Monday, January 2, 2012

Cedarwoods II shaping up to be an interesting story

Several investors are suing Galante Holdings Inc to block them from buying the 548-key JW Marriott Summerlin (Hotel, Resort, Spa, and Casino, etc) for $85mm (outstanding loan is for $150mm) alleging that the deal was made improperly because Galante is not qualified to use the fair value purchase option, the value used was not the 'fair value', Trimont (Special) failed to do its duties, and that the time period has not yet expired that would require Galante to pay full par value for the senior note (UPDATED - I corrected this last sentence after reading some more info from a reader - thanks B!).

But wait, there's more! Angelo Gordon is the manager of the CDO listed as the plaintiff, Cedarwoods CRE CDO II Ltd. You may recognize this CDO as the one which US Bank (the Trustee) indicated an Event Of Default had occurred, and a liquidation was approved by the A1 note holders. A list was circulated in mid-December with four auctions scheduled for 12/20 and 12/21, with a ton of AJ (67 bonds, $129mm face) and credit CMBS (128 bonds, $437mm face) on the list (below for reference). Then the auction was pulled without comment on 12/14.

Apparently the manager, Angelo Gordon, and the A2 noteholders were not happy about the liquidation and wrote to S&P contesting the EOD. In a separate lawsuit, US Bank (Trustee) sued all the senior noteholders, the issuer, and the manager.

If someone has copies of all the filings, or additional information, please share: credarkspace@gmail.com.




Lot # CUSIP BOND Face Type Auction
1 03702SAB9 AHR 2002-2A BFL $1,000,000 CRE CDO 12/20 10am
2 03702WAB0 AHR 2004-1A BFL $100,000 CRE CDO 12/20 10am
3 03702WAC8 AHR 2004-1A CFL $3,400,000 CRE CDO 12/20 10am
4 03703BAF6 AHR 2005-HY2A F $14,900,000 CRE CDO 12/20 10am
5 039279AG9 ARCAP 2004-1A G $3,000,000 CRE CDO 12/20 10am
6 03927PAE8 ARCAP 2004-RR3 B $400,000 CRE CDO 12/20 10am
7 039280AE2 ARCAP 2003-1A E $1,085,000 CRE CDO 12/20 10am
8 226081AD9 CREST 2002-1A B2 $1,000,000 CRE CDO 12/20 10am
9 22608SAG3 CREST 2003-1A C1 $3,000,000 CRE CDO 12/20 10am
10 22939QAF9 CRCZ 2006-1A F $3,000,000 CRE CDO 12/20 10am
11 22939QAG7 CRCZ 2006-1A G $2,000,000 CRE CDO 12/20 10am
12 304727AA8 FAIRF 2004-1A A1 $26,450,000 CRE CDO 12/20 10am
13 50211MAB7 LNR 2003-1A B $6,000,000 CRE CDO 12/20 10am
14 50211MAD3 LNR 2003-1A CFX $1,500,000 CRE CDO 12/20 10am
15 50211MAG6 LNR 2003-1A EFL $460,000 CRE CDO 12/20 10am
16 53944PAR3* LNR 2005-1A H $11,890,000 CRE CDO 12/20 10am
17 629390AB1 NSTAR 1A A2A $11,000,000 CRE CDO 12/20 10am
18 629392AD3 NSTAR 2004-2A B2 $800,000 CRE CDO 12/20 10am
19 99MSB4K13 LNR 2003-1A H $12,000,000 CRE CDO 12/20 10am
20 99MSB4K21 LNR 2003-1A J $18,000,000 CRE CDO 12/20 10am
21 00868PAA3 AHOLD 8.62 01/02/25 $3,649,000 REIT 12/20 10am
22 313747AF4 FRT 7.48 8/15/2026 $1,000,000 REIT 12/20 10am
23 313918AA2 FRT 6.82 08/01/27 $10,400,000 REIT 12/20 10am
24 828807CA3 SPG 10.35 04/01/2019 $1,318,000 REIT 12/20 10am
25 939671AA1 WRE 7 1/4 02/25/2028 $750,000 REIT 12/20 10am
26 94874RAS5 WRI 6.6 % 11/26 $6,500,000 REIT 12/20 10am
27 059500AF5 BACM 2006-3 AM $400,179 AM/AJ 12/20 2pm
28 05950WAJ7 BACM 2006-4 AJ $2,700,000 AM/AJ 12/20 2pm
29 05950XAJ5 BACM 2006-5 AJ $1,200,000 AM/AJ 12/20 2pm
30 059513AH4 BACM 2007-4 AJ $2,000,000 AM/AJ 12/20 2pm
31 05952AAH7 BACM 2008-1 AJ $1,800,000 AM/AJ 12/20 2pm
32 07383FBX5 BSCMS 1999-CLF1 A4 $25,000 AM/AJ 12/20 2pm
33 07388PAH4 BSCMS 2006-PW14 AJ $1,650,000 AM/AJ 12/20 2pm
34 07388YAH5 BSCMS 2007-PW16 AJ $4,500,000 AM/AJ 12/20 2pm
35 07401DAH4 BSCMS 2007-PW18 AJ $1,000,000 AM/AJ 12/20 2pm
36 12479EAA4 CBAC 2004-1A A1 $2,500,000 AM/AJ 12/20 2pm
37 12513XAH5 CD 2006-CD2 AJ $265,000 AM/AJ 12/20 2pm
38 12514AAG6 CD 2007-CD5 AM $1,000,000 AM/AJ 12/20 2pm
39 14986DAJ9 CD 2006-CD3 AJ $3,435,000 AM/AJ 12/20 2pm
40 17309DAG8 CGCMT 2006-C4 AJ $900,000 AM/AJ 12/20 2pm
41 17310MAH3 CGCMT 2006-C5 AJ $8,154,000 AM/AJ 12/20 2pm
42 20047EAJ1 COMM 2006-C8 AJ $1,500,000 AM/AJ 12/20 2pm
43 20173WAJ7 CMLT 2008-LS1 AJ $1,000,000 AM/AJ 12/20 2pm
44 361849R46 GMACC 2006-C1 AJ $310,000 AM/AJ 12/20 2pm
45 36228CZU0 GSMS 2007-EOP A2 $555,000 AM/AJ 12/20 2pm
46 36298JAA1 GSMS 2006-RR2 A1 $13,000,000 AM/AJ 12/20 2pm
47 36828QSB3 GECMC 2006-C1 AJ $1,000,000 AM/AJ 12/20 2pm
48 46628FAN1 JPMCC 2006-LDP7 AJ $4,934,000 AM/AJ 12/20 2pm
49 46629MAM7 JPMCC 2006-LDP8 AJ $10,200,000 AM/AJ 12/20 2pm
50 46632HAL5 JPMCC 2007-LD12 AJ $750,000 AM/AJ 12/20 2pm
51 50180JAG0 LBUBS 2007-C2 AJ $4,600,000 AM/AJ 12/20 2pm
52 50180LAE0 LBUBS 2008-C1 AJ $2,825,000 AM/AJ 12/20 2pm
53 52109RBP5 LBUBS 2007-C7 AM $600,000 AM/AJ 12/20 2pm
54 52109RBQ3 LBUBS 2007-C7 AJ $7,239,000 AM/AJ 12/20 2pm
55 55312VAK4 MLCFC 2006-4 AJ $300,000 AM/AJ 12/20 2pm
56 59022KAG0 MLMT 2006-C2 AJ $9,000,000 AM/AJ 12/20 2pm
57 59023BAH7 MLMT 2006-C1 AJ $2,830,000 AM/AJ 12/20 2pm
58 59025WAN6 MLMT 2008-C1 AJ $4,895,000 AM/AJ 12/20 2pm
59 60688BAG3 MLCFC 2007-8 AJ $8,000,000 AM/AJ 12/20 2pm
60 606935AK0 MLCFC 2006-1 AJ $456,000 AM/AJ 12/20 2pm
61 61750HAG1 MSC 2006-HQ10 AJ $951,000 AM/AJ 12/20 2pm
62 61751NAH5 MSC 2007-HQ11 AJ $901,000 AM/AJ 12/20 2pm
63 61751XAG5 MSC 2007-T25 AJ $5,000,000 AM/AJ 12/20 2pm
64 743784AB6 PPGLP 2000-C1 A2 $413,200 AM/AJ 12/20 2pm
65 92977RAG1 WBCMT 2006-C26 AJ $830,000 AM/AJ 12/20 2pm
66 92978QCC9 WBCMT 2007-C30 AMF $13,300,000 AM/AJ 12/20 2pm
67 93364LAD0 WMCMS 2007-SL3 AJ $2,200,000 AM/AJ 12/20 2pm
68 05947U3B2 BACM 2005-5 G $1,195,000 Credit 12/21 10am
69 05947U4K1 BACM 2005-6 D $280,000 Credit 12/21 10am
70 05947U4M7 BACM 2005-6 F $5,550,000 Credit 12/21 10am
71 05950XAK2 BACM 2006-5 B $9,644,000 Credit 12/21 10am
72 05950XAL0 BACM 2006-5 C $8,000,000 Credit 12/21 10am
73 059511AL9 BACM 2007-2 C $235,000 Credit 12/21 10am
74 059513AN1 BACM 2007-4 C $375,000 Credit 12/21 10am
75 059513AQ4 BACM 2007-4 D $500,000 Credit 12/21 10am
76 05952CAL4 BACM 2007-5 B $11,800,000 Credit 12/21 10am
77 05952CAQ3 BACM 2007-5 D $5,000,000 Credit 12/21 10am
78 07383F4G0 BSCMS 2005-PWR7 E $1,000,000 Credit 12/21 10am
79 07383FXW3 BSCMS 2003-T12 G $2,257,000 Credit 12/21 10am
80 07383FY69 BSCMS 2004-PWR6 G $1,000,000 Credit 12/21 10am
81 07388LAL4 BSCMS 2006-PW13 B $8,000,000 Credit 12/21 10am
82 07388PAL5 BSCMS 2006-PW14 B $10,650,000 Credit 12/21 10am
83 07388PAN1 BSCMS 2006-PW14 D $1,490,000 Credit 12/21 10am
84 07388PAQ4 BSCMS 2006-PW14 F $6,300,000 Credit 12/21 10am
85 07388PAR2 BSCMS 2006-PW14 G $6,000,000 Credit 12/21 10am
86 07400SAE9 BSSBC 2006-1A M3 $6,165,000 Credit 12/21 10am
87 12479EAC0 CBAC 2004-1A M2 $706,000 Credit 12/21 10am
88 125092AA4 CPACK 2006-CLF1 D1 $4,139,601 Credit 12/21 10am
89 12513EAM6 CD 2005-CD1 C $2,280,000 Credit 12/21 10am
90 12513EAU8 CD 2005-CD1 G $5,000,000 Credit 12/21 10am
91 12513YAK6 CD 2007-CD4 B $1,405,000 Credit 12/21 10am
92 12513YAL4 CD 2007-CD4 C $4,498,000 Credit 12/21 10am
93 12514AAW1 CD 2007-CD5 G $7,000,000 Credit 12/21 10am
94 14986DAN0 CD 2006-CD3 C $7,375,000 Credit 12/21 10am
95 173067EW5 CGCMT 2004-C2 H $1,000,000 Credit 12/21 10am
96 173067HF9 CGCMT 2005-C3 C $300,000 Credit 12/21 10am
97 17310MAJ9 CGCMT 2006-C5 B $9,800,000 Credit 12/21 10am
98 17310MAL4 CGCMT 2006-C5 D $1,200,000 Credit 12/21 10am
99 17310MAS9 CGCMT 2006-C5 F $4,548,000 Credit 12/21 10am
100 17311QAG5 CGCMT 2007-C6 G $3,304,000 Credit 12/21 10am
101 17311QBQ2 CGCMT 2007-C6 C $3,066,000 Credit 12/21 10am
102 17311QBR0 CGCMT 2007-C6 D $670,000 Credit 12/21 10am
103 17311QBT6 CGCMT 2007-C6 F $1,671,000 Credit 12/21 10am
104 20047EAK8 COMM 2006-C8 B $318,000 Credit 12/21 10am
105 20047RAJ2 COMM 2007-C9 B $4,114,541 Credit 12/21 10am
106 20047RAK9 COMM 2007-C9 C $1,185,000 Credit 12/21 10am
107 20047RAL7 COMM 2007-C9 D $2,500,000 Credit 12/21 10am
108 20047RAN3 COMM 2007-C9 F $2,000,000 Credit 12/21 10am
109 225458N95 CSFB 2005-C4 B $3,253,000 Credit 12/21 10am
110 22545RCW4 CSMC 2006-TF2A SVH $4,000,000 Credit 12/21 10am
111 225470BE2 CSFB 2005-C5 J $2,060,000 Credit 12/21 10am
112 225470DP5 CSFB 2005-C5 F $900,000 Credit 12/21 10am
113 225470G31 CSMC 2006-C1 B $1,200,000 Credit 12/21 10am
114 225470H63 CSMC 2006-C1 K $1,000,000 Credit 12/21 10am
115 2254ERBA3 CSMC 2007-TFLA K $11,250,000 Credit 12/21 10am
116 36228CB69 GSMS 2007-EOP J $1,950,000 Credit 12/21 10am
117 36228CB85 GSMS 2007-EOP K $1,000,000 Credit 12/21 10am
118 36828QKY1 GECMC 2005-C1 E $250,000 Credit 12/21 10am
119 36828QPE0 GECMC 2005-C3 E $9,757,000 Credit 12/21 10am
120 36828QPJ9 GECMC 2005-C3 H $2,179,000 Credit 12/21 10am
121 36828QPK6 GECMC 2005-C3 J $6,500,000 Credit 12/21 10am
122 36828QSC1 GECMC 2006-C1 B $8,750,000 Credit 12/21 10am
123 36828QSG2 GECMC 2006-C1 D $3,000,000 Credit 12/21 10am
124 40439XAK0 HVBMC 2003-FL1A H $1,300,000 Credit 12/21 10am
125 46625YA52 JPMCC 2006-CB14 B $3,720,000 Credit 12/21 10am
126 46628FAP6 JPMCC 2006-LDP7 B $3,000,000 Credit 12/21 10am
127 46629MAN5 JPMCC 2006-LDP8 B $1,305,000 Credit 12/21 10am
128 46629MAP0 JPMCC 2006-LDP8 C $7,995,000 Credit 12/21 10am
129 46629YAK5 JPMCC 2007-CB18 B $1,000,000 Credit 12/21 10am
130 46630DAN2 JPMCC 2007-C1 C $2,000,000 Credit 12/21 10am
131 46630DAU6 JPMCC 2007-C1 F $1,000,000 Credit 12/21 10am
132 46630EAJ9 JPMCC 2006-CB17 B $3,500,000 Credit 12/21 10am
133 46630EAM2 JPMCC 2006-CB17 E $3,911,000 Credit 12/21 10am
134 46632HAN1 JPMCC 2007-LD12 C $375,000 Credit 12/21 10am
135 50179AAK3 LBUBS 2007-C1 C $1,000,000 Credit 12/21 2pm
136 50179AAL1 LBUBS 2007-C1 D $1,000,000 Credit 12/21 2pm
137 50179MAK7 LBUBS 2006-C6 C $2,000,000 Credit 12/21 2pm
138 50179MAN1 LBUBS 2006-C6 F $10,083,000 Credit 12/21 2pm
139 50179MAR2 LBUBS 2006-C6 H $5,000,000 Credit 12/21 2pm
140 50180CAJ9 LBUBS 2006-C7 C $1,218,000 Credit 12/21 2pm
141 50180CAL4 LBUBS 2006-C7 E $5,378,000 Credit 12/21 2pm
142 50180LAT7 LBUBS 2008-C1 D $750,000 Credit 12/21 2pm
143 50180LAV2 LBUBS 2008-C1 E $406,000 Credit 12/21 2pm
144 50180LAX8 LBUBS 2008-C1 F $53,000 Credit 12/21 2pm
145 52108H3N2 LBUBS 2005-C2 E $7,560,000 Credit 12/21 2pm
146 52108H7E8 LBUBS 2005-C5 F $2,301,000 Credit 12/21 2pm
147 52108H7K4 LBUBS 2005-C5 K $9,510,000 Credit 12/21 2pm
148 52108HL28 LBUBS 2004-C6 H $1,782,000 Credit 12/21 2pm
149 52108MAL7 LBUBS 2005-C7 C $2,500,000 Credit 12/21 2pm
150 52108MAN3 LBUBS 2005-C7 E $5,200,000 Credit 12/21 2pm
151 52108MDU4 LBUBS 2006-C1 H $3,560,000 Credit 12/21 2pm
152 52108RAJ1 LBUBS 2006-C4 C $2,000,000 Credit 12/21 2pm
153 52109PAK1 LBUBS 2007-C6 C $1,600,000 Credit 12/21 2pm
154 52109RBR1 LBUBS 2007-C7 B $650,000 Credit 12/21 2pm
155 55312VAN8 MLCFC 2006-4 C $879,000 Credit 12/21 2pm
156 55312VAR9 MLCFC 2006-4 E $4,741,000 Credit 12/21 2pm
157 59022HAJ1 MLMT 2002-MW1 H $285,000 Credit 12/21 2pm
158 59022HAM4 MLMT 2002-MW1 L $3,535,526 Credit 12/21 2pm
159 59022HFF4 MLMT 2004-BPC1 F $4,000,000 Credit 12/21 2pm
160 59022HJV5 MLMT 2005-CIP1 F $1,925,000 Credit 12/21 2pm
161 59022KAJ4 MLMT 2006-C2 C $7,300,000 Credit 12/21 2pm
162 59022KAL9 MLMT 2006-C2 E $3,355,000 Credit 12/21 2pm
163 59025KAJ1 MLMT 2007-C1 B $4,095,000 Credit 12/21 2pm
164 606935AR5 MLCFC 2006-1 G $4,414,000 Credit 12/21 2pm
165 617451DA4 MSC 2006-T21 G $1,500,000 Credit 12/21 2pm
166 617451FX2 MSC 2006-HQ8 H $8,054,000 Credit 12/21 2pm
167 61745M2Q5 MSC 2005-IQ9 H $1,000,000 Credit 12/21 2pm
168 61745M3S0 MSC 2005-HQ5 J $5,950,000 Credit 12/21 2pm
169 61745M6L2 MSC 2005-HQ6 B $2,115,000 Credit 12/21 2pm
170 61745M6M0 MSC 2005-HQ6 C $110,000 Credit 12/21 2pm
171 61745M6U2 MSC 2005-HQ6 J $948,750 Credit 12/21 2pm
172 61750CAJ6 MSC 2006-HQ9 B $840,000 Credit 12/21 2pm
173 61750CAS6 MSC 2006-HQ9 G $1,652,000 Credit 12/21 2pm
174 78402KAD7 SASC 2007-BHC1 B $2,000,000 Credit 12/21 2pm
175 78402KAE5 SASC 2007-BHC1 C $2,000,000 Credit 12/21 2pm
176 78402KAK1 SASC 2007-BHC1 H $2,000,000 Credit 12/21 2pm
177 79549AJT7 SBM7 2001-C2 H $150,000 Credit 12/21 2pm
178 84604KAF6 SOVC 2007-C1 B $5,906,000 Credit 12/21 2pm
179 863572PW7 LLL 1997-LLI D $100,000 Credit 12/21 2pm
180 863572PX5 LLL 1997-LLI E $973,080 Credit 12/21 2pm
181 87246AAG3 TIAAS 2007-C4 C $5,000,000 Credit 12/21 2pm
182 92258BAA9 VCC 2011-1 NOTE $4,700,000 Credit 12/21 2pm
183 929766S79 WBCMT 2005-C18 F $9,500,000 Credit 12/21 2pm
184 92976BAA0 WBCMT 2005-C21 E $500,000 Credit 12/21 2pm
185 92976BAC6 WBCMT 2005-C21 G $4,000,000 Credit 12/21 2pm
186 92976BBS0 WBCMT 2005-C22 B $1,155,000 Credit 12/21 2pm
187 92976VAL2 WBCMT 2006-C25 C $1,300,000 Credit 12/21 2pm
188 92976VAT5 WBCMT 2006-C25 G $3,100,000 Credit 12/21 2pm
189 933632AE1 WMCMS 2007-SL2 C $1,000,000 Credit 12/21 2pm
190 933632AF8 WMCMS 2007-SL2 D $7,000,000 Credit 12/21 2pm
191 933632AG6 WMCMS 2007-SL2 E $3,015,000 Credit 12/21 2pm
192 933632AH4 WMCMS 2007-SL2 F $3,369,000 Credit 12/21 2pm
193 933633AF6 WMCMS 2006-SL1 D $9,000,000 Credit 12/21 2pm
194 933633AG4 WMCMS 2006-SL1 E $7,031,000 Credit 12/21 2pm
195 933633AH2 WMCMS 2006-SL1 F $3,835,000 Credit 12/21 2pm

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