GLG News by Structured Finance Experts

John KilpatrickChief Executive OfficerGREENFIELD ADVISORS

Landmark Preservation has been good business in other cities

March 30, 2009

Analysis of:Challenge to Landmark Law Worries Preservationists | www.nytimes.com

1.  The "devils in the details" -- many cities have excellent landmark preservation ordinances which are win-win for developers and property owners. 2.  Academic and appraisal studies consistently show well-written preservation ordinances actually enhance value in protected neighborhoods.

John KilpatrickChief Executive OfficerGREENFIELD ADVISORS

Partial ownership is not a cure-all

March 30, 2009

Analysis of:Developers reconsider partial ownership model | www.iht.com

Vacation or second-home partial ownership makes great sense in very high amenity locations, such as ski-slopes or high-demand beaches.  However, the model certainly doesn't work well in other situations.

Harnath SithamrajuConsultantHarnath Sithamraju

A pragmatic approach

March 30, 2009

Analysis of:Australia to guarantee state borrowings | www.ft.com

1. Tough times need tougher decisions. 2. Move to instil confidence in the economy.

Robert CanterPresident-FounderPerformance Realty Solutions, LLC

The Reality of the Commercial Real Estate Market

March 27, 2009

Analysis of:Commercial Property Faces Crisis | online.wsj.com

The commercial real estate market is heading towards one of the worst crisis’ it has ever experienced. As the article empirically demonstrates there is no other conclusion that can be drawn.

Justin HupetPrincipal & Managing PartnerFour Peaks Capital LLC

Hedge Funds Need A Survival Strategy

March 26, 2009

Analysis of:Pensions seen fueling hedge fund industry growth | www.reuters.com

Hedge funds lost more than $700 billion in second half of 2008, and 2009 might be even worse given the current outlook for the financial and economic environment.  Hedge funds need a survival strategy and more metrics need to be shared on both sides of the conversation between the hedge fund and institutional client.  Those hedge funds that survive need to offer, among other things; repeatable performance, fair fees, top-notch client service, robust risk management, transparency, sound operational infrastructure, and a safety guarantee for custody of and institutions assets.

Justin HupetPrincipal & Managing PartnerFour Peaks Capital LLC

Recent Moves by the FED and Treasury: Do They Raise More Questions Than They Answer?

March 25, 2009

Analysis of:Confidence Returning to Equities | www.bloomberg.com

Critical questions remain unanswered, and these questions will in all likelihood not be cleared up until the plan begins operation, such as:  Will investors (through auction via FDIC) offer high enough bids to entice bankers to sell illiquid assets?  Will regulators force banks to participate regardless of where bids are at?  How quickly will the plan be implemented?  What loans are eligible for the auction?  Is this whole process too bureaucratic?

Justin HupetPrincipal & Managing PartnerFour Peaks Capital LLC

Suncor's Acquisition of Petro-Canada: Merger Creates Canada's Biggest Energy Company with Global Stature

March 23, 2009

Analysis of:Suncor, Petro-Canada agree to $19.2B merger | www.financialpost.com

Merger creates Canada’s biggest energy company with global stature. The new combined entity consists of the largest Oil Sands resource position. Both companies were in need of cutting costs given tough economic and industry conditions. Suncor itself was looking ripe for a takeover given the depressed share valuation (down roughly 35% over the last 12 months) and relatively low price of crude as of late, and is getting a “good deal” with the acquisition of Petro-Canada.

Justin HupetPrincipal & Managing PartnerFour Peaks Capital LLC

Sun Life's Indonesian Acquisition: CIMB Will Boost Presence In Priority Growth Region

March 19, 2009

Analysis of:Acquisition Sun Life, CIMB team up to form joint venture | www.thejakartapost.com

Yes, I think the CIMB acquisition will significantly help Sun Life in tapping into Indonesia’s insurance sector where the company has had a presence since 1995 through P.T. Sun Life Financial Indonesia (which has four telemarketing centers, eight bank partners, and 3,800 agents).  Indonesia remains a key priority geographic region for both large Canadian insurers (i.e., Sun Life and Manulife), as it is one of the fastest growing insurance markets in Asia.  This transaction will increase Sun Life’s presence and reach in Asia, where they intend on continuing to build and grow their franchise consistent with the company's long-term strategy. 

Martin KamarckPrincipalMAKO Consulting LLC

Beyond Credit Enhancement: The Value of Risk Management

March 9, 2009

Analysis of:Buffett Warns Insured Muni Bonds Could Be Next Shoe to Drop | www.tradingmarkets.com

The Bond Buyer headline: A default is a default, is a default, is a default. For bond issues most vulnerable to fiscal stresses, monoline insurers "write themselves into the indenture," with surveillance rights, reporting requirements and -- most imprtantly -- covenants and remedies more akin to an (old fashioned) bank loan than a bond issue. Especially with their portfolios of insured risks under stress, the monolines will aggressively exercise those rights as proxy for bondholders, so insured bondholders should be, generally, better protected. If, in his haste to cash in on the market opportunity in muni bond insurance, Buffett missed this basic element of the business, then BHAC's loss experience could be much worse than predicted.

John KilpatrickChief Executive OfficerGREENFIELD ADVISORS

Not your mother and father's homebuilder

March 9, 2009

Analysis of:Toll Bros. 1Q Loss Narrows, Outlook Unclear | www.smartmoney.com

1)  Nation's largest homebuilders are very different entities from two decades ago. 2)  The real question is what they will look like in the years after this recession.

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