase agreements in excess of $3 billion to hedge funds.
  • Representing certain financial institutions in a $10 billion committed reverse repurchase facility and a $10 billion committed repurchase facility of sovereign debt with a European hedge fund.
  • Representing the administrative agent and lead lender in margin loans in excess of $1 billion to mutual fund investment companies.
  • Representing the lead lender in margin loans in excess of $2 billion to hedge funds secured by margin stock.
  • Representing the lead agent in a US$3 billion equivalent cross-border credit facility to publicly-traded company involving U.S., Canada, Euro, Japan, Korea, and China tranches.
  • Advising major banks, financial institutions, hedge funds, and corporate borrowers and lenders on regulatory issues related to margin lending, including Regulation T, U, and X.
  • Representing lenders and borrowers in the workouts and restructuring of loans to health care providers, airlines, retail companies, real estate investors, manufacturing companies, and internet companies.
  • Advising lenders and borrowers with respect to the legal issues relating to the financing, leasing and foreclosing of aircraft.

Honors

  • Honored as one of the "Outstanding Lawyers Under 40" by the Cardozo Society of the Jewish Federation's Attorneys Division, December 2009
  • Honored as one of "40 Under Forty" in the Dallas-Fort Worth area for civic involvement by the Dallas Furniture Bank, March 2009
  • Named one of the "Best Lawyers Under 40 in Dallas" by D Magazine, May 2006
  • Selected for inclusion in New York Rising Stars 2011 - Metro Edition
  • Selected for inclusion in Texas Super Lawyers - Rising Stars Edition, annually 2005-2009
  • Martindale-Hubbell® Law Directory with an AV® Peer Review Rating of Preeminent 5.0 out of 5

Recent Speeches and Presentation Materials

  • "Regulation U - What Every Deal Lawyer Should Know," panelist, American Bar Association Business Law Section 2011 Fall Meeting, November 16, 2011.
  • "A Midnight Ride: A Call to Arms on the Challenges of Documenting the Rights of Swap Providers in Collateral Shared with a Lending Syndicate," American Bar Association, Section of Business Law Spring Meeting, April 2011.
  • "Marketing from a Young Partner's Perspective," co-author with Kendyl Hanks, Marketing The Law Firm, Volume 26, Number 11, March 2011.
  • "Intersection of Bankruptcy and State Foreclosure Laws: Protecting Foreclosure Remedies and Overcoming Bankruptcy Pitfalls When Dealing With Distressed Borrowers," live webinar/teleconference presented by Strafford Publications, Inc., February 8, 2011.
  • "A Comprehensive Overview of Dodd-Frank Wall Street Reform and Consumer Protection Act," Haynes and Boone Webinar, July 21, 2010. 
  • "Commercial Loan Workouts: Forbearance Options and Waivers After Default," live webinar/teleconference presented by Strafford Publications, Inc., April 1, 2010.
  • "Managing Maturing Debt and Refinance Risks in the Private Equity Real Estate Market," iGlobal Forum's 3rd Real Estate Private Equity Summit, October 14, 2009.
  • "Analyzing the Risks of Offshore Financing and the Impact of Lehman Brothers International, Regulation X, and Portfolio Margining," Bloomberg News, 2009.
  • "Understanding Regulation U" presented to Bank of America, Merrill Lynch, Morgan Stanley, Calyon, Texas Capital Bank, the Legal Counsel Network, and other financial institutions and hedge funds. In addition, Craig has provided multiple continuing education classes for in-house counsel and other attorneys on margin lending issues.
  • "Overview of Derivatives" presented at the University of Texas Law School, Austin, April 2008.
  • "Managing Maturing Debt and Refinance Risks In The Private Equity Real Estate Market" presented at the Real Estate Private Equity Summit, October 14, 2009.
  • "Waiver, Forbearance Agreements After Default," Texas Lawyer, 2009. Guidelines Issued for Private Equity Investors Acquiring Failed Banks or Thrifts, September 9, 2009.
  • "Overview of Aircraft Financing" presented at the "Planes, Trains, and Automobiles" conference of the Consumer Law Group.

Selected Representative Experience


$7.5 Billion Syndicated Credit Facility - Integrated International Energy Company
Represented the joint lead arrangers and the administrative agent in connection with a $7.5 billion multicurrency revolving credit facility for an integrated international energy company.

Special Regulatory Counsel - Margin Lending Regulations
Represented multiple financial institutions, banks, broker-dealers, and hedge funds as special regulatory counsel on margin lending regulations that are applicable to equity financings and structured products.

U.S. $3.4 Billion Equivalent Global Credit Facility
Represented the administrative agent in connection with a $3.4 billion (U.S. equivalent) global credit facility to a publicly-traded REIT involving U.S., Canada, Euro, Japan, Korea, and China tranches.

$1.3 Billion Acquisition Facility
Represented the administrative agent and arranger in a $1.3 billion secured acquisition facility to a publicly-held manufacturing company involved in the packaging and ceramics business.

$270 Million Syndicated Multiple Tranche Secured Facility - Spinoff Transaction
Representation of administrative agent in a syndicated $270 million secured credit facility which facilitated the spin-off of a publicly-held company that manufactured advanced technical ceramics.

$300 Million SPAC - Secured Margin Facility
Represented a large domestic broker-dealer in a $300 million SPAC secured margin facility to a Cayman master fund.

$350 Million Fund - Onshore and Offshore Feeder Funds
Represented the lead agent in a $350 million fund to fund equity secured revolving facility to onshore and offshore feeder funds.

$265 Million Margin Facility - Domestic and International Acquisition Funds
Represented an offshore financial institution in a $265 million margin facility to certain domestic and international acquisition funds to provide them with additional leverage to acquire the controlling share in a major domestic company.

€400 Million Credit Facility - International Real Estate Fund
Represented administrative agent and a joint lead arranger in connection with a €400 million equivalent senior unsecured credit facility to an international real estate fund.

Debtor-In-Possession Financing - Condominium Project
Represented Hayman Woods Capital in connection with debtor-in-possession financing of an oceanside condominium project.

Derivatives Transactions
Represented private equity funds and hedge funds in structuring, negotiating and documenting a wide range of derivatives transactions, including total return swaps, credit default swaps, interest rate swaps, foreign exchange swaps and others.

Leveraged Buyout Financing Transaction
Acted as counsel to senior lender in a leveraged buyout financing transaction to support the acquisition of a national services organization, involving structuring advice regarding multi-state collateral, acquisition feasibility, and lease financing.

Margin Facility - Automated Redemption Program for Open-Ended Mutual Funds and International Equity Funds
Represented an FSA-governed financial institution in a margin facility to certain United States and Luxembourg funds to provide liquidity for their automated redemption programs for open-ended mutual funds and international equity funds.

Sale of CDOs to Hedge Fund
Represented a major financial institution in sale of CDOs to a large hedge fund.

$80 Million Total Return Swap - Mexican Industrial Company
Represented a leading French investment bank in an $80 million total return swap for a large Mexican industrial company, using the shares of an affiliate as the reference obligation, to enable the issuer to obtain access to capital based on the value of those shares without encumbering or liquidating them.

$10 Billion Committed Repurchase - Sovereign Debt Facility
Represented certain financial institutions in a $10 billion committed reverse repurchase facility and a $10 billion committed repurchase facility of sovereign debt with a European hedge fund.

Memberships

  • State Bar of New York 
  • State Bar of Texas 
  • Chair of Capital Markets Group for the World Services Group
  • Democratic Judicial Counsel
  • Board of Directors for American Jewish Committee - New York
  • Board of Directors for Lemons to Aide
  • BoardServeNYC

Online Publications

03/21/2012 - Understanding Regulation U
Understanding Regulation U” presented to Bank of America, Morgan Stanley, Merrill Lynch, Calyon, Texas Capital Bank, the Legal Counsel Network, and other financial institutions and hedge funds. In addition, Craig has provided multiple continuing education classes for in-house counsel and other attorneys on margin lending issues.

03/01/2011 - Marketing from a Young Partner's Perspective
Kudos! As a new partner, you have survived the law firm gauntlet and have been elevated to the partner ranks. This article outlines strategies for marketing from a young partner's perspective.

04/01/2010 - Commercial Loan Workouts: Forbearance Options and Waivers After Default
Webinar/teleconference presented by Strafford Publications, Inc., April 1, 2010.

10/14/2009 - Managing Maturing Debt and Refinance Risks in the Private Equity Real Estate Market
Presentation on current issues in the private equity real estate market for iGlobal Forum's 3rd Real Estate Private Equity Summit, New York City, October 14, 2009.

04/06/2009 - Public-Private Investment Program
On March 23, 2009 the Treasury Department, in conjunction with the Federal Deposit Insurance Corporation (“FDIC”) and the Board of Governors of the Federal Reserve System (the “Federal Reserve”), announced the creation of the Public-Private Investment Program (“PPIP”), which is designed to provide public support to catalyze the purchase and sale of legacy assets through Public-Private Investment Funds (“PPIF”).

03/23/2009 - Waiver, Forbearance Agreements After Default
If the current economic downturn continues, the number of borrowers that default under debt agreements will increase significantly. A previously prized borrower that once could dictate terms to its lender likely will find itself with fewer options when facing a default and will be forced to work with its existing lender to obtain either a waiver or a forbearance agreement. This article, featured in Texas Lawyer, outlines steps to be considered when advising a client facing a default. For the complete article click here.

02/01/2009 - Analyzing the Risks of Offshore Financing and the Impact of Lehman Brothers International, Regulation X, and Portfolio Margining
A significant amount of the United States managed hedge funds and investment vehicles conduct their margin lending transactions through different arrangements of offshore financing. A typical offshore financing situation occurs when an offshore entity borrows from a foreign broker-dealer or an offshore lender.

© Bloomberg Finance L.P. 2009. Originally published by Bloomberg Finance LP. Reprinted by permission.