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As is our tradition here at Crunched Credit, each year, about this time, we present our Golden Turkey Awards. In a year of monumentally bad surprises, we truly had difficulty narrowing our list down to only the exceptionally worthy candidates. Voters, governments and regulators sent shockwaves throughout the world in 2016, upending markets and throwing much of what we thought we knew into the proverbial dumpster fire of society. If what we know now we knew when we last gave the Golden Turkey Awards, we may have taken a pass on 2016. It can’t get any worse, right? As we get ready to step into the unknown of 2017, here is our list for 2016:
Continue Reading CrunchedCredit.com’s 7th Annual Golden Turkey Awards

As we are just inking one of the very first pre-risk retention effective date risk retention deals (Potemkin Village anyone?), we are also seeing an increased flow of what are generically referred to as CRE CLOs. It’s time to consider how the Risk Retention Rule (the “Rule”) will apply to this growing market technology.
Continue Reading Risk Retention and the CRE CLO

I’d like everyone to go out and buy a copy of Professor Paul Mahoney’s slender new book, Wasting a Crisis – Why Securities Regulation Fails.  Paul is a brilliant guy.  Until this spring, he was the dean of the University of Virginia School of Law where he is the David and Mary Harrison Distinguished Professor of Law and the Arnold H. Leon Professor of Law, teaching securities laws.  This is a great book and an important read.  Paul argues cogently that:
Continue Reading Why Regulation Fails

It seems fitting that Marriott’s upcoming acquisition of Starwood Hotels & Resorts (creating one of the largest hotel companies in the world) is anticipated to occur during the prime summer vacation season.  The combined company will be comprised of more than 5,500 hotels and 30 brands.  By way of comparison, Hilton is comprised of over 4,600 hotels and 13 brands and International Hotels Group is comprised of over 5,000 hotels and 10 brands.
Continue Reading Coming to a Hotel Near You: The Starwood-Marriott Merger

Here’s another story in the “It never gets easier” file.

The Massachusetts Land Court recently decided a case that perhaps we should have all guessed was coming.

This is the above the fold headline:  Text messages may now create binding contracts.  Specifically, a text message can constitute a signature sufficient to satisfy the Statute of Frauds and form a binding contract for the purchase and sale of land.
Continue Reading Text on the Dotted Line: A Text Message Can Create a Binding Contract