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Contributor: Randall Reese netDockets.com

SUMMARY: Capmark Financial Group Inc. sought court authority on Thursday to sell all of its equity in Premier Asset Management Company to Sandringham Investment Inc. Premier Asset Management, a wholly-owned subsidiary of Capmark Financial, is the first licensed loan servicer in the Japanese servicing industry and is one of the largest loan servicing companies in Japan specializing in commercial mortgage backed securities (or CMBS). Premier currently services approximately $18 billion in mortgage loans (measured by outstanding unpaid principal balance), of which $13 billion is CMBS servicing.

Capmark has been attempting to negotiate a sale of Premier since the first quarter of this year, but was able to locate only two interested parties - the proposed purchaser and one unidentified "international bank." Because of the prolonged pre-bankruptcy efforts to locate interested purchasers, Capmark is requesting bankruptcy court approval for a private sale (i.e., not requiring a competitive bidding and auction process). In the alternative, however, Capmark has requested approval of a December 14 auction, December 18 sale hearing, and JPY 50 million break-up fee ($551,785). The proposed sale price is approximately JPY 2.1 billion (approx. $23.1 million), with a potential JPY 200 million enhancement related to certain non-performing loans.

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