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Lennox Paton

3 BAYSIDE EXECUTIVE PARK, WEST BAY STREET & BLAKE ROAD, PO BOX N-4875, NASSAU, BAHAMAS
Tel:
Work +1 242 502 5000
Fax:
Fax +1 242 328 0566
Email:
Web:
www.lennoxpaton.com
Nassau, Tortola

Castino Sands

Tel:
Work +1 (242) 502-5025
Email:
Web:
www.lennoxpaton.com/people/castino-sands/
Lennox Paton

Work Department

Position

Since joining the Banking and Finance Group at Lennox Paton in 2006, Castino has worked with leading practitioners from around the world on cutting-edge deals.

He has advised a Bahamas-based investment fund that entered into a settlement agreement with the trustee appointed in the winding up of Bernard L. Madoff Investment Securities LLC.

As a part of the settlement agreement, the trustee agreed with the fund having an allowed claim in the Madoff liquidation of more than $1 billion. The allowed claim was assigned to a special purpose vehicle in exchange for shares in the capital of the special purpose vehicle (each share initially represented a notional amount of $1 of allowed claim). The allowed claim was securitized and sold at auction to distressed debt investors.

This transaction was quite unique at the time, as it enabled investors in the fund to monetize their interest in the allowed claim.

Additionally, Castino has acted as local Bahamian counsel to one of the largest banking institutions in Brazil, structuring unique security packages for its financing activities.

He has also advised on some of the more problematic issues of the Bahamian legal and regulatory regime, including the cross-border offering and sale of foreign securities into The Bahamas; and the insolvency regime applicable to investment vehicles domiciled under Bahamian law and structured as limited partnerships and unit trusts.

Member

  • The Bahamas Bar Association

Education

Castino gained an AA (Hons) in law and criminal justice from The College of The Bahamas and an LLB (2:1, Hons) from the University of Buckingham in the UK. He returned to The Bahamas for professional training and was awarded a Certificate of Legal Education from the Eugene Dupuch Law School in Nassau, where he graduated as the top overall student in his year.


Bahamas

Legal market overview/leading firms

Within: Legal market overview/leading firms

As 'a highly organised and professional firm', Lennox Paton is 'always positive and supportive', 'provides a welcoming atmosphere to clients' and 'has deep local knowledge paired with a practical approach'; its key departments are litigation, financial services and corporate law, and real estate. The litigation team, which 'gives clients a sense of increasing confidence that cases have a high chance of success whatever missiles might come from the opposition' and is 'one of the strongest litigation teams in the Bahamas', focuses on commercial litigation, including expertise in trust matters, banking, insolvency, asset tracing and property litigation, as well as mutual fund and shareholder disputes, director liability and company law, and insurance. Highlights included the team acting for Deloitte (Hong Kong and Bahamas), as the joint receiver-managers of the secured assets of the Baha Mar Resort, on numerous matters, one of which produced a ruling that clarified the practice of conveyancing pursuant to new limitation legislation in the Bahamas. In transactional matters, the practice is well known for general business law, with a particular focus on the financial services industry; complex cross-border M&A; regulatory advice in relation to the cross-border issue of securities and banking services; establishing investment funds for institutional and private wealth management clients; and complex trust structures. The team advised Frontera Energy, as Bahamian counsel, on its issuance of senior secured notes that were to be listed on the Luxembourg Stock Exchange. Senior partner and 'one of the best litigators on the island' Brian Simms QC is the head of litigation and is well known for complex, high-net-worth commercial disputes. Deputy chairman since 2017 of the Securities Commission of The Bahamas, Michael Paton, who has 'exceptional knowledge and an ability to quickly understand the information sought and provide the necessary feedback', heads the firm’s corporate and commercial, investment funds and banking and finance groups; and David Johnstone, who is highly rated for master-planning mixed-use resorts with subdivision, condominium, condohotel and timeshare components, leads the real estate, resort development and private client groups. Other notable partners are litigation specialists Sophia Rolle-Kapousouzoglou (who clients praise as 'responsive and a pleasure to work with') and Marco Turnquest, and banking and finance group partner Castino Sands, who is 'thorough, careful and precise'.

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