Gerard Keegan and Joe Forte participated in this conference hosted by Commercial Mortgage Securities Association (CMSA). Gerard presented "CMBS 301® N – Commercial Mortgage Workout Fundamentals: How Have Securitization and Multi-tiered Capital Structures Affected the Workout Process" on June 8, 11:00am - 12:30pm. This session reviewed the general workout process and how the process may be different in a securitization or multi-tier capital structure. Attendees learned the role of the special servicer, the controlling holder, b-note holder and the mezzanine debt holder in the workout process. The panel discussed the servicing agreement and bankruptcy issues. Attendees learned if loan documents actually work the way they were intended to and if they adequately address reality.
Joe moderated the panel "GGP Bankruptcy" on June 9, 11:30am - 12:45pm, and discussed the following topics.
- Overview: What’s Happening? Filings by the SPE; DIP Financing; is the "adequate protection" really adequate; somewhat (rather than substantive) consolidation
- Loan Structuring Issues - SPE Structures; Independent directors; Cash management arrangements; Financial reporting and monitoring the SPE; Recourse provisions
- Where Do We Go From Here - Why interesting cases make bad law; Capital Stack concerns (interest of senior vs. B-piece); Are similar cases likely? Consequences for other asset classes/capital markets broadly
June 8-10, 2009
Waldorf=Astoria / New York, NY