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OTC Derivative Contract Contracts that are considered to have a Direct, Substantial and Foreseeable effect within the EU

The RTS clarify that an OTC derivative contract shall be considered as having a direct, substantial and foreseeable effect within the Union when “at least one third country counterparty benefits from a guarantee(i) provided by a financial counterparty(ii)  established in the Union which covers all or part of its liability resulting from that OTC derivative contract” to the extent that both of the following conditions are met by the guarantee: (a)    It covers the entire liability of a third country counterparty resulting...

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May Not Be Too Early to Watch This 2007 Single Tenant Loan

Normally we don't start taking a hard look at big CMBS leases until they get within a year of the lease expiration date. However this particular story caught our eye when we were looking at servicer watchlist notes for January. The loan is the $72.6 million Healthnet Headquarters note. The property is a 327,000 square foot office in Shelton, CT. Built in 1982 and renovated in 1989, the property was the home of Health Net of the Northeast. The firm is still...

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Update: New Jersey Office Assigned Appraisal Reduction

According to January servicer data, the $47.9 million Novo Nordisk Headquarters took a $24.3 million appraisal reduction amount. The loan backs 5.4% of CGCMT 2005-C3, a deal that has taken 3.2% in cumulative bond loss. Back in September 2013 we wrote about the eponymous tenant's planned departure from the property. Novo Nordisk, which currently occupies 77% of space, will be vacating upon lease expiration in December of this year. Despite solid financial performance (1.75x DSCR in the first half of 2013), the loan...

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Goldberg Segalla Open for Business in Chicago

Goldberg Segalla is pleased to announce it expanded its U.S. footprint into Chicago with the opening of its 12th office, launched by a team of prominent Chicago attorneys that includes David J. O’Connell, James W. Ozog, James M. Rozak, Brian J. Benoit, Ryan M. Frierott, and Jennifer L. Rediehs. Additional growth and new faces are anticipated in the coming months, and all of Goldberg Segalla’s diverse range of practice areas will expand into the Chicago office. The opening of Goldberg Segalla’s Chicago office highlights the dynamic organic...

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New York Grant Company CEO, Ann Kayman, admitted into the Entrepreneurs Organization

New York Grant Company CEO, Ann Kayman, was recently admitted into the Entrepreneurs Organization, a global business network of 9,500+ business owners in over 40 countries. Entrepreneurs Organization connects and engages their community of expert entrepreneurs to learn and grow. In joining EO, Ann is delighted to work with a peer group of like-minded individuals, and to impart the entrepreneurial know-how for the benefit of clients, staff and the business community. "I can't wait to roll up my sleeves...

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‘Heightened Standards’ for Large Banks: OCC Proposed Guidelines

On January 16, 2014, the Office of the Comptroller of the Currency (OCC) released a proposal seeking comment on guidelines that would establish minimum standards of governance, risk management and board independence for certain large national banks, Federal savings associations, and Federal branches (collectively, “banks”). The guidelines are intended to become an integral part of the OCC’s safety and soundness regulations (12 CFR Part 30). The OCC would apply these guidelines to insured national banks, insured Federal savings associations, and...

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AlixPartners Is Pleased to Announce their Newly Promoted Managing Directors

They've advanced because you've advanced At AlixPartners, we care about results because our clients care about results, and we reward our people for delivering exceptional value to clients. The following 11 professionals were recently promoted to Managing Director in our firm. They have advanced for many reasons—but primarily for their track records of guiding clients to soaring successes. We're very proud of these 11, and we also know that they're just getting started. To read about the impressive backgrounds of AlixPartners'...

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EU & Antitrust – A Review of 2013

1. Two Phase II Merger Control Investigations In 2013, there were two Phase II merger control investigations, the first in-depth reviews since 2011, both of which involved trade buyers.  In April 2013, following a full investigation, the Competition Authority (the "Authority") unconditionally cleared Intersnack International B.V.’s acquisition of KP Snacks from United Biscuits (UK) Limited. The second Phase II case involved the acquisition by Uniphar plc. of Cahill May Roberts Limited, the Irish pharmaceutical distribution and wholesaling subsidiary of Celesio.  This was also...

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Intellectual Property in the EU – A Review of 2013

1. Unified Patent System In February 2013, 24 EU Member States, including Ireland, signed an international agreement relating to a pan-European patent system, including the creation of a Unitary Patent and a Unified Patent Court  ("UPC"). The UPC will have exclusive competence to deal with all disputes relating to infringement and revocation of European Patents and the new Unitary Patents. Member States can elect to either host a local division of the UPC, or join a regional division. The Irish Government...

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NYC Office to Lose Second Largest Tenant, Loan Backs Two 2013 CMBS Deals

A report from The Real Deal on Tuesday indicated that New York's Chrysler East (a Tishman property) will be losing its second largest tenant. According to the piece, accounting firm Grant Thornton has inked a lease for 130,000 square feet at Aby Rosen's 757 Third. Grant Thornton occupies the 11th, 12th, and 13th floors at Chrysler East. That totals about 63,000 square feet, or approximately 8% of the space in the building. The lease ends in November 2014. The property backs $265 million of CMBS debt split...

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