TEXT-Fitch upgrades 2 classes of MSDW 2000-life2 - Reuters UK
(The following statement was released by the ratings agency)
June 6 - Fitch Ratings has upgraded two classes of Morgan Stanley Dean Witter Capital I Trust's (MSDW) commercial mortgage pass-through certificates, series 2000-LIFE2. A detailed list of rating actions follows at the end of this press release.
The upgrades reflect increased credit enhancement as a result of paydown. As of the May 2012 distribution date, the pool's aggregate principal balance has reduced by 95.7% (including 1.8% in realized losses) to $32.9 million from $765.3 million at issuance.
There are only five loans remaining, three of which (29% of the pool) are in special servicing. There are cumulative interest shortfalls in the amount of $1.6 million currently affecting classes L through P.
The largest contributor to modeled losses is a 60,000 square foot (sf) office building located in Greece, NY which is a suburb 10 miles northwest of Rochester. The loan was transferred to Special Servicing in July 2010 due to imminent maturity default and became real-estate owned (REO) in January 2011. The special servicer is in the process of marketing the property for sale.
The largest loan in the pool (60%) is secured by a 165,335 sf office building located in Manhattan. The property has a servicer-reported occupancy of 100% and the 2011 debt service coverage ratio (DSCR) was 2.81 times (x). The loan matures on Oct. 1, 2014.
Fitch has upgraded the following classes:
--$1.4 million class F to 'AAAsf' from 'A-sf'; Outlook Stable;
--$3.1 million class G to 'AAAsf' from 'BBB+sf'; Outlook Stable.
Fitch has affirmed the following classes as indicated:
--$9.6 million class H at 'BBB-'; Outlook Stable;
--$9.2 million class J at 'CCCsf'; RE 100%;
--$3.1 million class K at 'CCCsf'; RE 100%;
--$4 million class L to 'Csf'; RE 85%;
--$2.7 million class M at 'Dsf'; RE 0%;
--Class N at 'Dsf'; RE 0%;
--Class O at 'Dsf'; RE 0%.
Classes A-1, A-2 and B through E have paid in full. Fitch does not rate class P. Fitch previously withdrew the rating on class X.
Country artists win US radio royalties victory - BBC News
A new deal between media giant Clear Channel and a leading Nashville music label could pave the way to all artists being paid for US radio airplay.
The agreements gives artists on the Big Machine label payment for songs played on traditional radio stations for the first time.
In exchange, artists have agreed to a cap on payments from tracks played on digital stations.
Taylor Swift and Tim McGraw are among artists who will benefit from the deal.
"We're going to more than double our income from Clear Channel in the short term," said Big Machine CEO Scott Borchetta.
"They'll make it up on the back end as digital continues to grow."
Clear Channel CEO Bob Pittman called the deal "an opportunity... to align our interests in all of our revenue streams and grow digital listening to its full potential."
The deal is a significant coup for the record industry, which has been trying to secure royalties from songs played on traditional radio for decades.
Songwriters receive a small amount when their songs are played on US radio, whereas performers do not.
But they are paid royalties for online usage, placing a heavier financial onus on digital radio platforms than their terrestrial counterparts.
Rather than compensating artists every time a song is played, the Clear Channel agreement will pay them a share of advertising revenue generated across all platforms.
Clear Channel's 850 stations make it the largest radio group in the United States and a major influence on broadcasting practice.
The Platters founder Herb Reed dies at 83 - BBC News
Herb Reed, the last surviving founding member of the US vocal group The Platters, has died in Boston aged 83.
The singer's manager said he died after a period of declining health that included chronic heart disease.
Founded by Reed in 1953, the group had hits with songs including Smoke Gets In Your Eyes, Only You and The Great Pretender.
Following the replacement of original band members, he was the only singer to appear on all 400 recordings.
Reed continued touring, performing up to 200 shows per year, until last year.
Formed as harmonising street singers in Los Angeles, The Platters were the most popular black singing group of their time.
Reed is credited with coming up with the group's name - inspired by disc jockeys who referred to their records as "platters".
The original line-up included Reed, female vocalist Zola Taylor, David Lynch, Tony Williams and Paul Robi, who went on to have four number one hits in the US between 1955 and 1958.
Reed credited his survival in the music industry to the poverty he experienced as a child.
Growing up in Kansas City, Missouri, he said in his biography he was careful with money because he did not want to assume the group's success would continue.
The Platters continued to record until the late 1960s and tour in various incarnations, with more than 100 different members, until the present day.
The group were inducted into the Rock and Roll Hall of Fame in 1990.
Roseville police confiscate K2 or Spice, marijuana and gun from smoke shop, arrest 2 men - Detroit Free Press
Roseville police seized K2 or Spice from a business Tuesday, just one day after Macomb County banned the substance known as synthetic marijuana or synthetic cannabinoids.
Police arrested the store owner and employee after finding the substance along with marijuana and an illegally possessed firearm, according to a news release.
Police said they received several complaints about Smokers Alley selling synthetic marijuana. Officers went to check the business at 27738 Gratiot and found hundreds of packages of synthetic marijuana products with different brand names, Police Chief James Berlin said.
The reason we actually took them into custody last night was due to the gun and marijuana, Berlin said.
Some of the products were in plain view, but much of it was hidden, he said.
It looks like they were trying to keep it down behind the counter, Berlin said. They were selling it when asked.
Police have been checking local businesses for synthetic marijuana after Macomb County passed an emergency order Monday prohibiting people from selling the products.
Roseville officers seized the products and plan to send a sample to the Michigan State Police Crime Lab for testing. Police will be seeking charges for marijuana and gun possession, as well as the K2, Berlin said.
The two men arrested were released from custody pending charges from the Macomb County Prosecutors Office, Berlin said.
The marijuana and the guns are no problem, Berlin said. But the K2, were not exactly sure on how the prosecution is going to move forward.
Roseville police went to about eight businesses to check for compliance and found all the others were in compliance.
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