Orrick and Greenberg lead deal for sale of US loans

Orrick, Herrington & Sutcliffe and Greenberg Traurig have taken lead roles in the government's creation and partial sale of a $2 billion package of real estate loans linked to failed banks. It is thought that the loans will stabilize and rise in value, allowing stakeholders in the public-private partnership to make money. The buyers – a consortium led by investment firm Colony Capital – purchased a 40 per cent stake in the joint venture for a sum of $445 million. The Federal Deposit Insurance Corporation (‘FDIC’) retains the remaining 60 per cent and is providing financing to the buyers. The Orrick team was led by partner David Katz, and the Greenberg Traurig team was led by partner Thomas Galli.

Orrick and Greenberg lead deal for sale of US loans amlawdaily.typepad.com Thu, Jul 15, 2010