According to Friday's Commercial Mortgage Alert issue, real estate developer Sheldon Solow struck a deal with J.P. Morgan to refinance a $1.2 billion fixed-rate CMBS loan against the 1.7 million square-foot Solow Building. Solow is expected to use the new financing to pay down an existing CMBS mortgage on the iconic Manhattan skyscraper, the $625 million 9 West 57th Street note. The 5-year loan matures in February 2017. The new loan will have a 10-year term structure and a coupon rate...

Every shipowner and marine insurer knows that shipowners are entitled to limit their liability for marine claims. In Bahamas Oil Refining Company International v Owners of The Cape Bari, a decision which has attracted considerable interest in the shipping industry, the Privy Council has held that parties to a contract are able to waive their right to limit their liability. Facts On 25 May 2012, the vessel Cape Bari collided with sea berth no. 10 at Freeport, Grand Bahama. The berth...

On, August 1, 2016, the maximum daily penalty for premerger notification violations under the Hart-Scott-Rodino Act (HSR Act) increases from $16,000 to $40,000. This 250 percent increase, which the Federal Trade Commission (FTC) announced at the end of June, is mandated by a statute requiring federal agencies to adjust civil penalties for inflation. Key Notes: Maximum fine for HSR violations increased from $16,000 to $40,000 per day. Increased penalties and enforcement could result in millions of dollars in fines. Harsher penalties generally reserved...

The Germany-US trade corridor is firmly entrenched, with HSBC analysts expecting demand for German capital and goods to remain high in its primary North American market. Contrary to expectations, Germany is a commerce and industry bright spot in Europe. Labelled the Sick Man of Europe at the turn of the century, Germany defied its critics to emerge from the global recession and a series of euro crises as an economic superstar. The nation reversed its shrinking growth rate and high unemployment...

Chicago, IL – BDO USA, LLP, one of the nation’s leading accounting and consulting firms, today announced an expansion of its South Florida practice through the addition of just over 100 staff, including 14 partners, from Goldstein Schechter Koch (GSK).  Founded in 1949, GSK provides a full range of accounting, tax and wealth advisory services to a client base of public and private middle market businesses, nonprofits and high net worth individuals. The firm, which has offices in Coral Gables...

On March 11, 2016, U.S. Department of Homeland Security (DHS) published a final rule pertaining to optional practical training (OPT) for certain students with degrees in science, technology, engineering, or mathematics (STEM). This rule permits employers to retain, for a longer period, the talents of individuals currently dependent on an F-1 nonimmigrant student visa. As a transitional measure, U.S. Citizenship and Immigration Services (USCIS) has provided certain students currently holding 17-month employment authorization documents (EADs) under the STEM OPT...

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...

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...