Lone Star (investment company)
| Lone Star | |
|---|---|
| legal form | Limited partnership |
| founding | 1995 |
| Seat | Dallas , United States |
| management | John Grayken |
| Branch | Finance, investment |
| Website | Lone Star |
Lone Star Funds , headquartered in Dallas, manages and invests a variety of private equity funds, the majority of which invest in restructuring companies and receivables and real estate; The investment fields include real estate-secured loan portfolios and individual exposures (non-performing and non-performing real estate loans), corporate distressed debt (non-performing corporate loans and company investments ) as well as banks and financial service providers.
Lone Star investors include US state pension funds , other public and industrial corporations, universities, foundations, banks, family trusts, international organizations, and insurance companies.
The Chairman ( Chairman ) is the Lone Star activities in Germany Köller (* 1940).
Investments
Companies
Examples of Lone Star corporate transactions are:
- Tokyo Star Bank, acquired in 2001
- Korea Exchange Bank, acquired in 2003
- Bruno's Supermarkets, acquired in 2004
- Corealcredit Bank , acquired in 2005
- MHB-Bank AG, acquired in 2005
- IKB Deutsche Industriebank , acquired in 2008
- Düsseldorfer Hypothekenbank , acquired in 2010
- TLG Immobilien , acquired in 2012, IPO in 2014
- Xella GmbH, acquired in 2016
- BASF Construction Chemicals, acquired in 2019
Bad loans
Another focus of the company is the acquisition of the portfolio of so-called non-performing loans (non-performing loans). In this loan trade , banks transfer non-performing loans mainly to relieve their balance sheets. With this loan sale, Lone Star takes over all rights and obligations of the loan agreement . The credit exposures are thus continued after the purchase in the same way as before by the bank that sold the credit.
To transfer credit
Critics such as the former Federal Minister of the Interior, Gerhart Baum , doubt whether banks are allowed to cede loan claims to third parties under German law . In addition, lawsuits are pending in German courts, but so far have not led to any success.
The Federal Court of Justice (BGH) confirmed in its judgment of February 27, 2007 that banking secrecy and data protection do not prevent the effective transfer of loan claims, but that this can trigger a claim for damages.
On June 27, 2008, the Bundestag passed the Risk Limitation Act , which gives borrowers better protection.
criticism
Lone Star came under fire in the German media. Among other things, the company is accused of surprisingly only extending loans that are not defaulted or non-performing, i.e. that are consistently serviced in accordance with the contract, at overpriced conditions or not at all. If those affected do not succeed in obtaining follow-up financing from another bank within a relatively short period of time , Lone Star can sometimes apply for enforcement measures such as a foreclosure sale of the property in question in a very short time . The media coverage again met with opposition.
Real estate investments
In April 2008, 1,300 Deutsche Post properties were acquired in Germany for 1 billion euros. In December 2012, the Federal Ministry of Finance sold TLG Immobilien GmbH (management of commercial real estate in the new federal states, primarily holdings from the GDR era, e.g. buildings and properties of former state- owned companies ) for 1.1 billion euros to the US financial investor Lone Star.
Web links
- Lone Star
- How locusts rip off homeowners in Germany Report Mainz from May 26, 2008
- Dennis Kremer: “ Die Zeit: Bad game with good customers ” DZ 48/2007 p. 41
- Dietmar Schulz: " Sold, but not betrayed " Handelsblatt from April 1, 2008
- "ARD Report" of May 27, 2008 about Lonestar "Unscrupulous Business"
Individual evidence
- ↑ BASF Construction Chemistry
- ↑ Köchling, Non-performing loans in the tense relationship between insolvency administrator and financial investor , ZInso, 2008, pp. 232–242
- ↑ Press release Federal Association of German Banks of March 11, 2008 ( Memento of the original of April 23, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ a b the story: And suddenly the house is gone (WDR / SWR) ( Memento from October 21, 2008 in the Internet Archive ) ARD January 16, 2008
- ^ BGH decision of February 27, 2007 (AZ XI 195/05) on the effectiveness of the transfer of credit claims
- ↑ Press release from the Federal Association of Credit Purchasing and Servicing of January 22, 2008 ( Memento of the original of September 27, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Köchling, Non-performing Loans in the Mirror of Current Media Reporting, Journal for the Entire Credit System, 61 (2008), 3, pp. 106-107
- ↑ Manager-Magazin April 1, 2008
- ↑ Federal Ministry of Finance: Federal Government sells TLG IMMOBILIEN GmbH - Largest corporate privatization of the Federal Government in five years ( Memento of the original from July 19, 2014 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. . Press release No. 81/12 of December 12, 2012
