Ron Borod, Founder and Principal of Ram Island Strategies LLC, has worked extensively in securitization and structured finance for over three decades and has established a reputation as a leader in the creation of innovative structured debt financings. Ron has focused his practice on assisting issuers and underwriters in designing and implementing securitization programs involving non-traditional asset classes.
Ron founded Ram Island Strategies in 2017 to continue to provide legal, financial structuring, and strategic advisory services to clients seeking improved access to the domestic and foreign capital markets and desiring to optimize structured finance executions. From the RIS platform, Ron offers the value-add services that he provided at DLA Piper LLP (US) and at Brown Rudnick LLP, where he built a reputation over many years of practicing law as a thought leader and innovator in securitization and other forms of structured finance with a focus on first-time issuers and esoteric asset securitization transactions.
In the 1990s Ron developed the first national credit tenant lease finance program and the first national CTL-only conduit, and designed and executed securitized credit lease programs, providing construction and permanent financing for national retail companies including CVS Corporation.
Ron was Issuer's Counsel and Program Advisor for a national program to securitize legal fees awarded under the Master Settlement Agreement, the 1998 settlement of the states' litigation against the tobacco industry. The first of the transactions, Litigation Settlement Monetized Fee Trust I™ US$308.1 Million Pass Through Certificates, Series 2001-1, was named US Asset-Backed Deal of the Year by the International Securitization Report. To date, Ron has served as lead counsel on more than US$2 billion of securities backed by over $3 billion of tobacco fee revenues. Ron has also played a key role in structuring and closing the first investment-grade rated securitization of another asset class created under the MSA.
Ron has been involved since the formation of Ram Island Strategies in numerous projects involving “Impact Securitization,” in which securitization technology is deployed to support transactions and programs that not only “do no harm” but that also promote sustainability, renewable energy and energy efficiency, advances in life science, and other initiatives that promote the public good.
Examples of these projects include:
Ron also has significant experience in the renewable energy sector in creating capital market structures for wind, solar and energy efficiency projects, and carbon emissions allowances and offsets. In 2014 Ron was asked to serve as co-head of the legal team for the Solar Access to Public Capital project sponsored by the National Renewable Energy Laboratory and in that capacity was responsible developing the legal structures which have become the foundation for the now $6 Billion + U.S. market in solar asset backed securities.
Ron received his B.A. degree (Magna Cum Laude, Phi Beta Kappa) from Princeton University, his J.D. degree from Harvard Law School and his LL.M. in Taxation from the Graduate Tax Program at New York University. Ron is an Adjunct Professor at Boston University Law School, where he has taught for many years a course on Securitization and Structured Finance in BU’s Graduate Program in Banking and Financial Law. In 2017 he received the John H. Baerst Award for Excellence in Teaching at the BU Law School.
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