Carl Icahn Lawsuit Targets Rialto, CMBS Servicers
Investor Carl Icahn is taking on servicers of commercial mortgage-backed securities debt, saying they milked a dying mall for huge fees.
Source: therealdeal.com
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Judge Throws Out Rialto's Dismissal Request In Carl Icahn Suit
RCA claimed Icahn only wanted a faster loss on the property, but the judge wasn't convinced.
Source: bisnow.com
Twenty-Four Hours in Primm, Nevada
In a few hours, it will rain so hard that the 15 will close. Everyone will assume I’m trapped in Primm because of the flooded roadway. But I am here on purpose. I am here because I have passed by it many times and I want to know what it feels like to stop and stay. Primm is on the border of California and Nevada, but it doesn’t seem to exist in either. It is an in-between place: too close to be a stopping point on the drive to Los Angeles, too far to be its own destination. It appears from the highway, and then it vanishes. I want to be in Primm because I want to vanish, too. I booked a ...
Source: knpr.org
Carl Icahn Sues Rialto, Claiming It Abused Special Servicing Rules To Collect Over $12M Fees
Funds owned by activist investor Carl Icahn are suing a special servicer in charge of a struggling Nevada mall, alleging the CMBS servicer defrauded investors.
Source: bisnow.com
Icahn-Related Funds Say Servicer Hid $62M Trust Losses
Two funds affiliated with activist investor Carl Icahn accused the servicer of a trust that owned a Nevada mall of manipulating appraisals to obscure losses and keep the investors from gaining control, eventually leaving the trust short $62.2 million.
Source: law360.com