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...Creditors of the two most important companies in the bankrupt Signa property group are pushing to oust management and hand over control to independent auditors, over fears their interests are being sidelined...
...Privately controlled shell companies linked to the Laura Foundation invested in developments alongside other Signa entities, and Signa Holding funded personal properties used by the tycoon and his private...
...In a research note on Monday, Bank of America analysts said they had “several conversations” with the NYCB management team over the past 48 hours....
...Their claim contradicts earlier findings of the company’s insolvency administrator and statements by Signa’s management and shareholders, which have so far pinned blame for the luxury property conglomerate...
...Moody’s said NYCB faced numerous “financial, management and risk management” issues....
...Sotheby’s can pay its agents more, Azar said, in part because he has torn up the traditional system of neighbourhood offices, giving his agents geographic freedom and cutting layers of management....
...The FT reported last week that the company also transferred more than €300mn to non-Signa group entities controlled by Benko’s family foundation....
...On Friday both companies appointed restructuring experts to their management boards The properties But questions are being raised about the valuations of those properties, and how much debt is secured...
...Liontrust’s fortunes illustrate how M&A is not a panacea for the challenges facing the fund management industry....
...However, the rating agency did say that it saw the suspension of debt payments as “a portfolio management exercise by BPY, not a default”, and that parent Brookfield Corporation, with $850bn of assets under...
...Alexander Yokum, an analyst at CFRA, downgraded NYCB’s shares to “hold” on Wednesday, saying: “Our diminished view reflects falling confidence in management’s ability to integrate its recent acquisitions...
...Current trading is in line with management’s forecasts and it pointed to “continued positive momentum”....
...Benko gave up his formal management positions in Signa after an Austrian court found him guilty of bribery in 2013. But he remained in control as its biggest shareholder via his family foundations....
...But then you notice the discreet pedestals at each end of the installation, created by Los Angeles based PlayLab, Inc. Each showcases four “historiated sculptures” encased in glass....
...The decline moderated, leaving shares down almost 26 per cent on the day and taking their year-to-date drop to 65 per cent amid worries about the US regional lender’s exposure to the commercial property...
...Benko, who is still Signa’s controlling shareholder via opaque foundations in Innsbruck, hasn’t held an official managerial role at the property group he founded two decades ago since 2013....
...Blackstone, with $1tn in assets under management, is the world’s largest alternative asset manager....
...After taking the keys to the auction house, Drahi then layered on hundreds of millions of dollars more debt by mortgaging off Sotheby’s trophy properties in London and New York....
...Analysts expect the country’s economy to continue to slow in the medium term thanks to the property downturn and demographic decline....
...through a complex network of holding companies, foundations and trusts....
...First, a couple of the problems: 1) Sometimes these covenants only cover transfers of intellectual property....
...“To build a really good foundation for the IPO market, we still need to see this year’s IPOs perform three, six months out.”...
...“Lawyer one would say it is a negligence claim, and they’d be correct,” says Damien Riehl, a technology and intellectual property lawyer....
...It involves turning assets such as stocks and bonds, property, mutual funds or even data into a digital token recorded on a blockchain....
...“It’s the dollar losing utility as an asset to store trade surpluses,” says John Hathaway, managing partner of Sprott Inc, a Canadian asset manager specialising in metals....
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