David Mckee's Stiffs & Georges: Columbia Sussex contest

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Columbia Sussex contest

Posted At : November 5, 2008 04:11 PM | Posted By : D McKee
Related Categories: Columbia Sussex,Election

I've got to confess that bond-market lingo is hardly my strong suit. So can anyone out there explain what this bulletin means for casino industry pariah Columbia Sussex?

One loan remains in the pool: Columbia Sussex, which has been fully defeased and has an anticipated repayment date in 2015. As of the October 2008 remittance date, the transaction's outstanding principal balance has been reduced by 92.0% to $77.3 million, from $967.2 million at issuance.

Be the first one to answer and a free copy of Bill Zender's Casino-ology shall be your reward.

Open mouth, insert foot. That's"President-elect Chickenshit" to you, Congressman.

Great moments in journalism. The Wall Street Journal's editorial page can be pretty hardcore. But it seems to strike exactly the right, measured tone today, rising to the occasion with grace.

Las Vegans, on the other hand, can be ever so proud of the example set by the Review-Journal, whose editorial writers -- as is so often their wont when vox populi is not vox R-J, curl up in the corner kicking and screaming in impotent, infantile rage.

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In simple terms, Fitch, the bond rating agency, is
lowering the ratings on certain parts of ColSux debt.
The lowering is due to potential litigation costs, which
could affect ColSux ability to pay the debt off.
The effect of lower ratings is a higher cost for capital
for the company in the future. As for the debt being
defeased by 92%, this link will provide a full
explanation http://www.ncosc.net/sigdocs/sig_docs/documentatio...
but it means the amount defeased is not a liability on
the balance sheet when the company places cash or
other assets with an escrow agent to cover the amount
of affeased debt.

# Posted By Bob Bradley | 11/6/08 9:37 AM

Last line should be defeased debt not affeased.

# Posted By Bob Bradley | 11/6/08 9:39 AM

The company "Asset Securitization Corp" has pooled together multiple commerical mortgages.
The mortgage payments "pass through" this company. In other words, they collect the payments and send them on
to investors. This pool of assets is what is being downgraded.
"one loan remains in the pool" means that all other mortgages have been paid off with the exception of ColSux.
Here's another link with an excellent definition of defeasence http://www.defeasewithease.com/pdf/03262008.pdf
Downgrading the pool of mortgages of which ColSux is the only remaining mortgage doesn't have any direct effect
on ColSux.

# Posted By vetsen | 11/6/08 11:54 AM

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