MLA In The News: Real Estate Practice
With the Senate having passed financial reform legislation, and as the Federal Deposit Insurance Corp. contemplates prospects for hundreds of troubled banks, Managing Director Brian Olasov considers what purpose capital standards serve and how we might handle remaining banking problems effectively and with minimal market disruption.
JPMorgan Chase & Co. has reopened its Atlanta lending office for commercial mortgage-backed securities — a sign the dormant market for CMBS might be coming back to life.
Experts debate whether the unexpected demise of the "death tax" will breathe new life into the 1031 exchange market in 2010. MLA partner J. Timothy Scott, for one, doesn't see the zero estate tax goosing exchanges.
Talk has revived that the Federal Deposit Insurance Corp. is putting in place a plan to securitize assets from the failed banks that it currently holds on its books. Last October, the agency indicated that such a plan was under consideration; more recently similar comments have been made. Managing Director Brian Olasov is quoted.
The Congressional Oversight Panel is widening its inquiry into the souring commercial loan market as part of its review of a federal bailout program. Brian Olasov, a managing director at law firm McKenna Long Aldridge, spoke at the Panel's hearing in Atlanta.
California Real Estate Journal selected the Malibu City Hall transaction, represented by McKenna Long & Aldridge partners Tony Canzoneri and Geoffrey Mitchell, as one its top Deals of 2009.
Patrick McGeehan discusses the importance of understanding that buying distressed mortgage debt is not the same as buying the real estate collateral.
Georgia had a record number of bank failures in 2009, and 2010 could be as bad or worse.
The FDIC recently closed its 22nd, 23rd and 24th banks in Georgia this year — more than any other state in the country. The populist response to these banking failures — and the broader financial crisis — has been to lump financial services firms together indiscriminately and rail against excessive bonuses, risk-taking and “bail out” money many of these firms received under the TARP program. In this op-ed, Brian Olasov discusses why Georgia's economic recovery hinges on the outlook for Georgia’s banks.
Brian Olasov, a former Wall Street executive who consults on banking and finance for McKenna Long & Aldridge, said he's doubtful bankers will fall in line with the White House.
Following a recent speaking engagement at the Wharton School, Brian Olasov joined Dr. Sam Chandan to discuss the TALF and PPIP programs and the outlook for the private-public interface in 2010.
In an ominous sign for the recovery, bank loans are drying up faster than ever. "There are people with legitimate projects out there who cannot get loans, and we can't sustain a real recovery without access to credit," said Brian Olasov.
Joann Jones, a partner in the Real Estate practice, has been named as the Atlanta Office Managing Partner.
Federal regulators haven’t put enough pressure on banks to unload poorly performing commercial real estate loans, according to a panel of industry leaders convened by the Federal Reserve Bank of Atlanta. “Investors don’t feel the (banks) are under real regulatory pressure to liquidate,” said Brian Olasov.
Duke Realty Corp. has taken a $50 million write-down on the value of its 3630 Peachtree project in Buckhead, another sign of the worsening commercial real estate mess. “Atlanta has always been a developers’ market,” said Brian Olasov, a managing director with the law firm McKenna Long & Aldridge LLP. “To that extent, banks are going to suffer disproportionately in Atlanta.”
Commercial real estate has more rough water ahead of it as the economy recovers, though some bright spots exist in the market, according to Brian Olasov and other panelists who spoke at the 15th annual FSU Real Estate Trends & Networking Conference.
The Commerce Department released GDP figures that showed a 3.5% growth in Q3 – the fastest pace in two years, but the real estate industry is taking little solace from the numbers.
The postmortem reports on many of Georgia's failed banks have blistered directors and management for their actions, but they have also characterized the watchdogs of the industry as being asleep at the switch, observers say. Brian Olasov comments.
U.S. bank regulators are considering tapping a line of credit with the U.S. Treasury Department and may explore other lesser-known options to replenish the dwindling fund that safeguards bank deposits. Brian Olasov says "there are a few options available to the fund - none of them very palatable."
On Sept. 15, 2008, Lehman Brothers became the largest company by a factor of three to file for bankruptcy protection in U.S. history. In this op-ed, Brian Olasov considers the hard-earned lessons from this past year.
Washington Mutual is long gone, but its lax lending could haunt us for years. Brian Olasov comments on the uncertainty ahead.
Banks face a possible liquidity crunch if the Federal Deposit Insurance Corporation goes ahead with plans to drop a loan guarantee program. Brian Olasov, managing director at McKenna Long & Aldridge, said the FDIC's pullback from the loan guarantee program had been a long-anticipated step that ultimately shows the strength of the slowly recuperating financial system.
The number of "problem banks" in the United States reached a 15 year high, while 28.3% were unprofitable, according to the Federal Deposit Insurance Corporation, which delivered a litany of painful quarterly data from the lending industry. Brian Olasov comments.
Brian Olasov comments on the FDIC's announcement Thursday there are no immediate plans to borrow money from the government to bolster its insurance fund, which has shrunk under the weight of collapsing banks.
Brian Olasov comments on the Fed's extension of the commercial mortgage-backed securities portion of the TALF program.
Many communities have been laid low by the financial crisis and housing bust, but in Malibu, Calif., it has presented a golden opportunity. Tony Canzoneri is quoted.
The FDIC is considering lowering the capital ratios that bidders for failed financial institutions would need to retain, experts told Markets Media. Brian Olasov is quoted.
When Security Bank closed on Friday, it was Georgia’s 10th bank to fail this year. But unlike other closures in the state, Security was acquired by a group of investors, not a competitor. There may be more investors lining up to buy Georgia’s troubled banks. The Atlanta Business Chronicle’s Crystal Edmonson interviews Brian Olasov.
The 13th and 14th bank failures in the state in the last nine months signal an acceleration of what some are considering the worst financial industry crisis in the state since the Great Depression. Brian Olasov is quoted.
Deals in the private sector may have dried up, but lawyers are looking to the public sector as an uptick in infrastructure projects is giving hope to the thirsty.
SunTrust Banks announced Friday that it would sell up to $1.25 billion in common stock and slash its dividend as part of a plan to satisfy the federal government’s order to shore up its capital buffer by $2.2 billion.
The Federal Deposit Insurance Corp. has shelved plans to extend its program to guarantee bank bonds to 10 years after the Obama administration opposed the move, Chairman Sheila Bair said.
Now that the results of the federal banking regulators’ stress tests of the 19 largest U.S. banks is complete, the scramble is about to begin for the 10 that need additional capital.
Brian Olasov comments on President Barack Obama's nomination of Fannie Mae Chief Executive Officer Herb Allison to run the Treasury office overseeing the $700 billion bank rescue.
Investors will know an economic recovery is under way when the housing market finds price stability and foreclosures moderate.
Managing Director Brian Olasov discusses the positive aspects of the Treasury's toxic asset plan, as well as potential pitfalls.
Treasury's plan for toxic assets could help thaw the marketplace by raising the prices investors can afford to pay while still generating an acceptable rate of return. However, Managing Director Brian Olasov notes that it's unclear whether the availability of federal financing will bring prices high enough to entice the banks to participate.
McKenna Long & Aldridge has beefed up its real estate and litigation practices with the addition of seventeen attorneys. The large lateral group came from the small Los Angeles law firm of Brown Winfield Canzoneri Abram.
"These lawyers are a perfect fit with our existing real estate practice, and with the stimulus bill emphasizing shovel-ready infrastructure projects that require our joint expertise," MLA Chairman Jeff Haidet said.
Managing Director Brian Olasov discusses the Treasury Department's plan to create incentives for private sector investment into troubled banks.
Treasury Secretary Tim Geithner is scheduled to announce his financial sector stabilization plan in a speech Tuesday morning.
The Treasury Department has set up guarantee plans for giant pools of bad assets from Citigroup and Bank of America.
Synovus Financial Corp., Georgia’s third-largest bank, has created a new subsidiary company, whose sole mission is to acquire, manage and sell foreclosed land, lots and homes from Synovus’ 31 banks across the Southeast.
Managing Director Brian Olasov discusses moving problem assets off banks’ balance sheets to open the market to new capital.
Managing Director Brian Olasov discusses the RTC's role in getting markets moving again after the savings-and-loan crisis in the early 1990s.
MLA advised KeyCorp's KeyBank in connection with a $100 million secured loan for DuPont Fabros Technology Inc.
SunTrust Banks is seeking an additional infusion of funds from the Treasury Department’s Capital Purchase Program. Managing Director Brian Olasov said the federal program is providing banks with a relatively inexpensive way of raising capital.
Managing Director Brian Olasov discusses Treasury Secretary Henry Paulson's announcement that the government will not buy troubled mortgage assets and instead focus on the consumer credit market.
Managing Director Brian Olasov is quoted on the similarities and differences between the current economic financial crisis and the Great Depression.
Managing Director Brian Olasov discusses banks' upcoming third-quarter reports, which bankers and industry analysts widely expect to show further worsening of loan portfolios and balance sheets across the Atlanta metro area.
Managing Director Brian Olasov speaks with Business to Business editor Tim Darnell in a podcast about the bailout bill and the global financial crisis.