Memorandum to: State Investment Council From: Corey Amon, Director Subject: Proposed Investment in DivcoWest Fund VI-A, LP The Division of Investment (the “Division”) is proposing an investment of up to $100 million in DivcoWest Fund VI-A, LP (the “Fund”). The Fund is being sponsored by Divco West Real Estate Services, LLC (“DivcoWest” or the “Firm”). […]
Memorandum to: State Investment Council From: Corey Amon, Director Subject: Investment in TPG Capital’s Dragon Co-Invest, L.P. On October 29, 2019, the Division of Investment (the “Division”) invested $24 million in Dragon Co-Invest, L.P. (the “Fund”). This informational memorandum is presented to the State Investment Council (the “Council”) pursuant to N.J.A.C. 17:16-69.9. The attached schedule
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Excerpts: “Are Syndicated Term Loans Securities?” The LSTA (joined by the Bank Policy Institute) argues vehemently that they are not and explains the materially negative consequences to borrowers and other stakeholders in the $1.2 trillion market for institutional term loans (and the $600MM+ CLO market) were a court to reach the opposite conclusion. Loans are
Excerpt: Official Committees of Unsecured Creditors: Why You Should (Or Should Not) Serve Unsecured creditor committees arise in the context of large to medium-sized Chapter 11 bankruptcies and are designed, in part, to deal with the hierarchy of creditor claims. Creditors in bankruptcy cases are sorted into different groups based on the type of claim
Memorandum to: State Investment Council From: Corey Amon, Director Subject: Proposed Investment in KPS Special Situations Fund V, L.P. and KPS Special Situations Mid-Cap Fund, L.P. The Division of Investment (the “Division”) is proposing a total investment of up to $200 million (up to $175 million and up to $25 million, respectively) in KPS Special
Excerpts: “Buffa’s Bad Tuna: Debtor Owning 99% Of LLC Dodges Charging Order By Paying Oversized Salary To Wife.” Buckeye Retirement Co. v. Buffa, 2011 WL 3439022 (D.Conn., Slip Copy, Aug. 5, 2011) Anthony Buffa is a private equity investor who got behind on his promissory note to First Third Bank and stipulated to judgment against
Excerpts: “Sam Zell and other former execs agree to pay $200M” During court-ordered mediation in March, more than 50 former Tribune directors and senior executives agreed to settle with the litigation trust for $200 million, according to a motion filed May 31. The deadline for objections to the agreement is Monday, with a court approval
Excerpts: “Zell, Ex-Tribune Execs Reach $200M Leveraged Buyout Deal” Sam Zell, the real estate mogul, and other former officers and directors of Tribune Co. have agreed to a $200 million settlement that resolves allegations of fraudulent transactions related to the company’s 2007 leveraged buyout. Some 50 individuals including former CEO Dennis FitzSimons are parties to
Excerpts: “Morgan Stanley to pay $130 million to California pensions.” California Democratic Attorney General Xavier Becerra announced the settlement with Morgan Stanley on Thursday. The bank will pay $150 million. Of that, $122 million will go to the California Public Employees’ Retirement System and $8 million will go to the California State Teachers’ Retirement System.
Excerpts: Cosmopolitan may be for sale on Las Vegas Strip The Blackstone Group LP, a major player in the Southern Nevada real estate market, has retained Deutsche Bank AG and PJT Partners, Inc. to explore strategic alternatives for the property, including a sale, according to sources familiar with the deal. Chad Beynon, an analyst with
