According to May remittance data received late last week, the $38.95 million The Mill loan was sent to special servicing. The loan is backed by a 111,393 square-foot office in Greenwich, Connecticut. The note makes up 1.2% of the collateral behind JPMCC 2007-LD11. When the loan was securitized in 2007, the office property was 100% occupied. As of 2013, it was 91% occupied. However, the occupancy rate fell to 70% in 2014, and the DSCR dropped with it. The DSCR was 1.09x in 2013, but that...

Read more

Apps are frequently rejected for failure to comply with app store legal rules. This can happen at the initial app approval stage, or even later after the app is up and running. These legal rules are set out in the app store guidelines and various legal documents. It is crucial not to forget these when developing an app. This post highlights some of the Apple App Store guidelines and requirements that app developers should keep in mind. Next week, in...

Read more

The CMBS market faded in tandem with stocks on Tuesday. US equities opened the day sharply lower after a sell off of European stocks. After fighting back over the course of the day, US stocks ended with only modest losses. The S&P 500 was off 0.29%. CMBS spreads moved wider on another busy day. About $400 million was out for bid as spreads among legacy super seniors and new issue AAAs moved out a basis point or two. A big block of GSMS 2007-GG10 A4s...

Read more

Spies and spycraft fuel the imagination with intrigue—whether it’s the world’s fascination with a fictional James Bond or with a real-world Edward Snowden. Today, Foreign Policy released the May/June issue, diving into the issues behind today’s “Golden Age of Surveillance” and exploring what espionage means to global security. In this 88-page Spy Issue, FP writers and contributors examine the spy game in the 21st Century as “nations expend vast treasure and take extreme risks to root out secrets.” FEATURES INCLUDE: • Trevor...

Read more

Keeping its promise announced last year, the Securities and Exchange Commission on April 1, 2015, released a cease-and-desist order ("Order") declaring illegal a publicly traded company's use of a confidentiality agreement that prohibited employees during an internal investigation from discussing—whether inside or outside the company without legal approval—the substance of their interviews involving potentially illegal or unethical conduct by the company or its employees. The SEC also levied a $130,000.00 civil penalty against the company. The SEC Office of the...

Read more

In the on-going saga that is Microsoft Corporation v. United States of America, the Irish Government (“Ireland”) has made the decision to enter the fray. Late last year, Ireland commenced its own chapter by filing papers to highlight issues of sovereignty and mechanisms for international disclosure. This case, as described in our previous post, centres on the request by US authorities for the disclosure of emails held on Dublin-based servers. The case has attracted many such contributions, particularly from...

Read more

It’s a scene that’s all too familiar during certain weeks of the year: fashionable crowds grabbing their seats in venues that range from minimalist to the extremely opulent, models walking down runways in the newest designs. From March 25 through 28, designs that spanned from edgy to elegant were showed in Europe, but it wasn’t in one of Europe’s fashion capitals. The occasion was Portugal Fashion, the country’s own version of fashion week. A fashion scene is brewing there in both...

Read more