The second question asked whether it was licit for someone else to acquire the title to the loan from the forced lender, for a sum smaller than the initial loan, and continue to receive the annual sum from the commune.
It has invested £11m in acquiring the student loans and has a commitment to invest up to £22m extra in assets by January 2016.
When Cuff became insolvent, an affiliated Tandem holding company, Bijoux, acquired the bridge loans and exercised its rights under the loans to acquire the few remaining Cuff assets.
Alteri declined to comment on Tuesday but chief executive, Gavin George, said last week: "We decided to acquire the equity and shareholder loans to protect our position as secondary lenders to Austin Reed, behind Wells Fargo, who remain senior lender".
That's when CIM stepped in, paying off the loan to acquire the units for an average of just over $300,000 each.
Several of his overseas clients have shown interest in acquiring the Drake loan with the intention of gaining control of the property, he said.
In 2004 he and fellow property speculator Derek Quinlan led a consortium of Irish investors who took on colossal loans to acquire the Savoy Group.
Its denouement was most likely prompted by Porsche's taking out billions of euros in loans to acquire the last portion of Volkswagen that it did not own, enlarging its debt load at precisely the moment capital markets froze up.
He took out a twenty-two-million-dollar loan to acquire the best of that extraordinary treasury — hardly pocket change, but not a lot for what it bought.
