Paul Hastings Advises Oaktree Capital Management On Purchase Of FDIC SIP Loans
Los Angeles, CA -- Paul Hastings LLP, a leading global law firm, announced today that the firm represented funds managed by Oaktree Capital Management L.P. in the acquisition this week of equity interests in an entity formed by the Federal Deposit Insurance Corporation. (FDIC) in its receivership capacity to hold certain distressed commercial real estate and construction loans made by FirsTier Bank located in Louisville, Colorado.
The FDIC auctioned off the loan portfolio, which included 116 loans worth approximately $158 million from the FDIC, as receiver for FirsTier Bank that were acquired upon the banks failure in January 2011. The winning bidder was Los Angeles, CA-based Acorn Loan Portfolio Private Owner IV, LLC. (Acorn), which is owned by Calista Corporation and FACP Mortgage Investments, LLC, entities controlled by Oaktree Capital Management. The auction is part of the FDICs Small Investor Program (SIP) pilot sale.
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