Close on the heels of the residential real estate mortgage market meltdown, an impending crisis in commercial real estate could bleed as much as $300 billion from banks and trigger hundreds of failures without swift action by federal officials, according to a congressional report released Thursday.
Gutted by the housing downturn and unable to make payments on $132 million of debt, four affiliates of CitiApartments Inc., San Francisco’s largest apartment owner, have sought shelter in Chapter 11 bankruptcy protection.
A federal appeals court has upheld a judgment for Mermart LLC in a suit brought by investors in its $47.3 million redevelopment project alleging breach of contract for failing to disclose payment deductions in connection with lead paint contamination of the site.
Former Steptoe & Johnson LLP partner Greg Yates has joined the bankruptcy practice at Seyfarth Shaw LLP, where he'll continue a national practice specializing in distressed commercial real estate transactions.
Snell & Wilmer LLP and a partner in its Las Vegas office have struck a $3.1 million settlement to resolve a breach of contract and malpractice suit over their alleged role in the collapse of Southwest Exchange Inc., an intermediary that held real estate investors' profits to help them delay paying taxes.
The lead plaintiffs in a consolidated securities class action against bankrupt real estate investment firm TMST Inc., formerly known as Thornburg Mortgage Inc., have objected to a notice of sale, claiming it needs to include a provision that the purchaser has a duty to preserve documents that may be relevant to the pending securities case.
A judge has certified a class action accusing Louisiana-Pacific Corp. and ABT Building Products Corp. of making and marketing exterior trim for houses that rapidly deteriorates.
Homebuilder Champion Enterprises Inc. has received approval from a U.S. bankruptcy court to move forward with its plans to auction off all its assets.
An appellate court has upheld a finding for The Cincinnati Insurance Co. in a $20 million coverage dispute over repairs to defective homes in a subdivision in Lexington, Ky., holding that the damage at issue was not “property damage” caused by an “occurrence” as defined in the home builder's insurance policies with CIC.
A federal court has rejected a bid for conditional certification of a nationwide class of field managers in an overtime wage suit against Centex Homes Inc., agreeing with the conclusions of a magistrate judge that the proposed class would be “unmanageable.”
A bankrupt subsidiary of insurer LandAmerica Financial Group Inc. that recently sold its assets to UnitedTech Lender Services Inc. has lodged an adversary complaint that accuses UnitedTech of using funds from the deal for items outside its contractual scope, such as prepetition liabilities.
A Michigan property developer has sued auto parts maker Johnson Controls Inc. for its alleged foot-dragging on cleaning up a heavily contaminated site that is slated to be turned into condominiums.
As climate change legislation takes center stage, benchmarking is gaining traction among lawmakers, environmentalists and landlords as a viable first step toward systematically reducing energy use in buildings.
Manhattan real estate developer Lionshead 110 Development LLC has filed suit in New York state court to force The Insurance Corporation of New York, currently in liquidation, to fund its defense against a host of tort claims over respiratory injuries allegedly sustained as a result of removing debris near the World Trade Center site.
It took a hefty increase from its stalking horse bid, but Starwood Land Ventures LLC gained court approval to purchase nearly 5,500 Florida real estate lots from bankrupt homebuilder Tousa Inc. once its $81 million offer proved the highest bid at auction.
Real estate mogul Sam Zell's Equity Residential has sealed a $475 million deal to acquire three Manhattan high-rise apartment buildings from developer Harry Macklowe.
Homebuyers are seeking class certification in a suit accusing mortgage lender PHH Corp. of working with its captive reinsurer Atrium Insurance Corp. to receive an unlawful cut of the premiums its borrowers paid for private mortgage insurance.
A bipartisan coalition of U.S. House of Representatives lawmakers is urging federal regulators to take swift action to stem the deterioration of the $6.7 trillion commercial real estate market, warning that failure to do so could seriously imperil the country's economic recovery.
Bankrupt real estate development company Crescent Resources LLC, which expects to emerge from Chapter 11 early in the second quarter of 2010, has filed a restructuring plan that it says would slash its outstanding secured debt by about $1 billion.
Bennington Foods LLC’s multimillion-dollar breach of contract suit against the owner of an industrial park in St. Croix ended with a whimper Wednesday when a jury found that defendant St. Croix Renaissance Group LLLP did not violate a contract for Bennington’s demolition of an old Alcoa Inc. refinery.