Sector developments and company hires

Business Mortgage Finance 6 update

Business Mortgage Finance 6, the issuer, has informed noteholders that on 4 July 2019 it issued a claim against the Issuer issued a claim against the following defendants in the High Court of Justice in London: Greencoat Investments, Greencoat Holdings Limited, Portfolio Logistics Limited, Alfred Oyekoya, Patrick FitzSimons and Maria Stoica. The claim seeks declarations that the actions taken by each of the defendants in relation to the issuer are invalid, including such things as the purported appointment of GHL and Portfolio Logistics as trustee in place of BNY Mellon and so on.

The issuer has also informed noteholders that the issuer has made a court application seeking an interim injunction to restrain each of the Defendants from holding themselves out as having the capacities listed above and having any authority on behalf of the Issuer. The interim application is listed to be heard on 11 July 2019. The issuer also states that the trustee wholly supports and endorses the claim and the interim application being sought.

The issuer also states that on 3 July 2019 GHL wrote to Target purporting to terminate its appointment as cash/bond administrator and special servicer under the terms of the master securitisation agreement dated 18 May 2007. GHL has purported to appoint itself as cash/bond administrator and special servicer in Target's place. As with the other steps taken by the defendants, these purported steps are wholly invalid, ineffective and abusive.

Middle-market cio appointed

MidOcean Partners has appointed Dana Carey as cio. Carey spent six years at Apollo Global Management where he served as partner in credit and global co-head of the performing credit business.

Receivables programme established

Finacity has launched a receivables securitisation programme for Green Network, a company headquartered in Italy, allowing up to €75m in funding based on yearly receivables flow of €600m for the next three years.

Risk transfer appointment

Allianz Global Corporate & Specialty (AGCS) has appointed Christof Bentele to a newly created position as head of global client management for its alternative risk transfer business. Based in New York and reporting to Michael Hohmann, global head of ART, he is responsible for driving the expansion of the firm’s ART solutions and services. Bentele’s previous role as AGCS head of global crisis management has been split into two positions: Björn Reusswig is appointed head of global political violence and hostile environment solutions; and Stewart Eaton is appointed head of global crisis management recall. The pair report to Chiara Brady, global head of liability, AGCS.