Featured Publications

Private Wealth Services: Newsletter - November 2009

There has been considerable debate on Capitol Hill this year over the taxation of a Carried Interest in the context of a Private Equity Fund (PEF). At the same time, there has been public discussion of the role that the private equity industry will have in our economic recovery. In the realm of estate planning, PEF Principals possess unique opportunities to shift the performance of their interest in a PEF to future generations – potentially resulting in very significant estate tax savings. This article will review the basic PEF structure, describe the nature of a Principal’s interest in a PEF and indentify wealth transfer techniques that should be considered by a Principal.

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Labor, Employment and Benefits: Alert - November 10, 2009

On October 28, 2009, President Obama signed into law a Defense Department Fiscal Year 2010 authorization bill that expands the Family and Medical Leave Act’s (FMLA) requirements with respect to “qualifying exigency leave” for family of military members and “military caregiver leave.” Specifically, qualifying exigency leave now applies to employees who have family members on active duty military service in a for­eign country, and military caregiver leave applies to family members of veterans, not just active duty service members. Although the law does not specify an effective date, it ap­pears to take effect immediately.

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Articles & White Papers

Hotels Struggle in Recession: Loan Defaults Rise
 

San Francisco Daily Journal

October 23, 2009
 
Lynn K. Cadwalader- San Francisco

Global Hospitality, Resort and Timeshare Group Co-Chair Lynn Cadwalader recently published a San Francisco Daily Journal article titled "Hotels Struggle in Recession: Loan Defaults Rise."

The article discusses the dismal economic condition of the California hospitality industry, specifically addressing franchised or branded hotels which now account for over 60% of the state's troubled loans. These hotels, financed at the height of the market and not providing enough income to service their inflated debt, typically operate under long-term management or franchise agreements requiring strict compliance with brand standards. Key to the tricky business of restructuring defaulted loans associated with these hotels, Ms. Cadwalader explains, is understanding the hotel management agreement and all the parties' rights and remedies under that agreement.

Also printed in the Los Angeles Daily Journal, the srticle is one of a three part series. To read the full article, please click on the link below.

READ: Hotels Struggle in Recession: Loan Defaults Rise

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