Michael Scott Joins Miller Buckfire
NEW YORK, July 14 /PRNewswire/ — Miller Buckfire, the independent investment bank, today announced that Michael Scott has joined the Firm as a Managing Director and will head a new U.S. Government Advisory practice.
The new business will serve Miller Buckfire clients across a number of key industries and reinforces the Firm’s longstanding role advising companies on strategic issues and capital restructuring. Under Mr. Scott, the new multi-professional practice will provide advisory services on direct loans and loan guarantees from the U.S. Government to leading companies in power, energy, telecommunications, banking and financial services, autos and transportation, infrastructure and other sectors that partner with the U.S. Government. The group will also provide advisory services to the U.S. Government and to Government Sponsored Enterprises (“GSE’s”).
Mr. Scott has nearly 10 years of experience with government financing programs at the Federal level. He led efforts to support the airline industry after September 11 and, more recently, to banks and financial services firms in the wake of the financial market crisis and collapse of the mortgage markets. As Senior Adviser to the Chairman of the U.S. Securities and Exchange Commission (“SEC”), he worked on the Troubled Asset Relief Program (“TARP”) and the almost $6 trillion conservatorships of Fannie Mae and Freddie Mac.
“We are delighted to welcome Michael to Miller Buckfire,” said Kenneth Buckfire, Managing Director of Miller Buckfire. “We are pleased to offer our clients cutting edge expertise in managing and optimizing their public sector capital sourcing. Businesses in the financial services industry and auto sector, for example, need advisors who can help them manage their growing financial ties to the Federal Government. In addition, we look forward to working with the Federal Government as it provides financial and credit support to critical industries.”
Mr. Scott joins Miller Buckfire from the SEC, where he was Senior Adviser to Chairman Christopher Cox beginning in 2008. He advised Chairman Cox on a wide range of initiatives pertaining to the financial market crisis and regulatory policies on credit derivatives, short selling and the congressionally-mandated Fair Value Study. He served both Chairman Cox and his successor, Chairman Schapiro, on their responsibilities to the Financial Stability Oversight Board and the Federal Housing Finance Oversight Board.
Mr. Scott joined the SEC in September 2008 from Banc of America Securities, where he was Managing Director and Head of the U.S. Government Entities investment banking practice that he established and led. Among other assignments, he advised companies on Federal loan guarantees to build the proposed Alaska Natural Gas Pipeline as well as those associated with advanced energy facilities included in Title XVII of the Energy Policy Act of 2005. While at Banc of America Securities, he also advised the GSE’s on capital raises, risk management and regulatory issues.
Prior to Banc of America Securities, Mr. Scott served for five years at the U.S. Department of the Treasury as a Senior Advisor. From 2001 to 2006, he led or advised on over $40 billion in Federal credit initiatives to the private sector and was a principal architect of Federal credit policy. He negotiated and structured programs that provided Federal credit to a wide range of industries including airlines, banks, rural telecommunications and energy companies. He led Treasury’s efforts in the restructuring of $75 billion in unfunded post retirement healthcare liabilities and $32 billion of unfunded pension liabilities at the U.S. Postal Service. He was also responsible for Treasury’s role on the Air Transportation Stabilization Board (“ATSB”) and as Acting Chief Administrative Officer of the ATSB, Mr. Scott managed the Board’s interaction with applicants and structured and negotiated the loan guarantee supporting the $429 million unsecured loan to America West Airlines.
“Michael will provide a uniquely valuable service to our clients who increasingly interact with the Federal Government,” said Henry S. Miller, Chairman of Miller Buckfire. “With Michael’s leadership, we will continue strengthening our advisory capabilities, our relationships with clients and significantly enhance the Miller Buckfire franchise.”
Commenting on his new role at Miller Buckfire, Mr. Scott said: “I am delighted to become a member of the Miller Buckfire team. The Firm has a long-standing reputation for successfully advising its clients on complex balance sheet and business issues. As we build a brand new practice here, our goal is to put Miller Buckfire at the center of highly effective public-private partnerships across a wide range of industries from banking and finance to energy, telecommunications and infrastructure. I look forward to adding value to our clients and contributing to our growth in the future.”
Mr. Scott is the third senior professional to join Miller Buckfire since late 2008. In April, David Shiffman was named Managing Director focusing on retail and consumer products. He was previously a Partner and Head of Retail investment banking at Goldman Sachs. John Orem joined Miller Buckfire in late 2008 to head the advisory business to gaming, lodging and real estate clients. He covered these industries as a senior banker at Morgan Stanley for over 20 years.
About Miller Buckfire & Co., LLC
Miller Buckfire is a leading independent investment bank providing strategic and financial advisory services focusing on complex restructuring transactions, mergers and acquisitions, and equity and debt financing. The Firm was founded in July 2002 by Henry Miller and Ken Buckfire and its more than 50 professionals have successfully restructured more than $210 billion in debt, advised on M&A transactions valued at over $16 billion and advised on financings involving over $44 billion. Miller Buckfire is employee-owned and based in New York. Additional information about Miller Buckfire can be found at www.millerbuckfire.com.
SOURCE Miller Buckfire & Co., LLC