On January 1, 2014, the California Revised Uniform Limited Liability Company Act (the New Act) replaced California’s Beverly-Killea Limited Liability Company Act (Beverly-Killea), which was adopted in 1994. The New Act is intended to bring California’s laws more in line with the laws of other states while also clarifying certain issues that existed under Beverly-Killea. Existing and future California LLCs are subject to the New Act. Thus, it is important that operating agreements drafted prior to 2014 be reviewed, and...

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Laboratory coats which can change color and warn people of poisonous gases, bandaging materials which show that the patient has an infection and bath gloves which detect chemical additives in bathwater are potential examples of intelligent textiles which can show dangers in different colors, and thus contribute to achieving greater occupational safety. The dyes were researched and produced by Joanneum Research in Weiz, according to a report published by the Austrian Press Agency. Sensor textiles as a warning signal. A sensor...

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The American pharmaceutical and biotech company Baxter plans to invest EUR 80 million in the facilities it operates in Vienna and Orth, Lower Austria. This amount is in addition to the EUR 138 million which will be invested at the plant in Krems, Lower Austria over the coming years. In this way, Baxter is “sustainably securing the future of its Austrian business operations”, says Karl-Heinz Hofbauer, Baxter’s Operations Manager in Vienna. Baxter continuously invests to upgrade its Austrian sites. In...

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Granito Corporate Advisories announces the creation of a corporate social learning platform. This instructional platform's goal is to enable small and mid-size companies to stabilize and develop staff talent and facilitate growth, especially those looking to internationalize. It is designed especially for companies currently unable to afford available enterprise-grade social networking applications. Using existing free social medium platforms, GRANITO focuses on teaching an enterprise wide awareness of, and participation in, fundamental business tools such as mentoring, brain-storming, networking and team...

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One loan CMBS investors may want to watch is the $33.2 million 1710 Broadway note that backs 2.1% of COMM 2005-C6. The property is a 68,285 square-foot office in Manhattan's Midtown West area. The building was constructed in 1918 and renovated in 2003. The concern is that the lease for lead tenant Christian Casey is slated to end in April of this year. According to recent servicer watchlist notes, "tenant has been vague regarding plans upon lease expiration." Christian Casey is the corporate...

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The New York Grant Company has partnered with Ireland INC for the fourth annual Ireland Day 2014 in New York City to foster economic development in NYC and worldwide. The summit will take place at the New York Stock Exchange on Friday, March 14th. Themed Ireland and the World with a focus on investing in Ireland, a unique group of global business and political leaders will attend this one day international business summit. "We're thrilled to be a part of an...

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Recently Bruce K. Fenton, Pepper Hamilton partner and chair of the firm’s Private Equity Practice Group and Investment Funds Industry Group, hosted Jay J. Rittberg, senior vice president and Americas M&A manager, and Ashley Behan, mergers & acquisitions insurance, of AIG to discuss the use and benefits of representation and warranty insurance in both buy-side and sell-side M&A transactions. This podcast is a recording of this seminar. Mr. Rittberg and Ms. Behan discuss how this insurance is used in transactions...

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According to a report in the New York Post by Steve Cuozzo, the rent roll for 85 Tenth Avenue in Manhattan is about to change dramatically. It appears that Google will be leasing 360,000 square feet in the roughly 600,000 square-foot building. The office building was built in 1913 and is owned by Related. The property backs $226 million of senior CMBS debt split across two 2007 deals. A $150 million piece represents 6% of COMM 2007-C9, and a $76...

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GRANITO is pleased to expand into NICE, FRANCE by adding to its team tri-lingual Dr. Virginia Intorcia, a professional fundraiser with a focus on corporate social responsibility projects (CSR). Dr. Intorcia's interests center on strategic communication and promotion of CSR projects in connection with cultural and social events, with a particular focus in the art industry. She has been actively involved in various projects in the US, Italy and France  dealing with the establishment and development of public and institutional relations,...

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The $54 million Sheraton at Newark loan went 30 days delinquent for the first time this month according to servicer data. The loan has fluctuated between current and in the grace period since securitization in 2006. The note is due to mature in July 2016 and currently backs 2.4% of JPMCC 2006-CB17. The 12-story, 505-room, full-service hotel Sheraton at Newark is actually now a Double Tree Hilton that has under-performed according to WatchList commentary. DSCR for the first three quarters of 2013 came in at...

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