MINNEAPOLIS (JULY 3, 2008) - International law firm Dorsey & Whitney LLP announced today that Thomas O. Kelly III has returned to practice in the Minneapolis office as Partner in the Banking and Commercial Department.
After starting his career at Sidley & Austin, Mr. Kelly was an associate with Dorsey from 1987 to 1992, then an equity partner from 1993 to 2001. At that time he left the firm to run for Attorney General of the State of Minnesota, and has worked since 2001 for GMAC Residential Funding Company, LLC.
Mr. Kelly was GMAC RFC’s first Senior Credit Officer for Default Management. In that role, he dealt with the collapse of the subprime lending industry and the related stress on the mortgage industry as a whole. He has played a key role in directing workouts and bankruptcies involving dozens of mortgage companies. He has managed issues arising from and relating to warehouse credit facilities, as well as loan repurchase issues, servicing issues, and loan sales.
Mr. Kelly now brings this experience back to Dorsey, focusing on commercial finance and mortgage finance, including leveraged acquisitions, mortgage warehouse lending and related mortgage finance transactions, other forms of asset-based financings, structuring and negotiating the terms of multi-later business financings, out of court restructurings and other credit-related transactions, representing both institutional lenders and business borrowers.
Kenneth Cutler, Partner-in-charge of the Dorsey Transactions Group, said: “During his time at the firm, Tom was widely respected for his keen intellect and hard work. He developed significant relationships with clients, many of whom are excited to have him back at Dorsey.”
Mr. Kelly received a B.A. in History from Union College in 1980 and received his J.D. from the University of Chicago in 1983.