Dan Passage Recognized in Daily Journal’s Top 10 Innovative Corporate Lawyers

Winston & Strawn partner Dan Passage was included in the Daily Journal’s list of Top 10 Innovative Corporate Lawyers.

Mr. Passage was recognized for navigating the first-ever securitization of Property Assessed Clean Energy (PACE) bonds for client Deutsche Bank Securities Inc., which placed nearly $232 million in asset-backed notes last year. Mr. Passage successfully maneuvered objections from the Federal Housing Finance Authority to securitizing PACE bonds and managed complex issues concerning who would enforce the PACE assessments.

“I really enjoyed the challenge of figuring out how to take securitization technology and change it and mutate it around the specifics of this weird asset,” Mr. Passage said. 

The securitization of such bonds will likely pave the way for similar financial arrangements in the future, which will help reduce dependence on fossil fuels and encourage green energy projects, Mr. Passage noted.

“What it’s going to lead to is a lot of copycat programs all across the country, and that’s a good thing,” he said. “We’re now past the tipping point ... and people are going to start doing it on a much larger scale nationwide.”