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LIBOR: What Is It Good for?

United Kingdom - April 26 2018 In 2021, LIBOR will be good for almost nothing. LIBOR (London Interbank Offered Rate), originally used as the interest rate for interbank loans, is...

New AML regulatory initiative targets real estate industry

USA - January 21 2016 On Jan. 13, 2016, the Financial Crimes Enforcement Network ("FinCEN"), a bureau of the U.S. Department of the Treasury responsible for anti-money...

Jeffrey A. Lenobel, Jennifer M. Opheim, Betty Santangelo, Gary Stein, Lisa A. Prager.

The Cherryland decision full-recourse enforcement of non-recourse loans

USA - February 3 2012 The economic decline in the real estate market has forced many borrowers of commercial mortgage-backed security (“CMBS”) loans into default situations, which, in the case of some borrowers with non-recourse loans, can trigger full-recourse provisions to guarantors under their “non-recourse” guaranties....

Jeffrey A. Lenobel.

New York Supreme Court upholds accelerated enforceability of “bad boy” guaranty in CMBS case

USA - March 18 2011 On March 8, 2011, Justice Melvin L. Schweitzer of the New York State Supreme Court granted a motion for summary judgment in lieu of complaint filed by UBS Commercial Mortgage Trust 2007-FL1, Commercial Mortgage Pass-through Certificates, Series 2007-FL1 (“UBS”), and Normandy Reston Office LLC (“Normandy,” together with UBS, collectively, “Plaintiffs”), enforcing the obligation of Garrison Special Opportunities Fund LP (“Garrison”), the guarantor under a “bad boy” guaranty, to pay the full amount of the outstanding loan after Borrowers (as defined below) filed for bankruptcy protection....

Jeffrey A. Lenobel, Robert M. Abrahams, Bruce S. Cybul, Robert J. Ward.