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A U.S. bankruptcy judge rejected a Federal Deposit Insurance Corp. lawsuit claim that bankrupt Colonial Bank's holding company owes it $909 million from a shortfall in maintaining capital levels at the bank, the Wall Street Journal reported. Full Story
Chicago Real Estate Daily reports that troubled lender Anglo Irish Bank is shopping a $100 million loan on a Chicago office tower. Full Story
Crain New York Business reports that New York State Supreme Court Judge Richard Lowe postponed a final decision regarding the fate of Peter Cooper Village and Stuyvesant Town, the sprawling, 11,000-unit apartment community in Manhattan. Full Story
Navigant Capital Advisors, an investment banking, restructuring, valuation and transaction advisory firm, said it rehired John DelPonti as a managing director in the firm's valuation and financial risk management practice in its Washington, D.C., office. Full Story
Black Pearl Capital, a Cayman Islands-based asset management and advisory firm, said it closed a $50 million private equity fund that will invest in growth sectors and distressed situations. Full Story
The Wall Street Journal says Morris Bailey and Dennis Gomes are acquiring Resorts Atlantic City for $35 million. Full Story
Kurtzman Carson Consultants, a corporate restructuring consulting firm, hired attorney Benjamin Schrag as a director of corporate restructuring services in the firm's New York office. Full Story
Private equity investors are still holding back from making moves on commercial real estate, according to a report by private equity research firm Prequin. Full Story
K-Sea Transportation Partners L.P., a tank barge operator that serves the U.S. refined petroleum market, said it reached an agreement in principal for an $85 million private placement of preferred stock with an investment fund. Full Story
A joint venture between Behringer Harvard and CT Realty Investors that targets Class A industrial properties in the Inland Empire region of Southern California has made its second acquisition. Full Story
Sellers Getting More Active
For a couple years, private equity investors with billions of dollars in opportunity funds and distressed debt vehicles have searched for the ultimate clue that a marketplace filled with willing sellers was almost here.
Failing that, buyers hoped for an environment where a difficult market wouldn't get any worse.
Now, there are some indications that distressed investors may be inching closer to a market they can believe in. Full Story
Bankruptcy and restructuring attorneys expect Chapter 11 filings to increase significantly in the second half of the year after decreasing by about 19% in the first half, compared to 2009. Full Story
Investors have been using distressed exchanges to achieve higher returns from defaulting companies and are likely to continue doing so, according to analysts and bankruptcy advisers. Full Story
Tishman Speyer-BlackRock's ill-fated $5.4 billion acquisition of Stuyvesant Town/Peter Cooper Village, the 80-acre Manhattan apartment complex, has come to symbolize the overheated and over-leveraged commercial real estate market of the mid 2000's.
But as improbable as that deal seemed at the time, a new chapter is being written in the tale of the 11,200-unit property that's equally implausible. Hedge Fund Pershing Capital Management and Winthrop Realty Trust are using the $45 million acquisition of $300 million in senior mezzanine loans in a bid to own the defaulted complex. Full Story
- Hennessee Distressed Hedge Fund Index Rebounds in July
- Ernst & Young Unveils Capital Advisory, Restructuring Firm
- Oaktree, Avenue to Buy Sea Island Resorts
- Tom Shane Bails out Shane Co.
- Caribbean Conflagration Causes Capeco Crisis
- Equine Debtors Race against Lenders in Court
- RCLC Inc. Files Bankruptcy After Selling Lighter Business to Zippo
- Cantor Fitzgerald, CIM Group Launch CRE Lending Firm
- Huntington Bancshares Relaunches Mezzanine Program
- Custom Cable Files Chapter 11, Seeks Sale
- American Safety Razor Files Chapter 11, Plans Sale to Lenders
- SBA Licenses Hudson Ferry Capital for Small Business Buy-Ins
- Maker of Electric Vehicle Systems Files Chapter 11
- Electronics Maker Apex Files for Bankruptcy
- Kolorfusion International Files Chapter 11 Bankruptcy
- Hirings and Firings
