Since joining the Banking and Finance Group at Lennox Paton in 2006, Castino has worked with leading practitioners from around the world on cutting-edge deals.
He has advised a Bahamas-based investment fund that entered into a settlement agreement with the trustee appointed in the winding up of Bernard L. Madoff Investment Securities LLC. As a part of the settlement agreement, the trustee agreed with the fund having an allowed claim in the Madoff liquidation of more than $1 billion. The allowed claim was assigned to a special purpose vehicle in exchange for shares in the capital of the special purpose vehicle (each share initially represented a notional amount of $1 of allowed claim). The allowed claim was securitized and sold at auction to distressed debt investors. This transaction was quite unique at the time, as it enabled investors in the fund to monetize their interest in the allowed claim.
Additionally, Castino has acted as local Bahamian counsel to one of the largest banking institutions in Brazil, structuring unique security packages for its financing activities. He has also advised on some of the more problematic issues of the Bahamian legal and regulatory regime, including the cross-border offering and sale of foreign securities into The Bahamas; and the insolvency regime applicable to investment vehicles domiciled under Bahamian law and structured as limited partnerships and unit trusts.
Examples of recent work
- Acting for a syndicate of Latin American financial institutions in a structured financing deal, whereby financial support was provided to an exporter of commodities to a leading technology company.
- Acting as local counsel to the developer of a major touristic resort development in The Bahamas in structuring the acquisition vehicle and securing the relevant government approvals.
- Acting for an Asian banking group in the acquisition of local banking and securities brokerage operations and securing regulatory approval.
- Advising a leading financial institution on cross-border jurisdictional issues in a secured lending and securities offering transaction.
- Acting as lender’s counsel on the refinancing of the debt of a large resort development in The Bahamas, which involved obtaining various approvals from Bahamian regulatory authorities.
- Advising a leading financial institution on a Bahamas investment fund structure, as part of its strategy for managing its Madoff exposure.