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Stock Market & Financial Investment News

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January 31, 2013
16:33 EDTGKKGramercy Capital to transfer collateral management of three CDOs for $9.9M
Gramercy Capital announced the execution of a definitive agreement to transfer the collateral management and sub-special servicing agreements for its three Collateralized Debt Obligations, or CDOs, CDO 2005-1, CDO 2006-1 and CDO 2007-1, to CWCapital Investments for approximately $9.9M, less adjustments and closing costs. The Company will retain its equity interests in the three CDOs, which will provide the Company with the potential to recoup additional proceeds over the remaining life of the CDOs based upon resolution of underlying assets within the CDOs. Subject to customary closing conditions, the transfer is expected to close in March. The Company intends to liquidate its CDO bond portfolio. The Company also expects to receive additional cash proceeds for past CDO servicing advances of approximately $14.0M when specific assets within the CDOs are liquidated.
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