Bridger to Advise TIC Investors Following DBSI Bankruptcy

Bridger Commercial Funding announced today that it has been retained as an expert advisor for certain Tenants-in-Common (TICs) who made investments in commercial real estate properties sponsored by DBSI. DBSI’s Chapter 11 bankruptcy filing in Delaware on November 10, 2008 may impact over 8,300 investors. “TIC investors that acquired interests in DBSI properties face potentially severe financial and tax consequences as a result of DBSI’s bankruptcy,”... 

Thomas Properties Group Seeks to Compel Funding of Credit Facility by Lehman Brothers Holdings, Inc.

Thomas Properties Group, Inc. announced today that its affiliate, TPG-Austin Portfolio Holdings LLC (TPG-Austin), for which TPGI serves as the manager, has filed a motion with the U.S. Bankruptcy Court for the Southern District of New York (the Court) in the bankruptcy case of Lehman Brothers Holdings, Inc., et al. (Lehman Brothers). “Through this motion, we are seeking to compel Lehman Brothers to accept and honor its obligation to fund the $100... 

MAXXAM Reports Results for Third Quarter 2008 and First Nine Months of 2008

MAXXAM Inc. reported a net loss of $65.4 million, or $14.34 per share loss, for the third quarter of 2008, compared to a net loss of $10.5 million, or $2.00 per share loss for the same period a year ago. The Company’s results for the three and nine months ended September 30, 2008 were negatively impacted by a $52.3 million provision for federal income taxes, or $11.47 and $11.02 per share loss, respectively, reflecting the write-off of deferred... 

Glancy Binkow & Goldberg LLP, Representing Preferred Shareholders of Thornburg Mortgage, Inc., Announces Class Action Lawsuit and Seeks to Recover Losses

Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a Class Action lawsuit in the United States District Court for the District of New Mexico on behalf of a class (the “Class”) consisting of all those persons who tendered shares of Thornburg Series C, D, E or F Preferred Stock of Thornburg Mortgage, Inc. pursuant to the Tender Offer originally launched on July 23, 2008, and the definitive proxy statement filed with... 

Home Foreclosure – What Will It Do to Your Tax Bill?

In a July 8, 2008 speech on the U.S. housing market, Treasury Secretary Henry M. Paulson, Jr. reported that 1.5 million foreclosures were started in 2007, and some economists estimate that about 2.5 million foreclosures will be started in 2008. By comparison, there were only 800,000 foreclosures in 2004. Those who happen to be among the unlucky ones, are living in a world of hurt and don’t need to be facing giant tax bills on top of losing... 

DJM Realty to Dispose of All Remaining Linens ‘n Things Retail Store Leases and Distribution Centers in the U.S.

DJM Realty, a Gordon Brothers Group Company, announced that it has been selected to manage the national disposition of the remaining Linens ‘n Things 371 retail store leases and 3 distribution centers. The home furnishings specialty retailer Linens ‘n Things operated 551 U.S. locations in the beginning of 2008. On May 2, 2008, Linens ‘n Things filed to reorganize under Chapter 11 and since then DJM Realty has been disposing of the... 

Asia Properties Allows Letter of Intent to Expire for Site in Nanning, China

Asia Properties, Inc. reported that is has allowed its Letter of Intent to acquire 150 acres of a 506 acre new central business district site in Nanning, China to expire. CEO, Daniel McKinney said, “due to the recent financial turmoil resulting from the Bear Sterns bailout, Lehman Brothers bankruptcy and world wide economic malaise, we find it very difficult to finance such a venture at this time. We plan to engage other similar projects when... 

ALTA President Testifies on RESPA Reform Before House Financial Services Subcommittee

American Land Title Association President Gary Kermott today testified before the House Committee on Financial Services Oversight and Investigations Subcommittee on the Department of Housing and Urban Development’s (HUD) proposed amendment to the Real Estate Settlement and Procedures Act (RESPA). In his opening comments, Kermott stated, “As we are all painfully aware, the real estate market is experiencing a downturn of historic proportions. The... 

Distress Expected to Increase in Next Six Months for U.S. Homebuilding Industry

More distress is expected in the next six months for the $700 billion U.S. homebuilding industry, which has been hit hard by economic issues. Particularly at risk are small- to medium-sized builders, according to experts at Grant Thornton Corporate Advisory and Restructuring Services. National builders will continue to acquire sizeable local and regional builders, and the latter will consolidate among themselves to make them more attractive acquisition...