RICHARD SILVERMAN leverages his extensive knowledge of both federal and state tax matters to help clients achieve their business objectives. Richard’s practice principally focuses on tax issues arising in structured finance and securitization transactions, as well as bankruptcy and restructuring matters. He also has significant experience advising multi-state and multi-national businesses on state and local tax issues, with a concentration on transactional planning and resolving state tax controversies.
Richard’s tax work on structured finance transactions includes representation of arrangers, investors and issuers in connection with asset securitization, structured finance and similar commercial finance transactions. He has worked on transactions involving traditional asset classes, including personal loans (including marketplace loans), trade receivables, student loans, auto loans, credit card receivables, floor-plan loans, equipment leases and shipping containers, as well as nontraditional asset classes such as private equity fund interests, timeshare receivables and whole business securitizations. Representative matters include:
- Representation of a joint venture among Nelnet, Inc. and certain investors as issuer’s counsel on the $4,031,720,000 Nelnet Student Loan Trust 2021-A securitization backed by private student loans.
- Counsel to Freedom Financial Network, LLC in its rated securitization program of its C+ and F+ loan products.
- Issuer’s counsel to Marlette Funding, LLC on its marketplace lending securitization platform.
- Joint counsel to Victory Park Capital and KKR in a $175 million asset-backed securitization of unsecured consumer loans originated via the Avant lending platform.
- Representation of Purchasing Power, LLC in the securitization of retail installment contracts repaid by payroll deduction.
In addition, Richard regularly advises debtors and creditors on tax aspects of insolvency proceedings and debt restructurings (both in court and out of court). Representative (public) engagements include:
- Wave (Debtor)
- HCR Manor Care (Debtor)
- Mattress Firm, Inc. (Debtor)
- Key Energy Services Ltd. (Debtor)
- UCI International LLC (Debtor)
- Tribune Company (Debtor)
- Merisant (Debtor)
Richard also has significant experience advising multi-state and multi-national businesses on state and local tax issues, with a concentration on transactional planning and resolving state tax controversies. His state and local tax experience includes issues related to income tax, sales and use tax, real estate transfer tax and insurance premium tax.
Richard is a frequent speaker on a variety of tax issues, and is the co-author of Prairie State Perspectives, a quarterly column appearing in State Tax Notes that examines various Illinois tax issues. Richard has been recognized as a leader in his field by Chambers USA 2019 – 2022, in which he is praised for his “strength across a range of state and federal tax issues.” Clients highlight that “he is a great resource” and “is able to break down complex tax issues and matters in a way that I can understand.”