Peter Smedresman is a partner of Satterlee Stephens LLP.
Mr. Smedresman represents major international financial institutions and multinational businesses with their corporate finance needs, including debt finance, capital markets transactions, sovereign risk and derivatives. He also regularly advises banks and other financial institutions with respect to regulatory matters, including analysis of new activities and financial products.
Mr. Smedresman has written or co-authored a series of widely-cited articles. Most recently, Mr. Smedresman served as co-author of the chapter entitled “International Monetary Law and Private Activity” in the Second Edition of Professor Andreas Lowenfeld’s standard treatise, “International Financial Law” (Oxford 2008), focusing on the Basel II bank capital rules.
- Represents a leading European bank in a series of receivables purchase facilities, involving major corporate entities and financial institutions as sellers of accounts and as account debtors.
- Regular representation of a major foreign bank as agent in a series of cross-border syndicated secured credit facilities.
- Represented the issuer, a major European bank, in a letter-of-credit facility for a Bermuda segregated account captive re-insurer with currency-based collateralization.
- Represented a European bank as agent in a pre-export commodity finance facility for a Brazilian exporter.
- Acting for the pledgee bank, structured and documented a pledge of shares of Berlitz International by a private company controlled by the late publisher Robert Maxwell. The pledge was upheld at trial in the Chancery Court in London applying New York law in a closely watched case (Macmillan Inc. v. Bishopsgate Investment Trust) in which Mr. Smedresman oversaw the New York law arguments. The pledge and its enforcement were upheld on all appeals.
Financial Institutions Law
- Advised a major foreign bank on permissibility of non-banking activities and investments, as well as branch licensing and other regulatory issues.
- Advised a newly registered bank holding company on the application of risk-based capital rules to major off-balance sheet exposures.
- Advised a foreign bank on U.S. Bank Holding Company Act aspects of its collaborative agreement with another non-U.S. bank.
- Advised a U.S. clearing firm on impact of proposed Basel III rules on bank exposures to central counterparties, including drafting of comments to the Basel Committee on Banking Supervision.
Derivatives and Currency Trading
- Practice group leader of a team of attorneys representing the prime brokerage unit of a major international bank.
- Represented a leading bank in developing and documenting foreign exchange hybrid instruments with corporate counterparties.
- Prepared a foreign exchange customer agreement for a major international bank and advising the bank on regulatory issues.
- Advised a major European bank concerning a disputed credit derivative transaction.
- Represented an emerging-stage medical device manufacturer as issuer of secured convertible notes.
- Represented an online broker-dealer (as issuer) in an institutional private placement of convertible preferred stock.
- Drafted and negotiated political risk guaranty agreements for a multilateral development bank.
- Advised several international banks concerning sovereign risk reallocation clauses in letters of credit and lines of credit, and on sovereign risk mitigation products offered by insurers and export credit agencies.
Chair, Banking Law Committee of the New York County Lawyers Association (1997-2000), Association of the Bar of the City of New York, Committees on Banking and Uniform State Laws.
University of Cambridge, Trinity Hall, Diploma in International Law, 1975; New York University School of Law, J.D., Research Editor, Journal of International Law and Politics, 1974; New York University, B.A., cum laude, 1971.