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John SalomoneManaging DirectorStructured Finance International, LLC What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Not All Real Estate Is the Same - 4 Different Issues

November 9, 2009

Handling real estate loans will be a tough act | www.dallasnews.com

Real estate financing and refinancing poses 4 different levels of risk for lenders and owners, based on the project life cycle and its financing and overall structure. Broad statements about the looming problems are just that "broad statements" Real estate market participants must look at each transaction within the context of the 4 kinds of Real Estate Finance Structures, if they want to properly assess financing and refinancing values, issues and risk.

John SalomoneManaging DirectorStructured Finance International, LLC What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Factor In Reality

August 18, 2008

Bank Debt Risk Rises as Writedowns, Losses Exceed $500 Billion | www.bloomberg.com

Write downs are not actual losses and a mark-to-market loss is not a cash loss. Widening spreads in the credit default market, although real, must be recognized for what they are; namely, market monetization of perceived risks compared to recent backwards looking asset and cash flow valuations. Recovery in the general credit market should produce non-cash reported earnings increases starting in 2009 and similar narrowing of the exact credit default spreads that widened recently.

John SalomoneManaging DirectorStructured Finance International, LLC What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Deeper Analysis Required - Stability Likely

April 14, 2008

Hotels Most Vulnerable to Recession Scenario | nreionline.com

On the surface, statements seem valid and perhaps are for individual properties and new construction plans. The structured financings inside management contracts and leases provide relatively stable cash flow for the real property owners and lenders that are the underlying financiers of the hotel industry. Hotel management companies that are the "Names" on the hotel will suffer reduced net income, but flat or slightly shrinking GDP should not cause major hotel real estate defaults. There are even one or two new hotel "Names" entering the U.S. market.

John SalomoneManaging DirectorStructured Finance International, LLC What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Still Room for (ATM) Cash Flow Buyers

March 17, 2008

ATMs and a changing biz model | www.greensheet.com

Right if you seek only Equity Returns from an ATM Portfolio, but timing is ripe for Fixed Income investors. All the warnings and diligence advice is right on the button, but if you are looking to replace minimal returns on a portion of your fixed income portfolio, a properly structured ATM buy can produce premium returns. Buying ATM's and their cash flow, just like all business transactions, reveal their true worth on the buy side of the transaction. A properly structured set of purchase terms manages and boxes the risks and ensures a proper return. ATM's for fixed income investors may just be the right time in the right place.

John SalomoneManaging DirectorStructured Finance International, LLC What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Debt Meltdown - Understanding It - "Financial Mismatching" at the Core

August 10, 2007

Next victims of the credit squeeze | money.cnn.com

Financial Mismatching - Without understanding the funding connections among an individual sub-prime mortgage, the securitized bond issued with the mortgage as collateral, the hedge fund or managed money sourced to purchase the bond and the commercial paper issued to on-lend into the managed money fund, one cannot understand the crisis in the debt markets. At each stage along the structured finance trail, there exists fundamental funding mismatches overlooked by analysts and more tragically ignored by the managers that made these investments. The design flaws are so fundamental that any Finance 101 student would recognize them, but for the air of sophistication  that shrouds connecting financial instruments that should not be connected. Strip away the layers of obfuscating financial alchemy and you find, in essence, managers purchasing and trading fundamentally illiquid CDO's using short term funds to arbitrage interest rate and risk differentials - and they got caught.

John SalomoneManaging DirectorStructured Finance International, LLC What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Fundamentals Matter - So Does Diligence

August 23, 2006

Morgan Stanley to Buy Saxon Capital | biz.yahoo.com

Help or Hurt Morgan Stanley? - Have to Look at Saxon First
Does It Matter? Incremental Volume and Revenue May Be Small
Cost and Benefit of the Saxon Purchase versus Existing Origination Costs

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