The purpose of this article is to assist loan market participants in identifying Foreign Investment in Real Property Tax Act issues that may arise in connection with loan restructurings and other purchases of loans and related proceeds of such loans, and to briefly discuss possible solutions to the Act’s valuation issues in mixed-asset recoveries.
Michael Fransella is a partner at Cole, Mink, & Fransella. He represents banks, broker-dealers, asset managers, and other entities on a variety of par and distressed loan and claim trading transactions using LSTA, LMA, ISDA, and sui generis documentation. He has closed thousands of distressed debt trades, and supervises the par loan trading practice.
Mr. Fransella advises clients on compliance, tax, securities, UCC, regulatory, ERISA, contract interpretation, nonpublic information/informational walls, and other issues incident to the clients’ transactions and businesses. In addition to loans, he has worked extensively on transfers of bankruptcy claims, trades of private-placement securities, and transactions involving Latin American and other international debt assets and related restructurings, and has represented clients on strategic debt and equity investments, structuring and creation of special-purpose subsidiaries, and structuring of derivative instruments. He is a frequent participant in LSTA initiatives to draft and promulgate standard documents, and has been responsible for a number of forms, contractual mechanisms, and drafting solutions that have subsequently become widely used in the market.
Mr. Fransella received his J.D. from Yale Law School, where he was Senior Editor of the Yale Law Journal and Notes Editor of the Yale Journal on Regulation, and was Valedictorian of Williams College.
EDUCATION
Williams College, B.A., 1998
Yale Law School, J.D., 2001
BAR ADMISSIONS
Jennifer Mink is a partner at Cole, Mink, & Fransella. She represents commercial banks, investment banks, broker-dealers, hedge funds, and other entities in lending, secondary debt trading, CDO transactions, workouts, and other matters.
Ms. Mink has extensive experience in trading and review and analysis of credit documentation relating to many types of debt facilities, including financing facilities for aircraft, project finance, oil and gas, and real estate.
Ms. Mink has worked on trading floors with clients at several stages in her career, overseeing the closing process for secondary debt trades and supervising regulatory compliance.
EDUCATION
George Mason University, B.S., 1993
University of Virginia School of Law, J.D., 1996
BAR ADMISSIONS
Charlie Cole is a partner at Cole, Mink, & Fransella. He has over 25 years of experience representing clients engaged in financial transactions, including loans, restructurings, and secondary market trading of commercial loans and other debt assets.
Charlie and CMF’s debt trading team are among the best known in the industry. Together, they represent many of the largest players in the marketplace, including numerous investment banks, commercial banks, hedge funds, and asset managers, as well as collateralized loan obligation vehicles (CLOs) and collateralized debt obligation vehicles (CDOs). Although the majority of Charlie’s trading work involves loans owed by U.S.-based corporations, he also represents clients in connection with trades of loans and claims owed by European, Latin American, Asian, and other foreign obligors.
His U.S. and cross-border lending experience covers complex and specialized syndicated and bilateral credit facilities, relating to acquisition finance, letter of credit facilities, subscription line finance, securitization finance, receivables finance, equipment leasing, vendor finance, and project finance transactions.
EDUCATION
Lehigh University, B.S., 1985
American University Washington College of Law, J.D., 1993
BAR ADMISSIONS