Investors in GMACC 2004-C3 might be in luck. For a while now, we have been concerned about the $33.9 million Key Center note. About a year ago a developer was looking to lure the building's lead tenant--Delaware North--away from the Buffalo, New York property. The hospitality and food service management firm occupies 24% of the space with a lease that ends in the summer of 2015. In October the rumors were proven true when it was reported that Delaware North was headed to a...

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Representatives from 3 EACC Member companies: Pepper Hamilton, Duff & Phelps and Freeh Group International Solutions (FGIS) led a fast-paced, interactive discussion of some of the hottest topics in the fund managing world. This podcast is a recording of this session from Philadelphia. Topics discussed included valuation questions including trends in secondary market regarding valuations; cybersecurity including how do you judge the risk of your third party vendors, what to do if you have a data breach; and fundraising and...

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City of Rochester became the second city in New York to “ban the box,” by adopting legislation restricting the timing of pre-employment inquiries by most Rochester public and private employers into a candidate’s criminal history.  Rochester joins Buffalo,1 as well as Baltimore, Newark,2 Philadelphia,3 San Francisco,4 Seattle,5 Hawaii, Massachusetts, Minnesota,6 and Rhode Island7 in banning the box.  More than 40 jurisdictions have enacted ban-the-box laws that apply to public employers.  The “box” refers to the box on employment applications inquiring whether an applicant has...

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In the Netherlands, so called Bitcoins do not qualify as 'currency' in accordance with the Dutch Civil Code (DCC). According to a Dutch District Court (Overijssel) in a recent ruling, the Bitcoin has the status of a medium of exchange. In the case at issue, a seller ought to transfer 2750 Bitcoins to a buyer, based on a purchase agreement. However, after payment of the purchase price by the buyer, the seller only transferred 990 Bitcoins. The buyer stated that...

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Another block of assets that is up for auction in May and June started to flow through remittance this month, which sent volume and severity up after a lull in April. Liquidated loan volume reached $1.02 billion in May, up from $844.16 million in April. Of the loans that were liquidated, 84% (by balance) fell into the greater than 2% loss severity category. May loss severity registered 48.94%, up nine percentage points from April's 39.77% and just above the 12-month...

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