Amidst a rush to reduce tax burdens in major cities like New York City, San Francisco, and Washington, D.C., owners are aggressively filing property tax appeals, with some seeking reductions as high as 75 percent, a sign of the extreme uncertainty of commercial real estate values. Joseph Cioffi Continue Reading
Law360 | Long Before FTX, Criminal Cases Have Complicated CH. 11
The FTX bankruptcy proceeding has become tangled with the criminal trial of Sam Bankman-Fried, following a path forged by some of the largest bankruptcies and frauds of the past such as Enron, Adelphia, and Madoff. Joseph Cioffi, Insolvency + Finance partner, was quoted in the Law360 article, “Long Continue Reading
Westlaw Today | Valuation and Regulation Risks and Opportunities in Commercial Real Estate
A significant number of mortgages are maturing in the near-term, requiring refinancing at a time of relatively higher interest rates and lower occupancy. These are factors that tend to reduce valuations. Reduced valuations, in turn, increase the risk of losses and litigation. Continue Reading
ProPublica | Wall Street Bet Big on Used-Car Loans for Years. Now a Crisis May Be Looming.
For years, investors bought bonds backed by auto loans because they were considered extremely reliable, even amidst harsh financial markets and downturns in the economy. For the first time in decades, concerns are growing in the subprime auto market and regulators are watching closely. Joseph Cioffi Continue Reading
Structured Credit Investor | Skid Marks: Subprime Auto ABS Shows Sign of Pain
In the subprime auto ABS market, losses have begun to appear in certain deals and there are signs of a downturn for the first time since the 1990s. Joseph Cioffi was quoted multiple times in the Structured Credit Investor article, “Skid Marks: Subprime Auto ABS Shows Sign of Pain,” commenting on how Continue Reading
Subprime Auto: Cracks in the Road Starting to Show
Structured Credit Investor | Litigation Looms: Investor Disputes to Rise as CMBS Valuations Decline
Rising interest rates and post-pandemic trends have put pressure on valuations in the commercial real estate market in the United States, potentially triggering defaults and a rise in litigation over control rights in CMBS. Joseph Cioffi was quoted throughout the Structured Credit Investor article, Continue Reading
Commercial Observer | How Valuation and Materiality Become Catalysts for CRE Litigation
Talking Compliance and Risk with Davis+Gilbert Partner Joseph Cioffi
The Wall of Maturities Looms in the Shadow of Bank Failures. What’s Next for Commercial Real Estate?
Commercial real estate (CRE) sectors have not escaped the perma-crisis era in which we live, and the worst appears yet to come. First, hospitality and retail suffered setbacks with pandemic lockdowns. Then, the persistence of work-from-home and employee resistance to returning to the office Continue Reading