Stowell R. R. Kelner

Founding Partner

Stow Kelner is a co-founder and partner of Clapp Kelner PLLC. He has a broad corporate practice representing US and non-US corporations and financial service companies in multiple areas including equity and debt capital markets, securitization, mergers and acquisitions, senior and mezzanine lending, leveraged leases, and various sensitive internal franchise matters. He has also represented HM Treasury in their privatizations of the UK electricity generation sector (National Power, PowerGen, and British Energy) and the underwriters in the first public debt issuance for the Czech Republic electricity generator, Cez.

Stow practiced law in the New York and London offices of Davis Polk & Wardwell and subsequently moved in-house with Morgan Stanley in London. As an Executive Director at Morgan Stanley, he was principal legal advisor to various business units, including securitization, capital markets, the aircraft business, leveraged lending, and Morgan Stanley's FSA-regulated bank, Morgan Stanley Bank International Limited, where he sat on the Management Committee. He also risk-managed internal issues such as cross-business conflicts of interest, Foreign Corrupt Practices Act, execution guidelines, corporate veil, governance and special situations. Stow then moved to the business side on the Fixed Income securitization desk at Morgan Stanley to expand the European RMBS platform into Italy, Russia, and the UK.

Significant transactions include:

- Complete recapitalization of GPA Group PLC, IFR's "Deal of the Decade" and "the most complex bond transaction of all time"

- Acquisition and integration of City Mortgage Bank, a Moscow-based mortgage bank and subsequent management for the 100% shareholder

- BOLD, the first microfinance structured bond, collateralizing loans to 25 microfinance lenders in 12 different countries

- Combined Italian and global offering of 250 million shares of Istituto Bancario San Paolo S.p.A.

- $1.4 billion Luxembourg listed Eurobond for Formula One, representing the first securitization of long-term media revenues in a major sport

- Acquisition, integration and subsequent risk management of Ansett Worldwide Aviation Services for 100% shareholder