Richard Facciolo focuses on transactional matters primarily involving the formation and operation of Delaware statutory trusts and other alternative business entities, as well as entities seeking licensure as a Delaware captive insurance company. He is a director in the firm's business department.
Richard routinely represents Delaware banking organizations in their capacity as trustee of common law and statutory trusts that issue securities backed by auto loans, home equity loans, credit card receivables and mortgage loans. He has been special Delaware counsel in many public and private asset-backed securitizations, trust preferred transactions and project finance transactions. Richard also renders advice regarding the characterization of asset transfers as true sales under the United States Bankruptcy Code and the structuring of special-purpose bankruptcy remote entities to protect against substantive consolidation with affiliates and other persons.
With respect to the formation and operation of captive insurance companies, Richard is a member of the legislative committee of the Delaware Captive Insurance Association. He participated in the legislative drafting meetings for the Delaware Special Purpose Financial Captive Insurance Company legislation and the rewriting of Regulation 302, Captive Financial Insurance Regulation. Richard represented Delaware’s first newly formed company to seek licensure under such legislation in a Regulation XXX transaction.
Richard has spoken on the topic of substantive consolidation and special-purpose bankruptcy remote entities for the American Bankers Association Capital Markets Seminar and the American Bankruptcy Institute, Finance and Banking Committee.