‘Bad Boy’ Guarantees Snarl Billions in Real Estate Debt

January 19, 2011 – Media Mention
The New York Times
Ray Hannigan analyzes the role of springing guarantees -- or so-called bad boy guarantees -- in commercial real estate lending workouts. Ray notes that in the last downturn -- in the late Eighties and early Nineties -- defaulting borrowers would file for Chapter 11 protection just before lenders moved to foreclose.