Dequity: The Blurring of Debt and Equity in Securitized Real Estate Financing

Berkeley Business Law Journal Pub Date : 2005-12-31 DOI:10.15779/Z381K32

G. Poindexter

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引用次数: 2

Abstract

I. Overview of the CMBS Market ................................................................ 237 II. Bridging the Gap Between Debt and Equity ............................................. 239 A . Preferred equity ................................................................................... 240 B . M ezzanine debt .................................................................................... 240 C . A /B loan s ............................................................................................. 24 1 D. "Soft Second" Subordinated debt ........................................................ 241 E. The Equity Debt Continuum ............................................................. 242 I1. Debt/Equity Dichotomy ............................................................................ 242 A . E conom ics ............................................................................................ 243 B . A ccounting ........................................................................................... 244 C . L eg al .................................................................................................... 2 4 5 1. T axation ........................................................................................... 24 5 2. B ankruptcy ....................................................................................... 248 a. Recharacterization: The Exercise of General Equitable Power ... 249 b. Equitable Subordination .............................................................. 250 IV. Great Expectations .................................................................................... 252 A. Firm Governance ................................................................................. 252 B. Contractual obligation .......................................................................... 254 C. When does this all matter? ...................................... . . . .. .. . . .. . .. . . .. . .. . .. . .. . . 255 V. Conclusion: Delineating the Dichotomy in the Future ................................ 260

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当时为止Overview of the CMBS地区市场 ................................................................237二世。Bridging the找,射击你以前,and就是那次 .............................................239 A。Preferred就是那次 ...................................................................................240 B。M ezzanine你以前 ....................................................................................240摄氏度。A / B鸾s .............................................................................................24 1 D。“,二千年史”Subordinated你以前 ........................................................241 e。The就是那次你以前Continuum合作 .............................................................房租I1。你以前/就是那次Dichotomy ............................................................................242 A。E conom ics ............................................................................................243 B。A ccounting ...........................................................................................244 C。L,小薇阿尔· ....................................................................................................二，四，五，一。T axation ...........................................................................................24 5 2。B ankruptcy .......................................................................................a.重塑特性:行使一般公平的权力…愁将来b。Equitable Subordination ..............................................................大帝250四世。(Expectations ....................................................................................252 A。Firm Governance .................................................................................252 b Contractual obligation ..........................................................................什么时候这一切都重要？...................................... . . . .. .. . . .. . .. . . .. . .. . .. . .. . .255 V。Conclusion: Delineating the Dichotomy打印《“未来” ................................260

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Berkeley Business Law Journal

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