Thursday, Oct 22, 2009

This caught my eye - Church of England set to lose out on New York property investor bankruptcy.

Bloomberg: Tishman Group Moves Toward Default After Court Ruling

“Bondholders potentially face a billion dollar loss, which would be the largest loss in CMBS history,” Steve Kuritz, senior vice president at credit rating company Realpoint LLC, said in an interview today. New York-based Tishman and partners including BlackRock Realty LP owe more to bondholders than the complex is worth, Kuritz said in a report on the property this week. One of the investors in the complex includes the Church of England. God clearly doesn't approve! (I added that bit)

Posted by tyrellcorporation @ 09:30 PM (781 views)
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3 Comments

1. drewster said...

Seems like they made foolish investment choices.
As an investor, the Church has the benefit of very long-term investment horizons. They can invest in projects with a 50-year payback schedule. However the easiest thing for them is to buy up houses near their churches and rent them out on the condition that tenants attend church once a week. This boosts church attendance. Property may not always be a good short-term investment, but drip-feeding into the market over a fifty year period will produce steady index-linked returns and capital gains.

Friday, October 23, 2009 01:01AM Report Comment
 

2. a saver said...

b-b-but what about green shoots, recovereh, HPI back on?
Oh it's okay, the problem was in America where that nasty credit crunch came from.
Obviously no bad things could happen in the UK under GBs watch.

Friday, October 23, 2009 07:53AM Report Comment
 

3. crunchy said...

"The devils messiah."

Saturday, October 24, 2009 03:55AM Report Comment
 

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