When drafting a collective bargaining agreement, employers often insist on a management-rights clause.  That clause reserves to the employer the right to take unilateral action, with respect to certain terms and conditions of employment without an obligation to bargain with the union about that action.  In negotiating such clauses, employers try to find the right balance between specifically delineating the rights being retained, while keeping the language sufficiently broad to cover other (perhaps unanticipated) circumstances in which the employer...

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Major FX markets in July were comparatively range-bound following the sharp late June moves after the UK Brexit decision. The narrow range in EUR/USD seems unlikely to be sustained through August, with expectations of Fed action in September likely to come to the fore by the end of the month Main market movements in July Majors largely traded within June’s range, but GBP/USD made new lows below 1.28 before recovering back above 1.30 helped by the formation of the new Conservative...

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According to news station WKBW Buffalo, the 762,412 square-foot shopping center located at 1285 Niagara Falls Boulevard in Amherst, New York is being marketed for sale. The property currently backs the $92.9 million Boulevard Mall loan which matures in February 2017. The loan makes up 2.43% of the remaining collateral behind GCCFC 2007-GG9. Built in 1962, Boulevard Mall is being sold by Cleveland-based Forest City Realty Trust Inc. as part of a new company strategy focused on paying down existing...

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On 26 July 2016, bill of law N° 7020 on the implementation of the 2017 tax reform package was filed by the Luxembourg Government with the Parliament (Chambre des Députés). The new measures affecting both business and individual taxation were originally announced on 29 February 2016 (please refer to our Newsflash dated 29 February 2016 available in our website). The bill mainly follows the announced measures with certain amendments. The key measures may be summarised as follows Business taxation Decrease in the...

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When it comes to hiring the right people who really fit their business, small-to-mid size organizations actually have a significant advantage over large corporations. The ability to act quickly, adjust roles to fit specific skill sets, and grant access to senior leadership during the interview process creates an environment of trust and mutual respect between candidates and hiring managers. With a well thought out recruiting process, you can ensure you’re not losing the right people for the wrong reasons...

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SAN DIEGO, July 12, 2016—This summer, thirty middle school girls will graduate from Qcamp for Girls in STEM, developed and implemented by Qualcomm Incorporated and the Institute of International Education (IIE). This year marks the third year of Qcamp for Girls, a two-week, free-of-charge intensive summer camp designed to introduce and solidify middle school students’ interest in science, technology, engineering and math (STEM). Following the success of the first cohort of students, Qualcomm and IIE will expand Qcamp for...

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Houlihan Lokey's Consumer, Food & Retail Group is pleased to announce that Far Niente Wine Estates has received a strategic investment from GI Partners. The transaction closed on June 10, 2016. Houlihan Lokey, along with Richard Mendelson, served as the exclusive financial advisor to Far Niente Wine Estates and assisted in structuring and negotiating the transaction on their behalf. This deal represents a landmark transaction for Houlihan Lokey in the wine industry. Far Niente was established in Oakville, Calif., in 1885 and...

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President’s Column We’re midway through 2016, and while many of you are taking a much-needed and well-deserved break from your day jobs, I want to take a moment to share all the Vision Impact Institute (VII) has accomplished as we continue to strive toward goals we set for our organization earlier this year.   At the outset of 2016, we renewed our support for Vision2020, a global program of the World Health Organization (WHO) and the International Agency for the Prevention...

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On July 13, 2016, the Frankfurt Higher Labor Court held the dismissal of an employee in response to demands by the New York State Department of Financial Services (NYDFS) was invalid. (Frankfurt Labor Court, 18 Sa 1498/15). This holding demonstrates that obligations imposed by agreements with U.S. supervisory authorities do not supersede German employment dismissal law. In this case, a Commerzbank employee in Germany challenged his dismissal, which was made following demands by the NYDFS, a financial supervisory authority. The...

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According to July remittance data, the value of the property that backs the $40.3 million 4 Becker Farm Road note has been revised down to $31.5 million. The loan, now past its May 2016 maturity date, makes up 7.57% of the colllateral behind WBCMT 2006-C26. At the moment, the loan is not carrying an appraisal reduction. Located in Roseland, New Jersey, the 281,762 square-foot suburban office was previously appraised for $53.8 million at securitization in 2006. Earlier this year, the borrower requested...

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