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It might have been a weekend, but there’s no rest for attorneys. At least not those involved in the Wachovia-Citigroup-Wells Fargo dispute. A judge has granted Citi an injunction blocking further Wachovia-Wells Fargo negotiations until this Friday, but that might not change anything in the not-so-long run, especially if Citigroup ultimately feels obliged to up its offer for Wachovia. The Federal Reserve wants the two suitors to divide the company along geographic lines, and according to the Wall Street Journal, talks between the parties continued through the weekend toward that end, without resolution. Wachovia is no small prize, with a…

Following Saturday night’s collapse of a €35 billion deal to rescue the Munich-based Hypo Real Estate Group, the German government has assembled a second and larger package valued at €50 billion (U.S.$68 billion). According to the Financial Times, a failure of the $550 billion Hypo would rank as the largest bank failure in modern Germany and shake the European financial system. This morning, Hypo issued a statement welcoming “the new agreement between the German Government, the German Central Bank, the Financial Regulator BaFin and senior representatives of the German banking and insurance sector regarding credit lines for Hypo.” In the…

Despite the agreement made Friday between Wells Fargo & Co. and Wachovia Corp. for the two companies to merge, drama was added to the situation Saturday when Citi was granted emergency injunctive relief extending the exclusivity agreement between Citi and Wachovia Corp. until further order of the court. In a flurry of legal activity over the weekend, Justice Charles Ramos of the State of New York’s supreme court issued the order over the objection of Wachovia ordering Citi and Wachovia to appear in court on Oct. 10. On Sunday evening, Wells Fargo issued a statement that the appellate court entered…

Thompson National Properties L.L.C. will manage nearly all of Argus Realty Investors L.P.’s portfolio under a new venture formed by the two California-based companies. Argus chairman & CEO Dick Gee, along with president Tim Snodgrass, will join the Thompson team. Financial details of the deal were not disclosed. Friedman, Billings & Ramsey and Robert A. Stanger & Co. advised Argus on the deal.In a joint release, officials of both firms said it was the right time to consolidate as they seek new sponsors and introduce new investment opportunities. “We are joining forces to build a platform that will lead the…

Earlier today, in a move intended to “encourage term lending across a range of financial markets in a manner that eases pressures and promotes the ability of firms and households to obtain credit,” the Federal Reserve Board announced that it will both start to pay interest on its depositories’ required and excess reserve balances and significantly increase the size of the Term Auction Facility (TAF) auctions, starting with today’s auction of 84-day credit. First implemented in December 2007, the TAF lets the Fed auction a set amount of funds to depository institutions against a wide range of collateral. The creation…

Yo-yoing has become the norm on Wall Street as the Dow Jones Industrial Average stampeded down about 800 points and then sprang back up again toward the end of the trading day Monday, finishing down 369 points for the day. The Dow also ended below the 10,000 point mark for the first time in four years. Investors seem to have been reacting more to sharp declines on European markets earlier in the day than any specific bit of domestic bad news In fact, much of the bad news is coming from the European Union these days–if union is the right…

The Richard J. Klarchek Information Commons, a green building at Loyola University in Chicago, was planned with hopes of cutting energy usage by as much 50 percent. Since the prominent building opened in January of 2008, the building has surpassed expectations, using new innovative methods for heating, ventilation, and air-conditioning. The four-story, 70, 000-square-foot building uses energy-efficient radiant ceiling slabs that are comprised of looping tubes that carry heated or chilled water. Daniel Bulley, executive sirector of the Green Construction Institute in Chicago told CPN, “ I think the most exciting thing about the project is the using of both…

Covering over brownfields to pave the way for redevelopment is always tough. But now there is a new vapor barrier that may ease the challenges. Land Science Technologies, a division of San-Clemente, Calif-based Regenesis, has developed Geo-Seal, a vapor barrier technology that combines the strong chemical resistance of two bonded, high-density polyethylene layers to cap polluted sites. It can, according to its developers, also be installed easily and effectively, in a fashion similar to the basic spray-applied asphalt/latex products now used.CPN recently interviewed Peter Grant, division manager at Land Science Technologies, the division of Regenesis that developed the science behind…

ProLogis announced October 2nd that it has been included on the Dow Jones Sustainability Indices. These indices are the first to track the financial performance and viability of leading businesses worldwide known for their green initiatives. The indices provide asset managers with objective benchmarks to manage sustainability portfolios, which are increasing in number to meet a growing demand among investors. This was the first year that ProLogis submitted an application for inclusion in the DJSI, and ProLogis was named to both The North American Index, comprised of the top 20 percent of 600 largest leading companies of the Dow Jones…

Colonial Properties Trust has announced that it has completed the sale of Colonial Grand at Hunter’s Creek, a 496-unit apartment community located in Orlando, Fla. The asset went for $57.7 million in net proceeds, which represents a capitalization rate of 6.3 percent. The 11-year-old apartment community was unencumbered. The company has now completed a total of $198.3 million in dispositions to date in 2008. Consistent with the trust’s stated objectives for 2008, it will use the proceeds to continue reducing its leverage. Colonial recently made news in Alabama. Earlier this month it proposed expanding its new Colonial Promenade Tannehill shopping…