Two years after we noted that PCV/ST lost their appeal and the win was affirmed by the NY Court of Appeals on the J-51 rent control violation, the tenants have finally won their judgment of $215mm - almost a year's worth of revenues at the troubled property.
Deutsche Bank produced a summary of potential interest shortfalls making it apparent that they need to add a professional "formatter" to their team, but interesting nonetheless. In their worst-case scenario where all of the judgment is paid out of the CMBS trusts, shortfalls shake out as such:
Highest Class hit with a shortfall:
CWCI 2007-C2 G
MLCFC 2007-5 B
MLCFC 2007-6 D
WBCMT 2007-C30 F
WBCMT 2007-C31 G
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5 comments:
Is he not aware that these deals are already being shortfalled?
Apparently not. I'm not going to go through the math, but if it were truly a 100% shortfall to the Trusts, and shortfalls already have crossed the threshhold of the G class in WBCMT 2007-C30, then he's definitely coming up a little short...
there isn't going to be any more shortfall to the trusts. the servicer is still advancing P&I, right? So there will be more advancing, not more shortfall. Remember where he came from?
you're right - I misspoke, and agree with you.
Yes, I do remember from whence he came... In general, there seems to be a lot of low quality research coming from the sell side, and it's not because they're talking their book - they are genuinely misunderstanding key events. You expect that out of, say, a blogger, on occasion, but not someone who gets paid to follow it day in and day out...
two analysts have a clue and you know who they are. today, the analyst from a major commercial bank miscategorized a garage as an office.
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