More of a bankruptcy trust’s damage claims against Nicholas S. Schorsch’s former real estate investment trust empire and associates survived dismissal Thursday in a follow-up to a Delaware Chancery Court ruling that already had allowed the “core” allegation to proceed.
The Blackstone Group LP has made an offer to acquire Spanish hotel group Hispania Activos Inmobiliarios SOCIMI SA in a deal that values the real estate investment trust at roughly €1.9 billion ($2.3 billion), according to an announcement Thursday from a Blackstone investment vehicle seeking to buy the company.
A class of investors in telecommunications firm Windstream Holdings Inc. floated a proposed settlement of its class action suit against the directors of the company centered on its spinoff of assets into a real estate investment trust Wednesday, with insurers paying out $10.5 million to the shareholders.
The Tenth Circuit on Thursday said a lower court was right to throw out a putative class action filed by two Oklahoma landowners, deciding the suit made imprecise allegations that the Bureau of Indian Affairs did not conduct the necessary environmental analysis before approving oil leases.
PennEast Pipeline Co. LLC on Thursday told a federal judge that it needs immediate access to more than 100 New Jersey properties along the course of its planned $1 billion natural gas pipeline or else it won't be able to complete time-sensitive environmental assessments needed to meet regulatory deadlines for the project.
The Wichita and Affiliated Tribes on Wednesday urged an Oklahoma federal court to toss a land row suit by the Caddo Nation of Oklahoma claiming that a tribal history center threatens ancestral graves, saying the Caddo Nation hadn't furnished evidence for its claims and that many of them are moot since construction of the center has been completed.
New Jersey Gov. Phil Murphy issued a conditional veto Thursday and recommended changes to a bill that would allow taxpayers to make dedicated prepayments toward anticipated property taxes and allow homeowners to prepay any quarterly property tax installment before the issuance of the tax assessment.
Real estate investment trust HCP has reportedly sold a Florida senior living property for $75 million, sports retailer Puma is said to be close to a deal to lease space on Fifth Avenue in Manhattan, and a Related Group venture has reportedly scored $112.1 million in construction financing for a Miami condo project.
Hundreds of homeowners launched a lawsuit Wednesday in Texas state court saying design flaws in levee systems constructed by engineering firm Costello Inc. allowed water to flood into their neighborhood during Hurricane Harvey, causing severe and long-lasting damage and destruction to their properties.
The New Jersey Assembly Appropriations Committee advanced a bill Thursday that would provide property tax credits to taxpayers making certain qualified charitable donations, an effort to counter the federal tax reform, which limits the federal state and local tax deduction to $10,000.
Comerica Bank moved Wednesday to put the kibosh on five proposed class actions alleging the bank “knowingly provided substantial assistance” to the purported $1.2 billion Woodbridge Ponzi scheme, telling a Delaware bankruptcy court the suits should be stayed and the claims sorted out in Woodbridge’s Chapter 11 case.
A referee on Wednesday recommended disbarment for a Miami attorney who was sentenced to prison for serving as the title attorney for multiple fraudulent real estate transactions in a mortgage fraud scheme.
Hospitality real estate investment trust MGM Growth Properties LLC said Thursday it will pay Ohio-based Milstein Entertainment LLC $1.06 billion for the Hard Rock Rocksino Northfield Park, a gaming and entertainment facility in the suburbs of Cleveland.
Fried Frank Harris Shriver & Jacobson LLP represented GMS Inc. in connection with its $627 million purchase, announced Thursday, of private equity-backed WSB Titan, a provider of gypsum for the commercial and residential real estate markets.
A real estate investor who won an $84 million arbitral award following an investment dispute told the Ninth Circuit on Wednesday that a recent ruling in a separate case in California backs up his argument that assets squirreled away by his former business partner to a Liechtenstein trust are within the court’s reach.
Anadarko E&P Onshore LLC told the Tenth Circuit on Wednesday that a lower court got it right when it ruled against landowners in their suit alleging that the drilling method it used to extract oil and gas constituted trespassing, arguing that the extraction complied with industry standards.
The city of Portland, Tennessee, is reportedly eyeing the purchase of a nine-hole golf course, Chinese developer Country Garden is said to have bought a London site where it's planning a $563 million project, and BAC Florida Bank has reportedly loaned $8.65 million for a recent $13.16 million single-family home portfolio deal in the state.
Romanian bank Banca Transilvania has acquired 99.15 percent of shares owned by Eurobank Group in Bancpost SA and affiliated units for €315 million ($386.8 million) in a deal that will mark Eurobank’s departure from the country, the company said Wednesday.
Deutsche Bank National Trust Co. on Wednesday resolved its nearly 4-year-old suit accusing a Morgan Stanley unit of stuffing shoddy loans into a $735 million residential mortgage-backed securitization trust, having received settlement approval from a majority of the trust's investors.
The Florida Supreme Court declined Wednesday to take up Escambia County’s appeal of a ruling that said owners of condominium units in a Santa Rosa Island complex do not have to pay property taxes on the county-owned land underneath the condos that is leased to the association.
Though allowing the transfer of unused development rights carries some disadvantages, it has encouraged developers to utilize air rights and improve upon some of America's largest cities, say attorneys with Nixon Peabody LLP and Katherine Soule of the Northeastern University School of Law.
The Truth in Lending Act can sometimes put lenders on their heels by allowing borrowers to exercise the right of rescission before tendering benefits received under a contract. However, borrowers can avoid this situation if they seek an order to alter the statutorily prescribed procedures for rescission, says Gennifer Bridges of Burr & Forman LLP.
While a client’s visual impairment can create challenges for an attorney, it also can open up an opportunity for both attorney and client to learn from each other. By taking steps to better assist clients who are blind or visually impaired, attorneys can become more perceptive and effective advisers overall, say Julia Satti Cosentino and Nicholas Stabile of Nutter McClennen & Fish LLP.
Growing regulatory and litigation focus on per- and poly-fluorinated alkylated substances, combined with pressure to streamline due diligence, poses a challenge for environmental transactional lawyers tasked with review of industries and properties currently or previously involved in the manufacture, distribution or sale of PFAS or products containing PFAS, say Alexandra Farmer and Laura Mulherin of Kirkland & Ellis LLP.
With the D.C. Circuit's decision in PHH v. Consumer Financial Protection Bureau Wednesday, the bureau prevailed on an important constitutional issue. However, the full content and context of the court’s opinion offers as much to bureau critics as it does to its supporters, say Eric Mogilnicki and Andrew Smith of Covington & Burling LLP.
When negotiating a restaurant lease, counsel for a prospective tenant must pay close attention to the process as well as to local laws and regulations, which can sometimes vary greatly with major substantive consequences, says Michael Kent of Kent Beatty & Gordon LLP in the final part of this article.
Because courts have not modernized as quickly as companies like Amazon, Tesla and Apple, Americans are becoming increasingly dissatisfied, but technological innovations may be able to help Americans access their due process, says Stephen Kane of FairClaims.
Recent federal and state enforcement actions indicate that, even if regulators are not setting “the right price” for a loan, they are increasingly willing to declare certain prices “wrong.” This is a troubling development for mortgage lenders, say Jeffrey Naimon and Benjamin Olson of Buckley Sandler LLP.
The Tax Cuts and Jobs Act purports to lower taxes and simplify the Internal Revenue Code, but the new limitation on the deductibility of business interest seems contrary to this objective. This change will certainly cause many businesses to pause and consider whether debt financing is the best option for them, says Jennifer Tolsky of Gould & Ratner LLP.
In a national survey of 378 small law firms, partners ranked client referrals as the most important means of business development. Yet studies reveal that while professional services providers obtain most new clients from existing client referrals, their best new clients — the ones providing the largest pool of investable assets — overwhelmingly come from “centers of influence,” says Frank Carone, an executive partner at Abrams Fensterman.