Besides its coveted view of Central Park, Robert D'Loren's Manhattan corner office boasts Lu-cite souvenirs of the dozen debt issues he has orchestrated for the likes of fashion designers Bill Blass and Gloria Vanderbilt, the Athlete's Foot shoe-store chain and Candie's, purveyor of teen accessory and jeans brands. D'Loren's firm, UCC Capital, arranged for these companies to borrow against intellectual property. The bonds are repaid out of such revenue sources as brand licensing fees, retail franchise fees and music royalties. UCC's intellectual-property securiti-zations have been sold only to institu- tions, generally as one massive bond. Such instruments are the latest iteration of asset-backed securities that have been around since the 1970s, many of them available to individual investors drawing on such tangible assets as auto loan, credit card and mortgage receivables.
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