MARY KUAN

PARTNER

Mary Kuan focuses her practice on derivatives, bank debt and financial claims, capital markets transactions and loan financings. She has represented clients regarding bespoke and exotic structured products, fixed income and equity forwards, options, total return and credit default swaps and hedge fund linked products, and has represented hedge funds and investment banks in warrant, convertible bond and other security offerings, loan restructurings and credit agreements. She also represents hedge funds, private equity funds and financial institutions in connection with the purchase and sale of bank debt, both par and distressed, and trade claims.

Practices

About

Mary’s experience in derivatives matters includes advising clients on valuations, close-out, collateral and other issues relating to derivatives with bankrupt or insolvent counterparties or underlying reference entities as well as negotiating and advising regarding prime brokerage arrangements, ISDA master agreements and collateral arrangements, repurchase and stock loan agreements, and exchange-traded futures and options.

Mary’s experience in corporate securities and loans includes advising clients regarding distressed debt and high-yield secondary market trading issues, high-yield and investment grade debt analysis and credit agreement analysis in the context of restructuring for troubled companies, bridge financings, tender offers, consent solicitations, private exchange offers and new offerings.

She has extensive experience representing investment banks, hedge funds, private equity firms and public and private companies in public and private offerings of debt, equity and hybrids, exchange offers for companies pre-bankruptcy, reorganizations and refinancings of existing debt in anticipation of bankruptcy, secondary market trading issues and regulatory, compliance and corporate governance issues for broker dealers and companies.

Education

University of Chicago Law School (J.D., 1999)

Roundtable Law Journal, Articles Editor

University of California at Los Angeles (B.A., summa cum laude, 1996)

Bar Admissions

2000, New York

Languages

Chinese (Mandarin)

Accolades

Phi Beta Kappa

Insights

TALF 2.0: Fed Revives Term Asset-Backed Loan Facility

April 1, 2020

On March 23, 2020, the Federal Reserve Board (the “Fed”) authorized the revival of its Term Asset-Backed Loan Facility (“TALF 2.0”) previously established following the 2008 financial crisis. TALF 2.0 is a credit facility intended to support the asset-backed securities (“ABS”) markets for consumers and businesses by creating a new source of stable funding for investors…

The Force May Be With You: COVID-19 and Force Majeure Provisions

March 31, 2020

COVID-19 has caused major disruption to businesses, commerce and the financial markets. With the CDC and WHO projecting that the coronavirus is only in its early stages in the United States, businesses and individuals may feel the burden of the effects of COVID-19 for the foreseeable future. As the flow of goods and services continues…

Material Corporate Provisions of the CARES Act

March 30, 2020

In response to the recent outbreak of a novel coronavirus, COVID-19, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law on Friday, March 27, 2020. The CARES Act provides (I) unemployment assistance, (II) limits on paid leave requirements that were established in the Families First Coronavirus Response Act…

Helping Clients Navigate COVID-19 (Updating)

March 30, 2020,

Kleinberg Kaplan is working closely with our clients to provide counsel and guidance during these unprecedented times. A selection of our recent thought leadership pieces related to the implications of COVID-19 includes: The Force May Be With You: COVID-19 and Force Majeure Provisions (March 31, 2020): How and if businesses should consider exploring the invocation…

CFTC Extends Initial Margin Compliance Timeline for Many Buy-Side Firms

March 20, 2020

On March 18, 2020, the Commodity Futures Trading Commission (the “CFTC”) voted unanimously to extend the uncleared swap initial margin compliance timeline for financial entities with smaller swap portfolios from September 1, 2020 to September 1, 2021. Phase 6 Compliance Group The newly created “Phase 6” compliance group will provide many private funds and other…

Buy-Side Checklist for Potential Impacts on Counterparty Trading Arrangements

March 18, 2020

With the increasing concerns surrounding the impact of COVID-19 around the world, global financial markets are facing a unique set of difficulties. Fund managers, family offices and other buy-side market participants should consider reviewing their counterparty trading and brokerage arrangements to understand the impact of these events on their trading portfolios and their counterparties. Below…

Sears Trading Order

October 26, 2018

On October 16, 2018, the Bankruptcy Court overseeing the Sears bankruptcy cases entered an interim order relating to ownership and transfers of interests in the Sears debtors. Among other things, the interim order requires the filing of a notice by any entity (as defined in Treasury Regulations Section 1.382-3(a)) that is or will become a…

ISDA Extends Deadline for Adherence to 2014 ISDA Credit Derivatives Definitions Protocol

September 15, 2014

As discussed in our September 9, 2014 Legal Update “ISDA ISSUES 2014 CREDIT DERIVATIVES DEFINITIONS AND RELATED PROTOCOL,” the International Swaps and Derivatives Association (“ISDA”) has issued the 2014 Credit Derivatives Definitions (the “2014 Definitions”), which are expected to govern credit derivatives trades starting on September 22, 2014. ISDA has also issued a Protocol for…

ISDA Issues 2014 Credit Derivatives Definitions and Related Protocol

September 8, 2014

The International Swaps and Derivatives Association (“ISDA”), the trade group for the over- the-counter derivatives industry, has issued the 2014 Credit Derivatives Definitions (the “2014 Definitions”) which are expected to govern credit derivative trades starting on September 22, 2014. The 2014 Definitions reflect numerous changes to the 2003 Credit Derivative Definitions (the “2003 Definitions”) which…

Taint Necessarily So: Third Circuit Holds that Taint Travels with Claim

November 21, 2013

A new decision by the Third Circuit Court of Appeals, In re KB Toys, Inc., may strongly influence the debate regarding whether a bankruptcy claim transferred on the secondary market is subject to disallowance based on acts of the original holder of the claim. As discussed in our prior alert, KB Toys concerned from objections…

Adherence with the ISDA Dodd-Frank March 2013 Protocol

May 31, 2013

As discussed in our previous alert, End-user Adherence with the ISDA August 2012 Dodd-Frank Protocol, over-the-counter derivatives trades between dealers and end-users are generally governed by master agreement forms and other documentation published by the International Swaps and Derivatives Association, Inc. (“ISDA”). Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank…

Compliance Date Approaches for Obtaining LEI/CICI Identifiers

March 31, 2013

This update is a reminder that the April 10, 2013 deadline is approaching for all swap counterparties (including hedge funds) to obtain a legal entity identifier (LEI), currently known as a CFTC Interim Compliant Identifier or “CICI.” Counterparties that have adhered to the ISDA Dodd-Frank Protocol will have already obtained a CICI as part of…

Bankruptcy Reform

December 31, 2012

Kleinberg Kaplan will participate in a study of potential Bankruptcy Code reform. The American Bankruptcy Institute has formed a commission to study and propose reforms to Chapter 11 of the Bankruptcy Code that will better balance the goals of reorganization of business debtors, preservation of jobs and maximization of asset values for the benefit of…

CFTC Gives Funds-of-Funds Temporary No-Action Relief from CPO Registration

December 18, 2012

On November 29, 2012, the Commodity Futures Trading Commission (“CFTC”) announced that it will provide temporary no-action relief for operators of certain funds-of-funds (“FOF”) from the CFTC’s requirements for registration of Commodity Pool Operators (“CPO”). The CFTC recognized that absent such relief, FOF operators may be required to register with the CFTC as CPOs by…

Compliance Dates Extended for End-user Adherence with the ISDA August 2012 Dodd-Frank Protocol

December 17, 2012

On December 18, 2012, the U.S. Commodity Futures Trading Commission (the “CFTC”) extended the compliance dates for many of its business conduct rules with which “Swap Dealers” and “Major Swap Participants” will be required to comply. Consequently, end-users (e.g., hedge funds, private equity funds and commercial end-users) will have until May 1, 2013 to adhere…