Minerva Realty Consultants – Litigation Support for a Hedge Fund Client

Project Type / Services:
  • Litigation Support / Ratings Analysis
Product Type:
  • All REIT Sectors – Retail, Office, Industrial, Multifamily, and Mortgage REITs
The Challenge

A fund held the majority interest in a securitization that was placed into bankruptcy.  Minerva Realty Consultants was retained to provide shadow ratings over various periods of time for the real estate companies’ bonds in the securitization. These shadow ratings were used to value the holding after which we testified as an expert witness in court.

Solution

Minerva served as a litigation support expert, providing detailed shadow ratings based upon the ratings methodologies of Moody’s Investors Service and S&P Global.

We completed the following steps:

  • Created a detailed application of the Moody’s and S&P Global rating methodologies for REITs and notching practices
  • Produced a report on each company, including the company’s  strengths and weaknesses, summary, shadow rating grid, discussion of financial metrics, and a range of potential ratings if it were rated by the rating agencies
  • Submitted an Expert Report for the bankruptcy case
  • Deposed by opposing counsel and testified in the bankruptcy court
The Impact

Our analysis contributed to a unique way to value a bond portfolio.

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