Special Report On The Preparation Of Substantive Consolidation Opinions

摘要

Structured finance continues to represent a substantial portion of the capital markets in the United States and abroad. Lenders and rating agencies will continue to seek comfort on the non-consolidation issue through the receipt of non-consolidation opinions. The. process of generating and reviewing the opinions can be simplified and rationalized through a sharper focus on the elements of the analysis required to deliver the opinion and the level of detail required to appear in the opinion.rnRecognizing that the use of a reasoned opinion, as all substantive consolidation opinions are, is sufficient to alert the opinion recipient of uncertainty in the analysis and the need for the recipient to consult its own counsel, it is the view of the Committees that substantive consolidation opinions can be condensed while still achieving their purpose. The form that follows this Special Report is an example of a suggested condensed opinion.