C. Thomas Kunz, most recently head of the structured finance practice at Skadden, Arps, Slate, Meagher & Flom, will receive the Lifetime Achievement Award at the fourth annual U.S. Securitization Awards at the Ritz-Carlton Battery Park in New York on April 17. Kunz is being honored for his contributions to the development of the asset-backed securities industry.
Kunz started in securitization at Seward & Kissel in 1985, focusing mainly on asset-backed commercial paper. But it was when he moved to Skadden in 1987 to launch the asset-backed securitization group that his practice in the sector took off. "I didn't just want to be a scrivener, but work in an area where I felt I could add value. Securitization offered many such deals, and they're never boring," he said.
Under Kunz's leadership, the firm has racked up an impressive number of firsts. The firm pioneered the master trust structure in 1988; transactions had only been done on a stand-alone basis previously. It also participated in some of the earliest auto deals from the Big Three in the late 1980s and worked on the first collateralized debt obligation in 1989.
Kunz brought with him 10 associates to start the group with two other partners. Now the group has grown to 11 partners and more than 35 associates. The measured growth speaks to the firm's philosophy of focusing on areas where it can add value instead of commodity work. "What we've always tried to do is develop an area and then move on to another area where our creativity and talent can be used," Kunz said.
Kunz retired from Skadden at the end of 2007, but still remains of counsel to the firm.