Clayton Holdings forms litigation consulting subsidiary
Clayton Holdings is forming a new consulting subsidiary to assist companies and individuals facing litigation in connection mortgage product valuation. Asset Backed Solutions will provide financial analysis and valuations concerning whole loans, residential mortgage-backed securities, collateralized debt obligations (both cash and synthetic) and other securities that were issued or sold prior to the credit crisis. The firm will also advise firms on asset valuations tied to mergers and acquisitions, transaction advisory services and risk management. ABS will be based in New York City and function independently from Clayton Holdings. A new team of executives was hired to lead this venture. David Lehman was named president of ABS and will report to Paul Bossidy, chief executive officer of Clayton. Lehman joined ABS from Navigant Economics, where he provided valuation and advisory services for RMBS, CDOs and whole loans. He also worked on several high-profile litigation and restructuring matters. Lehman previously worked with WaMu Capital Corp., Morgan Stanley, Credit Suisse and Deloitte & Touche. Florin Nedelciuc and Tyler Simpson were hired as directors of ABS. Nedelciuc advised market participants and legal counsel on asset valuation at Navigant Economics before joining ABS. Simpson was previously head of residential capital markets at Pentalpha Capital Group, and led the firm's RMBS and residential whole loan business. Bossidy said ABS and its new leading members will fill a void for much needed litigation support. "We are pleased to add David, Florin and Tyler to the Clayton team," Bossidy said. "There is a critical need for independent valuation and analysis of complex financial instruments. Our Asset Backed Solutions group will continue the Clayton tradition of offering superior independent advice in these situations." Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.