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Herrick Strengthens Bankruptcy And Finance Practices With Two New Partners
January 7, 2014
Herrick, Feinstein LLP announced today that two new partners, Robert L. Rattet and Meghan O’Reilly have joined the firm, effective January 1, 2014.
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Steinhardt Pledges Picassos for Real Estate as Art Loans Surge
October 18, 2011 -- Bloomberg News
Howard Spiegler says that lenders that never before made loans using fine art as collateral are now considering such arrangements because they tend to appeal to high-net-worth individuals. Stephen Brodie, who chairs our lending practice and has experience in both art-backed loans and real estate development loans, notes that real estate development is usually financed by two- or three-year, variable-interest renovation loans, which carry relatively high interest rates because lenders fear getting a half-finished project as collateral. Howard and Stephen commented on a loan from JPMorgan Chase to a former hedge fund manager and art collector, who put up as collateral 20 pieces of fine art -- including paintings by Pablo Picasso and Jackson Pollock -- to borrow money to finance the purchase of commercial real estate.
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FDIC’s Plan to Securitize Assets Could Boost CMBS
October 21, 2010 -- GlobeSt.com
Scott Tross says the FDIC's apparent plan to bundle performing real estate loans and sell them as CMBS is likely to attract the usual buyers of CMBS -- pension funds, insurance companies, mutual funds, institutions and wealthy individual investors. He notes that there are more factors indicating the market will want the securities -- undeployed cash, a paucity of CMBS for several years, and an apparent strengthening of the real estate and credit markets -- than factors arguing against market acceptance.
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Hicks creditors look for response from NHL
August 17, 2009 -- Sports Business Journal
In a story about how creditors of the Dallas Stars are seeking repayment of loans they made, Irwin Kishner notes that most professional sports leagues' debt policies forbid creditors from taking over franchises in mid-season.
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Instruments of Finance -- And Confusion
September 28, 2008 -- The Star-Ledger
Stephen Selbst is quoted in a front-page story on issues related to the $700 billion bailout/rescue -- what the fund's prospectus would look like, and the skepticism it would trigger, if there were a prospectus.
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Bernanke's Easing Thwarted by Surging Commercial Mortgage Rates
January 25, 2008 -- Bloomberg News
Scott Tross is quoted on rising interest rates in commercial lending and the deteriorating commercial real estate market.