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Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

Strategic Alternatives for Real Estate Portfolios Part III – Initial Public Offering (IPO) Transactions

by King & Spalding on

The review of strategic alternatives can be a daunting task even for the most seasoned executives and directors of real estate companies and real estate investment trusts. This is particularly true in today’s real estate...more

IRS Issues Guidance on RIC and REIT Stock Distributions

by Morgan Lewis on

The IRS has issued Revenue Procedure 2017-45, which provides that certain distributions of stock by a publicly offered RIC or publicly offered REIT made pursuant to a “cash or stock election” will be treated as a taxable...more

Financial Services Weekly News - July 2017 #3

by Goodwin on

Editor's Note - Going Strong to the Mic. The Office of the Comptroller of the Currency’s (OCC) proposed special purpose nondepository national bank charter for FinTech companies (FinTech Charter) has long been the source...more

Private Investors Account for a Quarter of Global Real Estate Transactions

by Dorsey & Whitney LLP on

Private investors are becoming an ever more integral part of the commercial real estate market; it has been reported (here) that they now account for over a quarter of all global commercial real estate transactions. Further...more

Japan Legal Update - Volume 26 | June 2017

by Jones Day on

The amendment to the Financial Instruments and Exchange Act ("Amended FIEA") was enacted on May 17, 2017, and promulgated on May 24, 2017. The Amended FIEA will come into force no later than one year from the date of...more

Trends in cross-border real estate investment and the changing tax landscape

by Hogan Lovells on

Real estate markets in both the U.S. and Europe continue to attract significant overseas investment. With interest rates at or near all-time lows, and dwindling returns in other asset classes, real estate has emerged as...more

2017 CREFC Annual Conference: Into the Heart of the Swamp

by Dechert LLP on

CREFC held its Annual Conference last week in Washington D.C. Given the current politically charged climate, 2017 felt like a very appropriate time to move the Annual Conference from its traditional home in New York to...more

Commercial Division Rejects Third-Party Claim as Derivative in Trusts’ Suit Concerning Upper West Side Beaux-Arts Building

Asserting a claim on behalf of a trust in the Commercial Division can be risky, as the party asserting the claim must establish that the claimed injury is independent of any injury to the trust, and that they are therefore...more

Debt Dialogue: April 2017 - Minnesota Appeals Court Addresses Accounting for Trustee’s Fees and Expenses

In a short decision, In re that Certain Indenture Date as of April 1, 2010 (MN Ct. App. April 3, 2017), the Court of Appeals of Minnesota recently addressed a challenge to the award of trustee fees and legal expenses brought...more

Landmarks - Spring 2017

by Benesch on

There continues to be very strong demand for high-quality commercial real estate. From 2011–2015, the volume of commercial real estate transactions nationally grew at an annualized rate well in excess of 10%, and projections...more

Suing on Behalf of People You’re Suing Can Sink a Derivative Lawsuit — Especially If You Have a Litigious Nature

by Farrell Fritz, P.C. on

The U.S. reportedly has the world’s highest number of lawyers per capita (1 for every 300 people) and the 5th highest number of lawsuits per capita (74.5 for every 1,000 people, topped only by Germany, Sweden, Israel, and...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Publishes Compliance and Disclosure Guidance for Regulation Crowdfunding - On April 5, 2017, the Division of Corporation Finance of the Securities and Exchange Commission...more

Different owners within a retail park in Romania: practical aspects

by DLA Piper on

Shopping centers, including retail parks, are viewed in Romania today as commercial and entertainment hubs, where shops operate together in an integrated way to offer consumers an enhanced shopping experience. Whilst this...more

Second Circuit Finds Special Servicer's Repurchase Claim Barred by Statute of Limitations, POLSINELLI'S Loan Originator Client...

by Polsinelli on

The Second Circuit recently REVERSED a S.D.N.Y decision granting summary judgment in favor of a CMBS Trust whose Special Servicer sued POLSINELLI'S commercial loan Originator client seeking repurchase of a loan due to the...more

Payments on Commercial Mortgage-Backed Securities Loans Cannot be Avoided in Bankruptcy

by Burr & Forman on

The Bankruptcy Code gives a trustee the power to avoid pre-petition fraudulent and preference transfers made by a debtor, except that a trustee may not avoid a transfer that is “made by or to (or for the benefit of)” a party...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

All those traders excited about a burgeoning US economy ahead may want to keep an eye on the commercial real estate market, which is seeing a rise in defaults and delinquencies as pre-crisis 10-year loans come due....more

Regulations Finalized on REIT Real Property Rules

The Department of Treasury and IRS have finalized the regulations defining “real property” for purposes of the REIT rules. The regulations essentially adopt the proposed regulations...more

Selected Risk Retention Questions and Answers for CMBS Securitizations

by JD Supra Perspectives on

On October 22, 2014, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Federal Housing...more

Brexit: The Impact on Commercial Real Estate

Brexit has presented increased opportunities for investment in the UK commercial real estate market, with property funds offering discounted real estate assets and with overseas investors looking to invest in what they see as...more

PROMESA Shields Puerto Rico Behind a New Automatic Stay

by Bryan Cave on

On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law. The most significant portions of PROMESA are found in titles I and II, which establish an...more

Argentina Relaxes Restrictions on Ownership of Rural Properties by Foreigners

On June 29, 2016, the Argentine executive branch enacted decree 820/2016 (the New Decree), easing certain restrictions imposed under existing law on the acquisition and leasing of rural lands by foreign individuals and legal...more

The Class X Factor: It’s a NO from the Chancellor

by Reed Smith on

It’s not been a good month for Class X Noteholders. Following the judgment in the Windermere VII case in which Snowden J found against the Class X Noteholder, the Chancellor of the High Court, Etherton J, in Titan Europe...more

Second Circuit Reverses and Remands Trial Court’s Summary Judgment Order in Favor of Morgan Stanley in a CMBS Case

On April 27, 2016, the Second Circuit Court of Appeals vacated and remanded the district court’s summary judgment order entered in favor of defendant Morgan Stanley Mortgage Capital, Inc. in the Southern District of New York....more

"Bad Boy" Guarantys

by Barley Snyder on

The term “bad boy” guaranty is used in certain circumstances to describe a guaranty to be provided – usually by an individual, not an entity – in connection with, most often, real estate financing. The original intent of...more

Corporate Trustees and Cash Managers: can historic miscalculations and underpayments be an Event of Default? The English High...

by Bryan Cave on

We now have the English High Court’s first judgment concerning the position of Class X Notes in a CMBS structure. The rights of the Class X Notes in the Windermere VII CMBS were considered by the Court in Hayfin Opal Luxco 3...more

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