RTG-16-2009-01-28
28/01/09
The sad tale from a DLA Piper partner at IMN’s Sixth Annual Winter Forum On Real Estate Opportunity & Private Fund Investing. His client bought some paper from Lehman Brothers with the expectation they would sell it back two weeks later. Instead Lehman collapsed and they are stuck with a bunch of garbage. The client ends up owning a bunch of cash consuming white elephants.
Posted in: Podcast | | Comments (5)
[...] I had an interesting talk during a reception with a DLA Piper senior partner. He was incensed at 24 year old Maserati driving idiots who could not get into law school but were able to sell credit-default swaps and other structured financial products which are now vaporizing firms and have destroyed this industry. He had 30-35 deals lined up at the end of 2007 and completed only 5 in 2008. I have a great story to tell about my chat with him but will leave it to the podcast. [...]
Pingback by IMN Real Estate Conference and Cambridge House | RunToGold.com — January 28, 2009 @ 4:41 pm
[...] ago at a conference I was talking with a senior partner at DLA Piper. We discussed mark-to-market accounting and I made the assertion that if there is no bid then the [...]
Pingback by Fair Value Lying | RunToGold.com — April 2, 2009 @ 9:48 am
[...] ago at a conference I was talking with a senior partner at DLA Piper. We discussed mark-to-market accounting and I made the assertion that if there is no bid then the [...]
Pingback by Citizen Economists » Fair Value Lying — April 3, 2009 @ 5:43 am
[...] if the market was not clearing and there were no comps was a simple $0. Then I told him the story of my encounter with a senior partner from DLA Piper whose client had a 40+ story condominium that was worth less than [...]
Pingback by Bankrupt Banks | RunToGold.com — April 30, 2009 @ 2:05 pm
[...] if the market was not clearing and there were no comps was a simple $0. Then I told him the story of my encounter with a senior partner from DLA Piper whose client had a 40+ story condominium that was worth less than [...]
Pingback by Citizen Economists » Bankrupt Banks — May 1, 2009 @ 8:42 am