Real Estate

  • July 31, 2015

    Bahamanian Judge Delays $3.5B Baha Mar Liquidator Hearing

    A Bahamanian judge on Friday stalled a key hearing for the unfinished $3.5 billion Baha Mar resort, granting the government until Aug. 19 to name a new liquidator to handle the beleaguered resort’s restructuring after its original candidate, PricewaterhouseCoopers, was nixed over a conflict of interest.

  • July 31, 2015

    Goldman To Drop $270M To Settle $6B RMBS Suit

    Goldman Sachs Group & Co. has tentatively agreed to pay $270 million to resolve a putative class action brought by a union pension fund accusing the investment banking giant of selling $6 billion in shoddy residential mortgage-backed securities, according to multiple media reports published Friday.

  • July 31, 2015

    Bacon’s $50M Defamation Case Largely Time-Barred: Judge

    A New York judge tossed the majority of claims from billionaire Louis Bacon’s $50 million defamation suit against his neighbor in the Bahamas, fashion executive Peter Nygard, holding in a ruling entered Friday that the claims were time-barred because they occurred more than a year before the suit was filed.

  • July 31, 2015

    Cohen Milstein Lands $73M For MBS Settlement With Banks

    A New York federal judge signed off Friday on a $73.4 million fees and costs award to Cohen Milstein Sellers & Toll PLLC in a $235 million settlement ending a class action brought by a pension fund against three financial giants over Residential Capital LLC mortgage-backed securities.

  • July 31, 2015

    Ariz. Officials Claim Immunity In Tribe's $400M Casino Suit

    Arizona’s governor, attorney general and gaming director asked a federal court Friday to dismiss them from the Tohono O’odham Nation’s suit over the right to open a $400 million gaming facility in the Phoenix metro area, arguing the allegations amount to claims against the state and are barred by sovereign immunity.

  • July 31, 2015

    Taxation With Representation: Sullivan, Wachtell, MoFo

    In this week’s Taxation With Representation, Sullivan & Cromwell guides Teva’s $40.5 billion deal for Allergan's generic-drug business while McGraw Hill Financial taps Wachtell for its $2.2 billion acquisition of private equity-owned data and information provider SNL Financial.

  • July 31, 2015

    Polsinelli Beefs Up In Dallas With Real Estate, Health Pros

    Polsinelli PC said Thursday it has added five lawyers to its real estate finance and health care litigation practices in Dallas, capping off a month that included a move to six floors of new office space.

  • July 31, 2015

    NJ Judge Looks To Spur 'Silent' Sandy Flood Plaintiffs

    A New Jersey federal judge overseeing Hurricane Sandy "Write Your Own" and Federal Emergency Management Agency direct case dockets is upping the pressure on flood plaintiffs to participate in an ongoing, full-bore settlement effort or make clear that they are opting out.

  • July 31, 2015

    Schwab Urges High Court To Quash Risky CMO Class Action

    Schwab Investments has petitioned the U.S. Supreme Court to review a Ninth Circuit decision that revived a proposed class action accusing it of making risky bets on collateralized mortgage obligations despite policies outlined in investment guidelines, arguing the plaintiffs had no standing to sue in the first place.

  • July 31, 2015

    Real Estate Moguls On The Move

    The month of July continued to see a number of high-level moves prompted by the unwinding of GE Capital Real Estate, while Amaris Hospitality, Annaly Capital Management and RealtyTrac named new leaders and newly launched property advisory firm Trivanta scored a new executive and new business from TGI Friday's Inc.

  • July 31, 2015

    Calif. Court DQs Atty In Brothers' $250M Real Estate Row

    A California appellate court reversed an order denying a bid to disqualify an attorney representing a businessman in a $250 million family feud accusing his brothers of cheating him out of a real estate enterprise, saying the attorney had been involved in the underlying transactions.

  • July 31, 2015

    Samson Unit Nabs $73M Mixed-Use Brooklyn Property

    A company affiliated with Samson Management LLC has purchased a Brooklyn loft-style office property for $73 million, according to city records recently made public.

  • July 31, 2015

    10 IPOs Targeting $1.4B Ready To Rock 1st Week Of August

    A total of 10 companies — two energy companies, two health-conscious private equity-backed companies, four life sciences companies and two holdovers — are ready to go public during the first week of August, together targeting $1.4 billion before an end-of-summer slowdown.

  • July 31, 2015

    Archer & Greiner Adds Real Estate Partner In Philly

    Archer & Greiner PC announced Friday it has expanded its real estate practice with the addition of a former Flaster/Greenberg PC partner who will come on as a partner in the firm’s Philadelphia office and serve as vice chairman of its real estate department.

  • July 31, 2015

    International Compliance Fuels Market For Lateral Tax Attys

    Increased policing by tax authorities of international transactions is driving a ravenous demand for experienced tax partners among the largest law firms as the economy improves and cross-border deals flourish, an analysis by Law360 has found.

  • July 31, 2015

    Barclays, BofA Provide $273.5M Loan For NYC Property

    A borrower affiliated with Edward J. Minskoff Equities Inc. has scored a $273.5 million loan from Barclays Bank PLC and Bank of America NA for a recently fully leased Manhattan office property, according to city records made public Thursday.

  • July 31, 2015

    DHS Wants Suit Over Investor Visa Denials Tossed

    The U.S. Department of Homeland Security moved Thursday to throw out a lawsuit claiming it capriciously denied EB-5 investor visas to more than a dozen U.S. resident aliens, telling a D.C. federal judge there was no real risk the individuals could lose their investment funds.

  • July 31, 2015

    GE Mortgage Can't Escape BNY Mellon's $900M RMBS Suit

    A Manhattan federal judge has denied General Electric Mortgage Holding LLC’s bid to exit Bank of New York Mellon’s suit accusing it and another mortgage company of falsely representing a $900 million mortgage-backed security trust with poor performance.

  • July 31, 2015

    Real Estate Rumor Mill: China, HSBC, NorthStar

    Chinese regulators are reportedly considering letting state-owned real estate investment trusts trade in the onshore interbank market, while HSBC Holdings PLC is said to have provided a £200 million loan for a trophy London tower and NorthStar Realty Finance affiliates are buzzed to have scored a $98.5 million loan for a trio of Miami hotels.

  • July 30, 2015

    Settlement Monitor Says BofA Picked Up Consumer Relief Pace

    Bank of America Corp. put itself on pace to complete its consumer relief requirements from last August’s $17 billion mortgage settlement by distributing nearly $1.2 billion in mortgage refinancing and community assistance through the first quarter of 2015, the settlement’s monitor said Friday.

Expert Analysis

  • 7 Keys To Improving Your Direct Examination

    James Murray

    Trial lawyers should approach direct examination with the same excitement as cross-examination. If you do not, the jury will notice and your case will suffer. An effective direct examination backs the lawyer out of the action and puts the witness front and center to tell the story in a conversational, comforting, interesting fashion, says James Murray of Dickstein Shapiro LLP.

  • The Interplay Between Indemnity And Insurance Clauses

    Jeffrey A. Kiburtz

    Setting aside whether indemnity is truly “deadly dull” and insurance is only generically boring, as one California court described them, the lack of a clear relationship between contractual indemnity provisions and insurance requirements can give rise to considerable uncertainty in construction contract litigation, say Jeff Kiburtz and Clark Thiel at Pillsbury Winthrop Shaw Pittman LLP.

  • Lessons From 5th Circ. Application Of Scienter Standard

    David Dodds

    The Fifth Circuit’s recent dismissal of a federal securities fraud class action that arose out of the failure of Guaranty Bank serves as a reminder that even where some specific allegations tend to support an inference of scienter, they may not invariably lead to a finding of the required “strong inference,” says David Dodds of Haynes and Boone LLP.

  • Not-For-Profit Property Tax Exemption In NJ: Not For Long

    Richard F. Ricci

    Two recent decisions from the New Jersey Tax Court may prove problematic for nonprofit organizations currently relying on the state’s property tax exemption statute, say Richard Ricci and Sean Collier at Lowenstein Sandler LLP.

  • Mass. Has New Requirements For Foreclosing Mortgagees

    Darian Butcher

    Massachusetts law regarding which terms of a mortgage require strict compliance in order for a mortgagee to validly exercise its power of sale continues to develop. In a recent decision, the state high court acknowledged that its jurisprudence on this point has “taken a more flexible approach,” say attorneys with Day Pitney LLP.

  • Texas Property Insurers Consider Changes To Hail Policies

    Todd M. Tippett

    Texas is in the midst of a hail lawsuit crisis. Tens of thousands of lawsuits have been filed across the state and abuse and outright fraud are commonplace. Despite a strong push by the insurance industry, the 2015 Texas Legislature failed to pass any significant reform measures. Absent a legislative or policy form solution, the end result is predictable, says Todd Tippett at Zelle Hofmann Voelbel & Mason LLP.

  • New Energy Efficiency Requirement In The UK Rented Sector

    Alibhai, Elizabeth, Dechert.jpg

    The U.K. government has set a target to reduce greenhouse gas emissions by at least 80 percent by 2050, but incentives for making energy-efficiency investments in the rental sector have been lacking and voluntary initiatives have had disappointing results. The U.K. Department of Energy and Climate Change's new regulations show the carrot has been replaced with the stick, says Elizabeth Alibhai at Dechert LLP.

  • REBUTTAL: The Problem With 3rd-Party Litigation Financing

    Lisa Rickard

    Manipulating gender disparity in the service of hawking a flawed investment product does nothing but trivialize a serious and important issue. The tortured logic in Burford Capital LLC’s recent plug for third-party litigation financing is nothing more than a marketing ploy to boost revenues, says Lisa Rickard, president of the U.S. Chamber Institute for Legal Reform.

  • Stage Is Set For NY High Court Review Of Standing Waiver

    Christopher A. Gorman

    There is a clear split in authority among the departments of New York's Appellate Division on whether a standing defense is waived upon a borrower defaulting in a foreclosure action. The potential impact of how the split is ultimately resolved by the New York Court of Appeals cannot be understated, says Christopher Gorman of Westerman Ball Ederer Miller Zucker & Sharfstein LLP.

  • Drought In Calif. Is Changing The Real Estate Landscape

    Ian T. O’Banion

    With California farmers and at least one celebrity fined for stealing water, water suppliers and users alike are in the process of developing strategies for compliance amid dwindling supplies. For the real estate industry, these challenges serve as an opportunity to develop creative cross-disciplinary efficiency measures that could serve as a model for responding to severe droughts in other parts of the world, say Ian O’Banion and ... (continued)