Lone Star Funds
Lone Star Funds, which is domiciled in Dallas and invested a number of private equity funds that invest primarily in need of financial restructuring and receivables and real estate; to the areas of investment include real estate secured loan portfolios and individual exposures ( non-performing and nonperforming real estate loans ), Corporate Distressed Debt ( non-performing corporate loans and corporate investments), other banks and financial service providers.
Our investors include pension funds in the Lone Star U.S. states, other public organizations and industrial companies as well as universities, foundations, banks, family trusts, international organizations and insurance companies.
The President ( Chairman ) of the Lone Star activities in Germany 's Karsten von Koeller.
Investments
Business
Examples of corporate transactions of Lone Star are:
- Tokyo Star Bank, acquired 2001
- Korea Exchange Bank, acquired 2003
- Bruno 's Supermarkets, acquired in 2004
- Corealcredit Bank, acquired 2005
- IKB German industrial bank, acquired in 2008
- Düsseldorf Mortgage Bank, acquired 2010
Non-performing loans
Another focus of the company is the acquisition of portfolios of so-called non-performing loans ( non-performing loans ). In this credit trading banks transferred impaired loans mainly to relieve their balance sheets. In this credit sale Lone Star assumes all rights and obligations of the loan agreement. Credit exposures are therefore just continue after the purchase as before from the bank that sold the loan.
To transfer credits
Whether under German law, banks may not assign loan receivables to third parties, is doubted by critics, such as former Interior Minister Gerhart Baum. In addition, lawsuits are pending in German courts, but which led to no success so far.
The Bundesgerichtshof ( BGH) has confirmed in its judgment of 27 February 2007 that the bank secrecy and data protection of an effective transfer of loans do not preclude, however, this may trigger a claim for damages.
On 27 June 2008, the Bundestag passed the Risk Limitation Act, which grants the borrower a better protection.
Criticism
Lone Star fell in the German media criticism. In this case, the company is accused of, among other things, surprising to extend non-cash disturbed or distressed, so consistently with the contract serviced loans after expiry of the initial contract period only to overpriced terms or not at all. If it were the victims not to get a follow-up financing within a relatively short period at another bank, Lone Star requesting partly in a very short time enforcement measures, such as a foreclosure sale of the affected property. The media coverage came again to a contradiction.
Real Estate Investments
In Germany 1300 Property Deutsche Post acquired in April 2008. In December 2012, the Federal Ministry of Finance sold the TLG Immobilien GmbH (administration of tissue properties in the new federal states, primarily inventory from GDR times, eg buildings and properties of former state-owned enterprise ) for 1.1 billion euros to the U.S. financial investor Lone Star.