Class Warfare Heats Up For Troubled Opera CMBS

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Class Warfare Heats Up For Troubled Opera CMBS

The search for a solution to the troubled Opera Finance (CMH) commercial mortgage-backed securities took another step towards noteholder stalemate after Kennedy Wilson and Värde Partners, whose joint cash bid for the portfolio was rejected by junior classes last week, bought 25% of the class B notes, putting them in a position to reject noteholder votes for other proposals.

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