March 13, 2020
Michael Gambro comments on the risk disclosures about the potential impact of the coronavirus that have begun to show up in commercial MBS documents.
An excerpt from "Coronavirus Cited in Deal Documents," Commercial Mortgage Alert, March 13, 2020:
“It’s spreading in the disclosure documents as it’s spreading in the U.S.,” said Michael Gambro, who co-heads Cadwalader’s capital-markets practice with Stuart Goldstein. “The more certain its impact becomes, the more people will feel the need to be more specific. That’s why you are seeing specific disclosure impacts, as opposed to broad risk factors about events outside the control of the issuer, such as hurricanes and floods.”