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Real Estate

  • December 7, 2018

    Execs Urge No Or Little Prison In $200M Del. Bank Fraud Case

    Four Wilmington Trust executives found guilty in a nearly $200 million federal securities fraud case in May have appealed for no, or little, prison time instead of the up to nine- and 11 ¼-year recommendations issued by prosecutors, according to documents made public on Friday.

  • December 7, 2018

    Intricacy Of Interest Deduction Regs May Vex Multinationals

    The U.S. Treasury Department’s decision to limit interest expense deductions for certain foreign affiliates of multinational corporations could force businesses to undertake complex calculations and puts them at a risk of paying more tax on global income.

  • December 7, 2018

    Advertisers Can't Tear Down NYC Billboard Ban At 2nd Circ.

    Advertisers can't block a New York City ban on billboard advertising near public parks and roadways after the Second Circuit said Friday a decades-old regulation exemption that lets signs plaster a Queens ballpark doesn't mean the companies are being deprived of their commercial speech rights.

  • December 7, 2018

    NY Builder Gets 3 Years For Bribery, 'Buffalo Billion' Fraud

    The former president of COR Development Co. was sentenced to three years in prison Friday, following his conviction for bribing a former top aide to New York Gov. Andrew Cuomo and his role in a scheme to rig bids for hundreds of millions of dollars in state development contracts.

  • December 7, 2018

    Paul Hastings Guides $900M JV Fund Buy Of Orlando Resort

    Paul Hastings LLP has represented a joint venture of funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. in the acquisition of the Grande Lakes Orlando Resort in Florida, a 409-acre complex that includes two luxury hotels, the law firm said Thursday.

  • December 7, 2018

    Bank Slams Bid To Shelter Owner In Jay Peak Fraud Case

    People's United Financial Inc. asked a Florida federal judge Thursday to deny a receiver's bid to protect Ariel Quiros, allegedly the architect of a $350 million EB-5 visa fraud scheme involving Vermont ski resort Jay Peak, saying there is no legal basis to reward Quiros by sheltering him from further claims.

  • December 7, 2018

    8 Firms To Guide 5 IPOs Led by Tencent Music's $1.1B Deal

    Eight law firms will guide five initial public offerings that could potentially raise more than $1.5 billion combined during the week of Dec. 10, possibly the last wave of IPOs for the year, led by an estimated $1.1 billion offering from streaming giant Tencent Music Entertainment Group.

  • December 7, 2018

    NJ Atty Suspended For Handling $23M Deals While Ineligible

    A New Jersey real estate attorney has been slapped with a three-year suspension by the state Supreme Court for practicing law while he was previously suspended, namely by representing borrowers in matters over about four years that involved more than $23 million in loan transactions.

  • December 7, 2018

    Data-Driven Lawyer: Morgan Lewis' J. Kyle Poe

    Morgan Lewis' J. Kyle Poe, a self-proclaimed "elder millennial," created a client management platform to streamline the firm's work in asbestos litigation that is now used across practice areas, making the firm's business more efficient and upping its ability to attract clients through innovative fee arrangements, earning him a spot on our 2018 list of Data-Driven Lawyers.

  • December 7, 2018

    Real Estate Rumors: LV Lending, Taconic, GLL

    LV Lending has reportedly provided a $10 million loan for a Florida retail project, a Taconic Investment venture is said to have bought a New York property for $269 million with financing from MetLife, and German fund GLL Real Estate Partners has reportedly sold a Florida office building for $25.1 million.

  • December 7, 2018

    KKR REIT Loans $267M For California, New York Properties

    KKR & Co. Inc.'s real estate investment trust lending arm has loaned $266.5 million for a pair or multifamily properties, one in California and a second in New York, according to a KKR announcement Thursday.

  • December 7, 2018

    State Dept. Can Still Count Relatives Toward EB-5 Visa Cap

    A D.C. federal judge refused to forestall the U.S. Department of State’s policy of counting foreign investors’ family members toward the EB-5 visa cap, dealing an early blow to a lawsuit levied by a group of Chinese investors who claim that the policy creates a lengthy visa backlog and conflicts with Congress’ intent.

  • December 6, 2018

    NY Developer Gets 2 1/2 Years For 'Buffalo Billion' Bid-Rigging

    A founder and former general counsel for upstate New York developer COR Development Co. LLC on Thursday was sentenced to two and a half years in prison for his role in an alleged scheme to rig bids for upwards of $600 million in development projects including in the state's "Buffalo Billion" program.

  • December 6, 2018

    SEC Gives Up On Litvak Suit After Feds Drop Charges

    A Connecticut federal judge on Thursday agreed to dismiss the U.S. Securities and Exchange Commission’s civil suit against former Jefferies Group LLC bond trader Jesse Litvak in the wake of the end of his five-year criminal case in which he was convicted twice but saw those convictions overturned.

  • December 6, 2018

    Enviros Sue To Block Minneapolis Rezoning Plan

    A coalition of environmental groups have filed a suit against the city of Minneapolis in Minnesota state court looking to block a proposed rezoning plan they say has not undergone a proper review and would cause severe environmental damage.

  • December 6, 2018

    Builder Stuck With Trimmed Fraud Suit Over Illinois Homes

    NVR Inc. can’t shake a proposed class action by Illinois homeowners who accuse the builder of installing lower-quality materials than advertised, according to an Illinois federal judge who found on Wednesday that the buyers' claims about cabinets and shingles were specific enough to survive dismissal.

  • December 6, 2018

    Pa. Justices Won't Hear Sunoco Pipeline Land-Grab Appeal

    The Supreme Court of Pennsylvania refused to hear an environmental group’s allegations that a Sunoco Inc. unit abused its eminent domain power assembling land for the controversial Mariner East 2 natural gas pipeline, according to an order made public Thursday.

  • December 6, 2018

    Ex-Sears CEO's Fund Submits $4.6B Ch. 11 Purchase Bid

    The hedge fund run by Sears Holding Corp. chairman and former CEO Eddie Lampert has said it will make a $4.6 billion offer to buy the bankrupt retail giant that the fund says would preserve about 500 stores and 50,000 jobs across the country.

  • December 6, 2018

    3 Firms Must Evenly Split $11.3M Fees In Century 21 Suit

    Three law firms representing Century 21 Real Estate Corp. franchisees in a class action against the company and its former parent must evenly split roughly $11.3 million in attorneys’ fees awarded in connection with a settlement in the case, a New Jersey appeals court ruled Thursday in nixing one firm’s bid for a larger share.

  • December 6, 2018

    Energy Co. Fights PE Firm's Bid To Nix $100M Oil Asset Spat

    Gravitas Resources Corp. has asked a Texas appeals court to let it move forward with a claim for more than $100 million against a private equity firm it claims used confidential information about a 40,000-acre Utah oil and gas property to poach its opportunity to buy the energy assets.

Expert Analysis

  • Stadium Development Can Breathe Life Into Urban Areas

    Maxine Hicks

    While stadiums have not been economically beneficial for local communities historically, new sports-oriented mixed-use projects built closer to urban areas — such as Atlanta's SunTrust Park — offer opportunities to revitalize underutilized properties and create true public-private partnerships, say Maxine Hicks and Andrew Much of DLA Piper.

  • Lame Ducks Could Fix TCJA's Bonus Depreciation Problem

    Dustin Stamper

    Earlier this year, the Treasury Department found it couldn't fix an error that excludes qualified improvement property from the Tax Cuts and Jobs Act's bonus depreciation provisions. Relief might come from Congress if it passes a limited technical corrections bill during the lame duck session, say Dustin Stamper and Omair Taher of Grant Thornton LLP.

  • FinCEN Tightens The Net On Illicit Real Estate Deals

    Thomas Delaney

    Geographic targeting orders released this month indicate that the Financial Crimes Enforcement Network remains concerned about money laundering risks in the real estate sector — and the anonymity of transactions that use virtual currency, say attorneys with Mayer Brown LLP.

  • High Court's Frog Decision May Limit ESA Determinations

    Paul Weiland

    Two holdings from the U.S. Supreme Court's opinion in Weyerhaeuser v. U.S. Fish and Wildlife Service Tuesday are likely to limit the service’s interpretation of its authorities and provide the regulated community with the ability to challenge critical habitat designations under the Endangered Species Act, say Paul Weiland and Svend Brandt-Erichsen of Nossaman LLP.

  • What To Watch Out For When Deconverting Illinois Condos

    Daniel Bronson

    In Illinois, purchasing all the units in a condo building requires understanding some uncommon real estate issues, including compliance with Section 15 of the Illinois Condominium Property Act, and the relationship between the unit owners and the existing condominium association, say Daniel Bronson and Courtney Mayster of Much Shelist PC.

  • Jurors Should Ask More Questions During Trials

    Matthew Wright

    Permitting jurors to submit written questions, or even to pose questions orally to witnesses on the stand, advances several important goals and promotes both fairness and efficiency, says Matthew Wright of McCarter & English LLP.

  • Calif. Ruling Dings Engagement Letter Arbitration Clauses

    Sharon Ben-Shahar Mayer

    The California Supreme Court's recent decision in Sheppard Mullin v. J-M Manufacturing has cast doubt on arbitration clauses in attorney engagement agreements, jeopardizing the efficient resolution of malpractice claims and fee disputes, say Sharon Ben-Shahar Mayer and Mark Drooks of Bird Marella Boxer Wolpert Nessim Drooks Lincenberg & Rhow PC.

  • Prop 65 Compliance Gets More Complicated

    Anne Marie Ellis

    Recent amendments to California's Proposition 65 changed the nature and content of chemical exposure warnings required for many products, substances and locations. Meanwhile, the plaintiffs bar is stepping up its attempts to target Prop 65 violators, says Anne Marie Ellis of Buchalter PC.

  • 10 Things We Wish We Were Told When Going In-House

    Dana Lee

    Attorneys at Albert Einstein College of Medicine, Perkins Coie LLP and the Healthcare Association of New York State reflect on lessons they learned the hard way when transitioning to in-house counsel positions.

  • Opinion

    3 Ways To Disarm The Next Local Subsidy Arms Race

    Anne Philpot

    Amazon recently concluded a 14-month bidding war among 238 cities, each hoping to secure an economic boost. The vicious cycle of offering costly public subsidies to corporate giants can be broken by adopting specific cultural and legal reforms, say Ann Philpot and Michael Farren of the Mercatus Center at George Mason University.