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New Ordinance Strives to Protect Tenants, Burdens Banks and Note Purchasers06/13/2013

On June 5, 2013, the City of Chicago's City Council passed an ordinance (the "Ordinance") that requires all purchasers of foreclosed rental properties in Chicago to either renew or extend each existing tenant's lease with annual rent increases not to exceed two percent (2%) or pay each existing tenant a relocation fee of $10,600.00 (per unit). All rental properties in…

City Seeks to Increase Revenue by Taxing Deed-in-Lieu Transactions04/25/2013

In an effort to increase transfer tax revenue, the City of Chicago seeks to amend its Municipal Code in a manner that would result in tax liability for some real estate investors on transfers of real property that traditionally have been treated as exempt transfers. The City's proposed amendments come on the heels of several unfavorable Department of Administrative Hearing…

Mortgage Foreclosure Alert – Alternative Means to Sell Property Under Illinois Mortgage Foreclosure Act03/28/2013

For many foreclosure sales, the typical sale process - selling the property at a court-ordered auction - is sufficient.  The result of most such sales is the bank "credit bidding" against its debt.  In certain cases, however, a traditional judicial auction may not be appropriate.  For example, the bank may not want to take title to the property or the…

Investment Banker Customary Fees06/14/2010

In our previous two articles we walked you through the reasons to hire an investment banker for the sale of your middle market business (i.e. transaction valued between $25 million and $250 million) as well as typical terms for how the relationship will work. Now your attention turns to fees. Our experience is that terms vary among investment banking firms…

Investment Banking Customary Terms04/14/2010

In the first of our three part series we walked you through the process of deciding whether to hire an investment banker for your middle market business (i.e. transaction valued between $25 million and $250 million). So now that you have decided to sell your business, we will discuss customary investment banking terms in this article and will wrap up…

In Support of the Investment Banker12/14/2009

So why do business owners want to hate investment bankers? Too often, it is based on cocktail party chatter. Have you ever heard, "the investment bankers added no value to the process? I already knew the buyer. We were competitors for years." Or, "the investment bankers wrote a nice book, but at the end of the day my lawyer and…

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