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Court of Appeal rejects Titan Class X claim: speedread Q & A

(This article was first published on Lexis®PSL Banking & Finance. Click for a free trial of Lexis®PSL) What was the appeal about? Credit Suisse Asset Management (“CSAM”) was the originator of Titan 2006-1, a commercial mortgage backed securitization (“CMBS”). The Titan 2006-1 SPV (“Titan”) issued eight tranches of bonds (A to H) for a total of EUR 723 million. It used the proceeds to … Continue Reading

Class X Noteholders granted permission to appeal inconsistent judgments

As previously reported on this blog, April saw two important judgments in the Titan and Windermere Class X cases. Those decisions have implications for both “CMBS 1.0” structures that include Class X notes in them, and for the wider financial markets in terms of how the courts are approaching disputes over the interpretation of finance … Continue Reading

Structured Finance in the Courts: Five Things We Learned From the Class X Cases

As regular readers will know, April brought two big judgments for the CMBS and structured finance markets in the Windermere VII CMBS and Titan Europe CMBS Class X cases. Now that the dust has settled, it is worth stepping back and looking at the wider perspective of what the decisions mean for future deals, the prospects … Continue Reading

Latest news: High Court rejects four more Class X claims

Following hot on the heels of the High Court rejecting Hayfin’s claims of underpayment of interest on the Class X notes in Hayfin Opal Luxco SARL v Windermere VII CMBS, the court yesterday also rejected claims by Credit Suisse Asset Management on its Class X notes in four Titan CMBS structures. Although the outcome was … Continue Reading

More on Class X claims – Lexis Nexis Q&A; Windermere VII litigation; Titan 2006-3 settlement plan vote on 4 April

LexisNexis Q&A My Q&A with Lucy Karsten of LexisNexis can be viewed here. Looking ahead to the Class X claims.   The Windermere VII Class X claims In addition to the Titan Class X claims I wrote about in my earlier blog, similar issues were before the High Court on the Windermere VII CMBS case last … Continue Reading

Market awaits English court rulings on CMBS claims

April is set to be a busy month in the English courts for the CMBS community, as five cases come to trial in the High Court in London. Four of those cases are the so-called “Class X” claims, which have been consolidated together and are due to be heard between 7 and 15 April. All … Continue Reading

The Canary Wharf “Spens” case: why Welsh caravan parks are a danger to the financial markets

The Oxwich Leisure Park on Wales’s Gower Peninsular might seem a world away from the concerns of Noteholders of a Canary Wharf securitisation following the sale of a £795 million skyscraper. But a decision in the Commercial Court last week (28 January 2016) showed how in the one-size-fits-all world of English contract law they can … Continue Reading

A watchdog for unrepresented interests: court highlights trustees’ duties

The unusual facts of a recent dispute between interested parties in the Theatre CMBS transactions have highlighted some important issues in complex structured finance transactions, and in particular the responsibilities of corporate trustees to protect the interests of otherwise unrepresented creditors.  The decision also considers the disenfranchisement provisions that are common in securitisation transactions, and … Continue Reading