IMN Western Borrowers' & Investors' Forum on Real Estate Mezzanine Loans
04.14.2008
8am-7am
The Four Seasons Hotel
9500 Wilshire Boulevard
Beverly Hills, California 90212
Monday, April 14 – 12:15 PM
The Inter-Creditor Agreement: How Have the Details Changed Since the Early 90’s?
- What are the terms and origination fees on today’s deals? How have they changed since this time last year?
- Are current terms in line with industry best practices?
- Evaluating subordinated lease-backs, full equity participation and other creative structures: What’s in-vogue in California?
- Multi-tiered structures (“b”-notes and senior/junior mezzanine)
- Fixed vs. floating rate mezzanine loans
- Intercreditor negotiation experiences: Are all lenders equal? * Underwriting: Evaluating the technical aspects of mezzanine loans
Moderator:
A Representative of SEYFARTH SHAW LLP
Panel Participants:
- Dean Pappas, Partner GOODWIN PROCTER, LLP
- Robin Jones, Partner PILLSBURY WINTHROP SHAW PITTMAN, LLP
- Grant Puleo, Partner, Procopio
Monday, April 14 – 12:15 PM
Distressed Loans and Bankruptcy: Working out Defaults
- What could have been done to prevent the default?
- What does the “bad-boy” guaranty really mean? Are there other ways to obtain leverage over the borrower's conduct?
- What are the issues to address when you have a replacement guarantor?
- What should your documents say (or not say)?
- What are your options when dealing with a default?
- Mechanics of foreclosing on equity (the reality vs. the dream of a 10-day sale)
- Bankruptcy: foreclosure vs. deed in lieu of foreclosure
- Current default rates: What are the asset and geographic considerations?
- When is it time to call in a special servicer?
- Restructuring of loan terms
- The mezzanine lender's cure rights: What are the pitfalls and benefits of taking control?
- When do you foreclose?
- Taking over the senior loan position?
- Will the cram-down again be fashionable?
- Secondary exits for equity investors and lenders holding defaulted loans
Moderator:
A Representative of PROSKAUER ROSE LLP
Panel Participants:
- Adam Weissburg, Partner COX, CASTLE & NICHOLSON, LLP
- Kenneth N. Russak, Partner FRANDZEL ROBINS BLOOM & CSATO, LC
- Patrick Potter, Partner PILLSBURY WINTHROP SHAW PITTMAN, LLP
- Michael Lyon, Partner, Procopio
- A Representative of SEYFARTH SHAW LLP
- * Richard Hollowell, Partner-in-Charge SQUAR MILNER REAL ESTATE SERVICES GP