What we read this week [August 24, 2021] – Real estate and construction

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United States: What we read this week [August 24, 2021]

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New York judge rejected the application by Trimark USA and some of its creditors to dismiss claims filed by minority creditors, arguing that certain new promissory notes issued by the company violate the terms of pre-existing loan agreements and improperly allow majority creditors to take precedence over minority creditors. The litigation is being closely monitored by the industry as another example of inter-creditor violence. A business Audax Credit Opportunities Offshore Ltd. against TMK Hawk Parent Corp., 565123/2020, New York State Supreme Court, District of New York. Stay tuned for a more detailed analysis of the court’s decision in one of the following posts … [Bloomberg; August 17,
2021]

Per SCOTUSblogOn Friday, August 20, property owners and real estate groups petitioned the Supreme Court to lift the Biden administration’s new eviction moratorium after a federal appeals court upheld it. Realtors say the Biden administration ignored an earlier Supreme Court ruling that the Centers for Disease Control and Prevention had no authority to impose the latest ban on Aug. 3. The Biden administration imposed a new moratorium anyway, expressing the hope that even if the moratorium was eventually lifted while the case was pending, an additional rent benefit could be distributed. [SCOTUSblog; August 20, 2021]

Back in July, Federal Reserve officials indicated they are on track to cut some of their stimulus programs later this year, despite lingering disagreements over exactly when to end support. V WSJ went on to say that the July 27-28 Fed meeting minutes, which were released last week, revealed an emerging consensus to support the cut at one of the three remaining Fed policy meetings this year. The next Fed meeting will take place on September 21-22, and several Fed officials have said they will be in favor of starting a cut in bond purchases soon after the meeting if the recent wave of active hiring continues. But the July minutes do not necessarily indicate that such a move will occur in September, and the WSJ suggests that the decline is likely to occur after the Fed meeting on November 2-3. [WSJ; August 18, 2021]

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