Borrower Gives Up on Newark Hotel April commentary from the special servicer handling the $53.8 million Sheraton at Newark International Airport revealed the borrower is not interested in a modification, but will cooperate with a foreclosure. (A Commercial Real Estate Direct piece tipped us off to the note.) The loan, which backs 2.4% of JPMCC 2006-CB17, was transferred to special servicing last month and is now listed as 90+ days delinquent. The Sheraton at Newark International Airport loan is backed by a 504-unit, full service hotel...

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Following the trilogue negotiations among the European Parliament, the European Council and the European Commission, agreement was reached in relation to the European Commission’s set of proposals to strengthen the rules for undertakings for collective investment in transferable securities ("UCITS"). This concluded the negotiations in relation to the draft UCITS V proposals which were originally put forward by the European Commission in July 2012 with the aim of addressing lessons learned from the financial crisis, most notably in connection with...

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If you have a woman-owned small business here in New York, or if you know a woman who owns a small business, we strongly encourage applications to IWEC:  the International Women's Enterprise Challenge.  The New York Grant Company, as an awardee of this program in 2012, knows firsthand how it offers a strong boost to woman-owned businesses.  Initiated and sponsored by the US Department of State, the program awards and recognizes three selected businesses from the US every year. In...

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The President has released his annual 'Greenbook'. This book outlines his budget proposals for the upcoming fiscal year. Although not all the items in the book make it into the final budget, they provide a clear window to view the policies that he intends to push for the year. The proposals for Estate and Gift Tax contain several items that could significantly affect one's ability to pass assets to loved ones in a tax-efficient manner. Join McManus & Associates on...

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On April 7, 2014, it was announced that the United States Securities and Exchange Commission (SEC) has created a new private fund unit dedicated to the examination of private equity and hedge funds. The new group is another example of increased regulatory oversight of the financial services industry following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), Pub. L. 111-203, H.R. 4173. As a result of Dodd-Frank, many investment advisers, hedge funds, and private equity...

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133 international companies set up business operations in Vienna in 2013, more than ever before. Total investment volume amounted to about EUR 38 million, creating 700 new jobs. In the past ten years more than 1,000 international firms have established subsidiaries or branch offices in Vienna, creating or safeguarding 9,100 jobs and stimulating investments of EUR 800 million. Functioning city lures companies The soft skills offered by the business location were also among the main reasons explaining the decision of international...

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How did the decision come about?  European law permits national courts to submit questions to the Court on the interpretation of EU legislation. The Irish High Court referred questions from a case taken by Digital Rights Ireland, an organisation dedicated to defending civil, human and legal rights in a digital context. The questions concerned the validity of the 2006 Data Retention Directive, which obliged Member States to introduce laws compelling the storage of telecommunications data. The Directive required the collection and...

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A proposal for amendments to Cayman law could align their legislation with that of Delaware in order to facilitate private equity structures adopting the master/feeder structure, potentially attracting more funds domiciling in the offshore jurisdiction. Cayman is expected to pass a new Exempted Limited Partnership Law in March or April 2014. The bill, which sets out the terms of the proposed new law, provides for increased drafting flexibility for exempted limited partnership agreements, writes Matt Mulry, partner – financial services,...

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First Lady Michelle Obama remarks on Nutri Ventures' commitment to improving childhood nutrition Nutri Ventures Corp. has signed an agreement with Partnership for a Healthier America, a nonpartisan, nonprofit organization chaired by First Lady Michelle Obama. When Nutri Ventures and PHA announced the partnership during the Building a Healthier Future conference on March 13, Nutri Ventures pledged to work with the PHA on its core mission: promoting healthy eating habits in children. To do this, all 29 episodes of “Nutri Ventures:...

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