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Bankruptcies Will Test New CMBS Structures.
Standard & Poor's is concerned that the legal and structural provisions that some forms of CMBS securitization are built on have never been tested.
This means they don't know what could happen in a bankruptcy situation, according to Kim Diamond, an S&P managing director.
At a panel session on "the changing mezzanine, B-piece and B-note market," at the Commercial Mortgage Securities Association's annual CMBS investors conference, Ms. Diamond said that the rating agency is seeing "people more and more push the envelope on certain things" and that S&P wants to "stay on top of things."
"We are at a crossroads," she said, adding that "lots of structural enhancements put into place are more theoretical."
And "now they are being tested, with some working well and others not so well."
Michael S. Gambro, a partner with the law firm of Cadwalader, Wickersham & Taft, is also of the opinion that these agreements are "not necessarily enforceable in bankruptcy proceedings."
Mr. Gambro doesn't believe that the field is getting more complicated in terms of structuring of law documents.
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