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Subject Matter:	Single Purpose Entities Out of Control - From the website of Joshua Stein PLLC
Cover Note:	I thought you might be interested in seeing an article that Joshua Stein wrote, which I found on his website, www.joshuastein.com. The article is called "Single Purpose Entities Out of Control." It was published in 2013 in <i>The Mortgage Observer.</i> Here's how the website describes the article:<p style='margin:7px 40px;'>There is already a very low risk that a commercial real estate borrower will be dragged into its parent company's bankruptcy proceeding. But today's loan documents require borrowers to comply with 50 or more single-purpose entity covenants to prevent the already very unlikely "substantive consolidation" of the two companies. Read how a solution that is far out of proportion to the problem being solved has created huge problems for guarantors, and what can be done about it. </p>I hope you find this article of interest. Your email message will have the text above, unless you edit it.



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Joshua Stein PLLC
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