Private Equity, Finance Lawyer Melinda Rishkofski Joins Baker Botts L.L.P. as Partner in Moscow

MOSCOW, February 28, 2012 /PRNewswire/ –
Melinda Rishkofski, who has represented private equity fund managers, international financial institutions and portfolio companies in Russia, Eastern Europe, the UK and the US, has joined Baker Botts L.L.P. as a partner in the firm´s Moscow office.
(Photo: http://photos.prnewswire.com/prnh/20120228/DA58239)
(Logo: http://photos.prnewswire.com/prnh/20100503/BAKERBOTTSLOGO)
Rishkofski´s experience includes working with Russian and Eastern European privatization policies, policy advice and drafting laws for the new Russian economy, development of Russian corporate securities and regulatory structures. She also worked on regulatory and legislative matters with representatives for the U.S. and Russian governments.
“Melinda adds depth to our international transactional resources, ” said Baker Botts Managing Partner Walt Smith. “Her focus on the Russian market and her extensive private equity experience are significant additions to our client offerings.”
Prior to joining Baker Botts, Rishkofski was general counsel for Russian-based Baring Vostok Capital Partners. As principal advisor, negotiator and transaction counsel, she provided legal support to financial institutions, multilateral development banks, private equity fund managers and Russian companies with respect to debt and equity financing transactions, mergers and acquisitions, restructurings, employee incentive programs, dispute resolution and general corporate matters.
In this role, Rishkofski has worked with and served more than 35 investee companies and the legal needs of private equity investment funds with more than $2 billion in capital and assets. She has also worked extensively with the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and the Overseas Private Investment Corporation (OPIC) on secured credit and debt and equity financing transactions.
“Melinda´s extensive knowledge of the private equity and funds sector in Russia and the CIS, a market sector where we expect to see significant increased activity in 2012, will provide our clients working in or entering into this sector an expertise not currently available from legal consultants in the region, ” said Steven Wardlaw, Partner in Charge of Baker Botts´ Moscow office.
Rishkofski obtained a BS from the Pennsylvania State University in the U.S., a J.D. from the Dickinson School of Law (now part of the Pennsylvania State University), and an LL.M in International Business and Finance from the University of London, Kings College in the UK.
About Baker Botts L.L.P.
Baker Botts is an international law firm with over 725 lawyers and a network of 13 offices around the globe. Based on our experience and knowledge of our clients´ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 172-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit http://www.bakerbotts.com/.
http://tourism9.com/    http://vkins.com/

« Shanghai Launches RMB Investment FundW. P. Carey Announces Proposed Acquisition of CPA:15 and Conversion to REIT »GE Capital, Franchise Finance Provides $25 Million to Support Quilvest Group Investment in Anthony’s Coal Fired Pizza …

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–
GE Capital, Franchise Finance provided a $25 million credit facility to support an investment in Anthony’s Coal Fired Pizza, Inc. by an affiliate of The Quilvest Group. The financing includes a $17 million term loan and an $8 million revolving credit facility. Funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc.
“GE Capital proved to be a great choice for us,” explains Henrik Falktoft, partner, The Quilvest Group. “Their team was very supportive and knowledgeable about this market and that made for a better transaction.”
The Quilvest Group has invested around $4 billion in more than 300 private equity and real estate funds and 150 direct investments.
“We were in a great position to help both parties using our experience in the space and our relationship with the sponsor, Quilvest,” said Mike Kurtz, vice president, GE Capital, Franchise Finance.
Anthony’s Coal Fired Pizza opened their first store in Florida in 2002 and now has 32 locations throughout Florida, Pennsylvania, New Jersey, Delaware, New York and Connecticut.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $10 billion in served assets, we serve over 3,000 customers and over 18,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop your own growth plan with access to our proprietary industry research and customized tools. More information is available at http://www.gefranchisefinance.com/.
http://tourism9.cm/    http://vkins.com/

One of Nation's Top Real Estate Investment Companies Announces New Website Offering Turnkey Investment Properties For …

Provo, UT (PRWEB) February 03, 2012
Marquis Properties is among the top real estate investment companies in the Midwestern United States. Marquis offers turnkey investment properties to real estate investors interested in exceptional returns on investment, without the hassle and time it takes to find, evaluate, purchase, rehabilitate and occupy a property with a tenant to produce cash flow.
As home prices have fallen nationwide the opportunity for investing in real estate at rock-bottom prices has never been better.
“The challenge for most investors, particularly those that live in markets which don’t support feasible rental returns and long-term equity growth, is the fear and complications which can come from investing in rental properties in out-of-area markets”, quotes Mr. Deucher. “We eliminate those challenges by defining the ideal investment property markets through in-depth market analysis, handling the entire purchase and rehabilitation process and ensuring that the investor who purchases the property is generating immediate rental income with a proven property manager in place to handle ongoing property management.”
Although the principle of Marquis Properties has been investing in real estate for over 15 years, Marquis Properties officially opened its doors in 2009. Since that time Marquis Properties has purchased and resold over 500 turnkey investment properties primarily through real estate investment clubs and larger real estate investment companies.
When asked about the blazing success of Marquis Properties, Chad Deucher attributes its success to two things: “Because we have the financial backing to purchase large groups of investment properties at a time we are able to realize significant savings average investors simply cannot get due to more limited buying power.” “We are then able to offer those same properties to real estate investors at exceptional wholesale prices while maintaining a reasonable profit margin.”
The second reason which Mr. Deucher claims has lead to Marquis Properties’ fast growth is due to the company’s “Occupied Property Solution”. “The best opportunities to invest in real estate come from purchasing distressed properties which are usually in need of significant repairs,” according to Mr. Deucher. “We realize that most people interested in investing in real estate are not doing so as a full-time career and simply do not have the resources to manage and oversee the entire process of acquiring a property, overseeing the rehabilitation of the property, occupying it with a quality tenant and managing the property on an ongoing basis.”
Marquis Properties takes the guesswork out of buying investment property and even offers a 90-Day Rent Back for situations when investors purchase one of Marquis’ investment properties during the rehabilitation process or prior to the property being tenant occupied so investors can be assured of immediate returns.
So what type of returns can a potential investor expect to achieve purchasing one of Marquis’ investment properties, and where is Marquis Properties currently selling investment properties?
“The average return on investment that most of our investors receive on single family units is between 10% and 13% per year after management costs and as high as 20% or more on commercial and multi-family investment properties.” “Obviously if the investor leverages their funds using bank financing then their cash-on-cash returns will be higher than if they paid for the property using only cash from retirement accounts, funds they’ve rolled over from a 401(k) or 1031 exchange or funds available in a self-directed IRA.”
“Right now we are primarily selling Ohio investment property and Kansas City investment property as well as Indianapolis investment property primarily due the overall strength of these markets based on low unemployment, inclining population, solid rental market fundamentals and the potential for both immediate and long-term price appreciation and equity growth” says Deucher. “However, our acquisition team is constantly evaluating markets throughout the United States and we will also be purchasing property in Pennsylvania and Alabama in 2012.
Interested in finding out more about Marquis Properties or evaluating their current investment properties for sale? Just visit Marquis Properties on the web or call them today at (888) 505-8155. Marquis has agents available to assist you in purchasing investment property Monday through Friday from 9:00 AM to 6:00 PM Mountain Standard Time.
http://tourism9.com    http://vkins.com/

Schulte Roth & Zabel LLP Announces Election of New Partners and Promotion of Associates to Special Counsel

NEW YORK–(BUSINESS WIRE)– Schulte Roth & Zabel LLP is pleased to announce the election of Eric A. Bensky, Jennifer Dunn, Christopher S. Harrison and David J. Karp as partners. The firm also announces the promotion of James T. Bentley, Michael G. Cutini, Farzad F. Damania, William I. Friedman, Frank J. LaSalle, James Nicoll and Leonora M. Shalet to special counsel.
Eric Bensky is resident in the firm’s Washington, D.C. office. The other new partners and special counsel are located in the firm’s New York office. David Karp is resident in both the New York and London offices.
“We are very proud of these individuals who have distinguished themselves through their contributions to our clients and the firm,” said Alan Waldenberg, a member of the firm’s executive committee. “The depth of their knowledge and experience greatly enhances the value of our legal services and reflects the firm’s commitment to providing the highest level of guidance and client service.”
PARTNERS
Eric A. Bensky, a partner in the litigation group, focuses his practice on securities litigation, including civil, disciplinary and criminal proceedings and investigations before federal and state courts, the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA), various stock exchanges, and arbitration panels of FINRA and other self-regulatory organizations. He received his B.A., with high honors and high distinction, from the University of Michigan and his J.D., with honors, from the University of Chicago Law School.
Jennifer Dunn, a partner in the investment management group, advises hedge funds, private equity funds, hybrid funds, funds of funds and investment advisers in connection with their structuring, formation and ongoing operational needs, general securities laws matters, and regulatory and compliance issues. After obtaining a B.A., cum laude, from the University of Pennsylvania, Jennifer received her J.D. from Columbia Law School.
Christopher S. Harrison, a partner in the M&A and private equity practices of the business transactions group, concentrates his practice on hedge fund mergers and acquisitions, private equity transactions, and domestic and cross-border mergers and acquisitions. Christopher also serves as an adjunct professor at New York University School of Law. He has a B.A. from Friedrich-Schiller-Universität and a J.D., cum laude, from New York University School of Law.
David J. Karp, a partner in the business reorganization group, focuses his practice on corporate restructuring, special situations and distressed investments, distressed mergers and acquisitions, and the bankruptcy aspects of structured finance. In addition, David leads the firm’s distressed debt & claims trading practice, which provides advice in connection with U.S., European and emerging market debt and claims trading matters. He received his B.S. from Cornell University and his J.D. from Fordham University School of Law.
SPECIAL COUNSEL
James T. Bentley, a special counsel in the business reorganization group, practices in the areas of distressed mergers and acquisitions, debtor-in-possession financing, corporate restructuring, and out-of-court workouts. James received his B.A. from Boston College and his J.D., cum laude, from Brooklyn Law School. After earning his law degree, James clerked for Chief Judge Carla E. Craig of the Eastern District of New York Bankruptcy Court. Prior to joining SRZ, he was an assistant vice president in Citigroup’s Global Corporate Banking Group.
Michael G. Cutini, a special counsel in the litigation group, focuses his practice in the areas of complex commercial and business, securities and shareholder, and bankruptcy litigation on behalf of privately and publicly held companies and financial services industry clients, including hedge funds, private equity funds, and prime and clearing brokers, as well as advising clients on compliance with antitrust laws, particularly in the context of mergers and acquisitions. He received his B.A., summa cum laude, from the State University of New York Fredonia and went on to obtain his J.D., cum laude, from Syracuse University College of Law.
Farzad F. Damania, a special counsel in the business transactions group, focuses his practice on capital markets and securities law, mergers and acquisitions and general corporate law. Farzad received his B.A. from St. Xavier’s College and his LL.B. from Government Law College, both in Bombay, India, and he received his LL.M. from Chicago-Kent College of Law, Illinois Institute of Technology.
William I. Friedman, a special counsel in the litigation group, concentrates his practice on AML, OFAC and FCPA issues and other regulatory areas. Prior to joining SRZ, William was with the New York Stock Exchange, where he served as special counsel in its Division of Enforcement. After graduating with honors from Brandeis University, he earned his M.B.A. from Baruch College, CUNY, and received his J.D. from Brooklyn Law School. After earning his law degree, William served as a law clerk to the Hon. Bernard J. Fried of New York County, Supreme Court, Criminal Branch.
Frank J. LaSalle, a special counsel in the litigation group, practices in the areas of complex commercial, securities, corporate governance, accountants liability, intellectual property, real property, class action defense, bankruptcy and creditors rights litigation, and securities regulatory investigations and examinations. Frank earned his B.A. and M.A. from Miami University and his J.D. from University of Akron School of Law.
James Nicoll, a special counsel in the business transactions group, focuses his practice on corporate finance transactions, counseling corporate clients on compliance with the federal securities laws and on general corporate matters, venture capital and mergers and acquisitions. He holds a B.S. from Cornell University and a J.D. from the University of Pennsylvania Law School.
Leonora M. Shalet, a special counsel in the investment management group, focuses her practice on advising investment funds (including hedge funds, private equity funds, hybrid funds and funds of funds) and investment advisers in connection with their structuring, formation and ongoing operational needs, general securities laws matters, and regulatory and compliance issues. Leonora earned an LL.B. in Law with French Law from Birmingham University, Birmingham, England as well as a French Law Diploma from Limoges Law School, France (ERASMUS). Leonora is also a graduate of the Legal Practice Course from Nottingham Law School, Nottingham Trent, England.
About Schulte Roth & Zabel LLP
Schulte Roth & Zabel LLP (www.srz.com) is a full-service law firm with offices in New York, Washington, D.C. and London. As one of the leading law firms serving the financial services industry, the firm regularly advises clients on corporate and transactional matters, as well as providing counsel on securities regulatory compliance, enforcement and investigative issues. The firm’s practices include investment management; M&A securities & capital markets; litigation; business reorganization; distressed debt & claims trading; employment & employee benefits; environmental; finance; individual client services; intellectual property, sourcing & technology; real estate; regulatory & compliance; structured products & derivatives; and tax

http://tourism9.com/

Bailout concerns mounting for federal housing agency

NEW YORK (CNNMoney) — Concerns are growing that the Federal Housing Administration will need to be bailed out by taxpayers.
The agency’s latest monthly outlook report revealed a spike in serious delinquencies for FHA-insured loans, posing a further threat to the agency’s already depleted cash reserves.
According to the report, the percentage of loans in the FHA’s portfolio with three missed payments or more rose to 9.3% in November, up from 8.4% in August.
“It’s highly likely that the FHA will need a taxpayer bailout over the next three to five years,” said Joseph Gyourko, a real estate professor at the University of Pennsylvania’s Wharton School and author of a report entitled “Is FHA the Next Big Housing Bailout?.”
In November, an independent audit of the FHA’s finances found that losses from mortgage defaults had depleted the agency’s reserve fund to 0.24%, or $2.6 billion, during fiscal 2011 — well below the Congressionally-mandated 2% level. (The ratio measures the net worth of the reserve fund compared with the value of the loans FHA has insured.) In 2006, the reserve fund stood at 7%.
At the time, the agency’s auditor warned that if home prices continued to drop, FHA could run through the remainder of its reserves, forcing it to either seek a bailout from the Treasury Department or further increase the premiums it charges borrowers. The FHA doesn’t issue mortgages, but instead insures lenders against defaults.
Such a bailout could cost billions: Guyourko argues that the FHA is so undercapitalized that it would need at least $50 billion, even if the housing markets don’t deteriorate further. But even by more conservative measures, the agency would need at least $20 billion to meet the capital requirements mandated by Congress.
In early December, the House Financial Services Committee grilled Shaun Donovan, the Secretary of the U.S. Department of Housing Urban Development, over the possibility of a bailout. Donovan blamed FHA’s financial woes on loans made before 2009 and said that loans issued in recent years were experiencing a “dramatic decline in the rate of early payment default.” As a result of these healthier loans, he said the reserve fund would be able to return to the required 2% level in 2014.
Yet, Wharton’s Gyourko argues that the FHA has underestimated the risk of these more recent loans. Many of the new serious delinquencies were from loans issued in 2009 and 2010 and he projects there will be many more defaults to come.
One reason is that many of the borrowers who took out FHA-backed mortgages during this time relied on the First-Time Homebuyer Tax Credit for down payments. A large percentage of these borrowers didn’t have enough cash for the small 3.5% down payment that FHA requires, let alone the money to make their ongoing mortgage payments, he said.
The FHA said that the vast majority of home buyers who claimed the tax credit used their own cash for down payments or borrowed from relatives and are therefore low risk.
Home prices will also play a key role in whether taxpayers will have to rescue the FHA, said Guy Cecala, publisher of Inside Mortgage Finance, a trade publication.
“Given that most FHA loans are made with a 3.5% down payment, most are underwater within a year after price declines,” he said.
Many FHA borrowers are teetering on the edge of foreclosure and further housing price declines will push many of those over, exposing the agency to more losses. “I think there will have to be a bailout over the next couple of years,” said Cecala.
The FHA claims its total liquid assets are $400 million higher than a year ago and home prices would have to fall 4% to 5% before the agency would need a bailout. It said it has also recognized expected losses and planned for them by raising upfront insurance premiums to bolster its assets.
Still, that might be cutting it close. Home prices are projected to fall another 3% to 4% in 2012 before stabilizing, according to forecasting firm Fiserv.
For all the FHA’s problems, however, it has filled a great need over the past few years, said Cecala. Low-income and first-time home buyers have relied on FHA loans to finance their purchases. Without the backing of the FHA, fewer homes would have been sold and prices would be even lower.
“The housing market would be in far worse shape than it is,” he said

 http://tourism9.com/