McKee Nelson has hired Michael Voldstad as a partner in the law firm's structured finance group, working with Bill Gray, partner, to build out its fledgling tender option bond and municipal derivatives practices. "[The hire] was a combination of our business plan to diversify our practice and dealing with somebody who could add value in a number of places," said Reed Auerbach, managing partner of McKee Nelson's New York office. Voldstad was previously a partner in structured finance at Orrick, Herrington & Sutcliffe.
Tender option bonds involve repackaging the cash flows of municipal bonds into two separate streams, one of which can be sold to money market funds. Those funds then have the option to tender the bonds back to the dealers at par.
