199 Bay St, Suite 4000, Commerce Court West, Toronto, ON
Year called to bar: 1991 (ON)
Steve specializes in structured finance and derivatives transactions. With more than 30 years in practice, he has a deep understanding of related tax, insolvency, and regulatory law topics. He has acted on many firsts relating to securitization, derivatives, structured products, and trading, and has experience designing, “Canadianizing,” and implementing financial products and strategies in domestic and cross-border contexts. His leading roles on many recent transactions include the development of innovative platforms to finance stranded costs, aircraft, fleet leases, and commodities. He led Blakes’ efforts in securitizing over $20 billion of acquired financial assets (including credit cards, fleet lease equipment, and consumer loans), restructuring $35 billion of non-bank ABCP, and developing novel offering structures for ABS and retail derivatives. His derivatives practice focuses on OTC and retail derivatives transactions and trading strategies. Steve also regularly advises clients in relation to securities lending and repo transactions. His regulatory practice includes representing exchanges and clearing agencies in relation to marketplace regulation, advising on emerging rules for derivatives and marketplaces, and assisting with a wide range of securities compliance matters.
As part of the continuing transformation of its business since its spin-off from Element Financial, Steve Hudson’s ECN Capital Corp. [TSX: ECN] completed the acquisition of Triad Financial Services in December 2017 and sold its Canadian commercial and vendor finance business to Canadian Western Bank in January 2018.
On September 30, 2015, Element Financial Corporation (TSX: EFN) completed its US$8.6 billion acquisition of GE Capital’s fleet management operations in the United States, Australia, New Zealand and Mexico. Element had previously acquired the Canadian operations of GE Capital’s North American fleet management business in June of 2013. With the completion of the acquisition, Element’s total assets increased to approximately C$22 billion.
Element Financial Corporation acquired the assets and operations of PHH Arval, PHH Corporation's North American fleet management services business, for a purchase price of US$1.4 billion in cash. Element also assumed PHH's obligations under the PHH fleet securitization programs in the US and Canada.
Element Financial Corporation (TSX: EFN) completed its largest acquisition to date with the $570-million purchase of the assets comprising GE Canada's fleet leasing business. GE Canada's fleet vehicle portfolio consists of 650 regionally diversified customers and integrated fleet management services for vehicle and light and medium truck financings. As part of the acquisition, Element also entered into a strategic alliance agreement with GE Capital Fleet Services in the US pursuant to which the companies will collaborate primarily on the pursuit of Canadian/US cross-border fleet management opportunities.