Receive CohnReznick insights and event invitations on topics relevant to your business and role.
09/29/2021
Pivot Points Newsletter: August 2021
Receive and explore monthly insights from our Restructuring & Dispute Resolution team
Subscribe
Subscribe
Looming CMBS litigation: Are you prepared?
Performance stress in the CMBS market has increased scrutiny of loan quality and transaction compliance. CMBS market participants should prepare for potential disputes – especially in the current environment.Recognition and Awards
We're proud to announce that our Restructuring and Dispute Resolution (RDR) practice recently earned two Global M&A Network Turnaround Atlas Awards:
- Turnaround of the Year Small Markets Award. Kudos to Molly Jobe on this achievement!
- Chapter 11 Restructuring of the Year Small Mid-Markets Award. Kudos to Kevin Clancy, Vinni Toppi, Ying Zheng, and CohnReznick Capital’s Jeff Manning on this achievement! Read the press release.
Congratulations to Kevin Clancy who recently earned the Certified Turnaround Professional (CTP) designation from the Turnaround Management Association. This designation recognizes Kevin’s hard work and commitment to the industry.
Case studies
Forensic Loan Reviews – Residential Mortgage-Backed Securities (“RMBS”)
Background: We were retained to design, implement and manage a forensic loan review of more than 250,000 residential mortgage loans underlying more than 200 trusts in accordance with specific procedures approved by the Bankruptcy Court, as well as prepare extensive reports on our findings and submit claims for loans where breaches were discovered.
Our Role: Forensic Loan Review, Data Analytics, Claims Submission, Consulting Expert and Expert Witness
Results: Based largely upon our discovery of more than 100,000 breach findings and submission of over 70,000 claims, our clients obtained a $2.4 billion settlement.
Commercial Mortgage-Backed Securities (“CMBS”) Litigation
Background: We provided expert opinions regarding custom, practice, and the common industry understanding of certain provisions of the securitization agreements, including the waterfall provisions and certain duties of the special servicer, as they relate to the creation of reserves for certain CMBS certificate holders.
Our Role: Consulting Expert and Expert Witness
Results: We provided expert reports and testimony, and assisted counsel by conducting additional research and analysis used to plan and conduct the depositions of opposing expert witnesses. The case is still pending, and we expect to testify at trial.
Residential Mortgage-Backed Securities (“RMBS”) – Loan Servicing Practices
Background: An RMBS trustee, on behalf of investors, sued an RMBS loan servicer claiming the servicer allegedly failed to identify and report breaches of the related loan representations and warranties, as required pursuant to the transaction documents.
Our Role: Consulting Expert and Expert Witness
Results: We provided an expert report, an expert rebuttal report, and deposition testimony to offer and defend our opinion regarding the duties of an RMBS servicer. The case is still pending, and we expect to testify at trial.
Recent engagements
Global specialty pharmaceutical company
Our role: Financial advisor to the First Lien Term Noteholders
Digital Media
Our role: Buy side advisory for a publicly traded entity seeking to grow through multiple acquisitions
Real Estate
Our role: Financial advisor in a pending Chapter 11
Recent and upcoming events
TMA - Annual Golf & Tennis Outing (Sept. 27) – Attended
HNBA - Hispanic National Bar Annual Convention (Sept. 27-29) – Attended
SFA West - Structured Finance Association (Oct. 3-6) – Attending
TMA - Golf Outing (Oct. 5) – Attending
NCBJ - 95th Annual Conference (Oct. 6-9) – Attending
NYBF, CCC, & WHOW - Fall Soiree (Oct. 12) – Attending
21st Annual International Insolvency Conference (III Global) (Oct. 18-19) – Attending
ABI - Health Care Program (Oct. 25-26) – Attending
TMA - Annual Conference (Oct. 25-26) – Attending
SFNET - 77th Annual Conference (Nov. 3-5) – Attending
GICLI - 7th Annual Meeting (Nov. 8-10) – Advisory Board Member, Speaking
AIRA - 20th Annual Advanced Restructuring & POR Conference (Nov. 15) – Attending, Planning Committee Member
ACG - Florida Capital Connection (Nov. 16-18) – Attending
ABI - Winter Leadership Conference (Dec. 9-11) – Attending
SFA East - Structured Finance Association (Dec. 13-15) – Attending
Meet the Restructuring & Dispute Resolution Team
NewsLatest Media Commentary, Press Releases, & Industry Awards
Kevin Clancy
CPA, JD, CIRA, CFF, CTP, Global Director, Restructuring and Dispute Resolution Practice
Close
Contact
Let’s start a conversation about your company’s strategic goals and vision for the future.
Please fill all required fields*
Please verify your information and check to see if all require fields have been filled in.
Related services
This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.