A recent seminar hosted by the American Securitization Forum sang the praises of esoteric asset-backed securities deals. But the risks buyers need to quantify can be factors that financial analysts aren’t used to scrutinizing. It can be tough to get a handle on what’s really impacting cashflows when looking at notes backed by collateral as various as franchised Church’s Chicken restaurants, royalties from Guess! apparel or Adams Outdoor billboards. But unique hazards arise when it come to ABS and the Great Outdoors. “For timber deals, you have to factor in whether there are animals on the endangered species list present,” said Moderator Chris DiAngelo, partner at Katten Muchin Rosenman. “Spotted owls can be a risk.”