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MAS Media Release
" Singapore, 5 June 2020... The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force have launched a joint investigation into current and former directors, and officers responsible for managing Eagle Hospitality Trust (EHT), in connection with suspected breaches of disclosure requirements under section 203 of the Securities and Futures Act (Cap. 289).
2. The investigation stems from a referral by the Singapore Exchange Regulation (SGX RegCo). This follows a review that was announced by MAS and SGX RegCo on 20 April 2020 into possible breaches of relevant laws and regulations as well as listing rules in relation to the issues surrounding EHT. The scope of the investigation will be widened if the evidence obtained reveal that other offences may have been committed.
3. EHT is a stapled trust comprising Eagle Hospitality REIT (EH-REIT) and Eagle Hospitality Business Trust. Trading of EHT units was voluntarily suspended on 24 March 2020, after EH-REIT defaulted on a loan of $341 million. The loan default followed the failure of Urban Commons LLC, the master lessee of EHT&rsquo s properties, to (i) place with EHT the full sum of security deposits due under the master lease agreements, and (ii) make timely rental payments since December 2019."
Awaiting the results of the investigation. Much touted USD hospitality trust with assets in US and quickly turned out to be quicksand..
" Singapore, 5 June 2020... The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force have launched a joint investigation into current and former directors, and officers responsible for managing Eagle Hospitality Trust (EHT), in connection with suspected breaches of disclosure requirements under section 203 of the Securities and Futures Act (Cap. 289).
2. The investigation stems from a referral by the Singapore Exchange Regulation (SGX RegCo). This follows a review that was announced by MAS and SGX RegCo on 20 April 2020 into possible breaches of relevant laws and regulations as well as listing rules in relation to the issues surrounding EHT. The scope of the investigation will be widened if the evidence obtained reveal that other offences may have been committed.
3. EHT is a stapled trust comprising Eagle Hospitality REIT (EH-REIT) and Eagle Hospitality Business Trust. Trading of EHT units was voluntarily suspended on 24 March 2020, after EH-REIT defaulted on a loan of $341 million. The loan default followed the failure of Urban Commons LLC, the master lessee of EHT&rsquo s properties, to (i) place with EHT the full sum of security deposits due under the master lease agreements, and (ii) make timely rental payments since December 2019."
Awaiting the results of the investigation. Much touted USD hospitality trust with assets in US and quickly turned out to be quicksand..
Business Times 25th May 2022
" ALLOWING third-party litigation funding for securities-related disputes would better equip investors to pursue claims against errant players and receive financial compensation, said lawyers and industry observers.
Recent changes to the litigation framework, including allowing lawyers to make " no win, no fee" arrangements with clients, are expected to improve Singapore' s competitiveness for certain legal proceedings."
What happned to these suits?
https://www.businesstimes.com.sg/companies-markets/eht-unitholders-file-lawsuit-against-managers-board-claiming-shortfalls-in
https://www.reitsweek.com/2021/01/singapore-investors-mull-legal-action-against-eagle-hospitality-trust-directors.html
https://www.businesstimes.com.sg/companies-markets/eht-unitholders-file-lawsuit-against-managers-board-claiming-shortfalls-in
https://www.reitsweek.com/2021/01/singapore-investors-mull-legal-action-against-eagle-hospitality-trust-directors.html
https://www.dbs.com/newsroom/DBS_honoured_as_Worlds_Best_Bank_for_fourth_straight_year_sg
"DBS honoured as ?World?s Best Bank? for fourth straight year "
"DBS honoured as ?World?s Best Bank? for fourth straight year "
pityful. just like the hyfck....
That SGX and MAS are toothless tigers?
moonsun ( Date: 18-Apr-2022 09:08) Posted:
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RIP? nothing change.. seems the ceo, directors, banks get away whilst the retailers bleed. Nothing heard from SGX regco or MAS.
Wonder what can we learn from this ?
Wonder what can we learn from this ?
Singapore court application filed to recognise EHT' s Chapter 11 plan to liquidate entities
A SINGAPORE court application has been filed for the recognition of the order issued by the United States Bankruptcy Court to liquidate Eagle Hospitality Trust' s (EHT) entities.
EHT is a stapled trust comprising Eagle Hospitality Reit (EH-Reit) and the currently dormant Eagle Hospitality Business Trust (EH-BT). In October last year, EHT' s units in the US had filed for liquidation, with the trust' s bank lenders set to mop up the bulk of the proceeds.
Under the confirmed Chapter 11 plan, the liquidation trustee will be authorised to dissolve the entities, other than EH-Reit and the Singapore entities Eagle Hospitality Trust S1 and Eagle Hospitality Trust S2.
Meanwhile, the Reit trustee will be authorised to dissolve EH-Reit, Eagle Hospitality Trust S1 and Eagle Hospitality Trust S2.
The application to the Singapore High Court sought for the recognition of the liquidating trustee as a foreign representative of the Singapore Chapter 11 entities and for the liquidating trustee to be entrusted with the administration and realisation of all or any part of the property and assets of the entities in Singapore, said DBS Trustee, in its capacity as trustee of EH-Reit on Friday (March 11).
It is also seeking the authorisation of the Reit trustee to take all appropriate and necessary steps to wind down the Singapore Chapter 11 entities in accordance with and subject to Singapore law, and perform other duties and obligations as set out under the confirmed plan.
A pre-trial conference for the court application has been fixed on Mar 24 at 2.30 pm. The date for the substantive hearing has yet to be fixed.
Stapled securityholders who intend to attend the substantive hearing or object to the application should inform solicitors of the liquidating trustee by Mar 21.
EHT' s Hilton Houston Galleria sold for US$14m
EAGLE Hospitality Trust (EHT) has completed the sale of Hilton Houston Galleria for US$14 million on Feb 1, 2022, DBS Trustee said in a bourse filing on Wednesday (Feb 16).
The net proceeds were used to offset the outstanding principal balance of the Hilton Houston Galleria mortgage loan, but was understood to be insufficient to cover the whole amount of about US$15.6 million.
EHT is a stapled trust comprising Eagle Hospitality Reit (EH-Reit) and the currently dormant Eagle Hospitality Business Trust (EH-BT).
In the same filing, DBS Trustee said that the Chapter 11 case for its subsidiary Urban Queensway LLC (UCQ), whose principal asset was its leasehold interest in the Queen Mary Long Beach property, has been converted to a Chapter 7 one under the US Bankruptcy Code.
This comes after the rejection of the Queen Mary Long Beach agreements, which caused UCQ to no longer hold the leasehold interest in the property, leading it to not be included among EHT' s Chapter 11 entities.
The Chapter 11 entities refer to a US Bankruptcy Court order confirming a plan to liquidate all EHT entities except EH-Reit, EHT S1 and EHT S2 on Dec 20, 2021, which went into effect on Dec 28, 2021.
The United Bankruptcy Court for the district of Delaware in the US therefore granted the conversion motion and appointed Jeoffrey Burtch as the Chapter 7 trustee to oversee the administration of the liquidation of UCQ' s assets.
Stapled security holders are not expected to receive any distribution from the Chapter 7 case, either as equity holders or as claimants for unpaid dividends, said DBS Trustee.
Meanwhile, 10 subsidiaries of EHT have been wound up following the disposal of the Crowne Plaza Dallas Near Galleria-Addison and Delta Woodbridge properties, the trustee added. These subsidiaries are not part of the Chapter 11 entities.
In October 2021, EHT' s units in the US had filed for liquidation, with the trust' s bank lenders set to mop up the bulk of the proceeds.
Lets stick o facts, else will get into troubles with implied terms...
Fact of the matter is if you had an account with OCBC, and got scammed by third party(ies), you got reimbursed...
Here you relied on the bank' s advisory, management, and bringing this doomed co to IPO, and the bank earned fees and interest incomes all round from the deal.. and ring fenced itself...
you got the wrong end of the stick. And the bank made record profits and the senior management got vested in share options, bonuses, etc
Fact of the matter is if you had an account with OCBC, and got scammed by third party(ies), you got reimbursed...
Here you relied on the bank' s advisory, management, and bringing this doomed co to IPO, and the bank earned fees and interest incomes all round from the deal.. and ring fenced itself...
you got the wrong end of the stick. And the bank made record profits and the senior management got vested in share options, bonuses, etc
So DBS is still scammin in good CONscience.
FrancisLim ( Date: 15-Feb-2022 10:34) Posted:
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DBS shares were up 0.5% on Monday, taking gains this year to nearly 15%.
" As I look forward, the pipelines are looking good," Chief Executive Piyush Gupta told a news conference on Monday, adding that DBS was seeing all-round robust growth across its wealth management, transaction banking and investment banking businesses.
" As I look forward, the pipelines are looking good," Chief Executive Piyush Gupta told a news conference on Monday, adding that DBS was seeing all-round robust growth across its wealth management, transaction banking and investment banking businesses.
The all encompassing roles of DBS in this instant debacle should be reviewed:
DBS Trustee Limited, in its capacity as trustee (the " REIT Trustee" ) of Eagle Hospitality Real Estate Investment Trust (" EH-REIT" ), wishes to provide an update to stapled securityholders (the " Stapled Securityholders" ) of Eagle Hospitality Trust (" EHT" ) on the confirmation of the Chapter 11 Plan by the United States Bankruptcy Court under the Chapter 11 process.
DBS Bank was the sole financial advisor and issue manager for the initial public offering of Eagle Hospitality Trust.
It added that while DBS Bank is a lender in the US$341 million syndicated loan granted to EH-Reit,
DBS Trustee Limited, in its capacity as trustee (the " REIT Trustee" ) of Eagle Hospitality Real Estate Investment Trust (" EH-REIT" ), wishes to provide an update to stapled securityholders (the " Stapled Securityholders" ) of Eagle Hospitality Trust (" EHT" ) on the confirmation of the Chapter 11 Plan by the United States Bankruptcy Court under the Chapter 11 process.
DBS Bank was the sole financial advisor and issue manager for the initial public offering of Eagle Hospitality Trust.
It added that while DBS Bank is a lender in the US$341 million syndicated loan granted to EH-Reit,
DBS Trustees has not been sued yet? Astonishing!
Joelton ( Date: 28-Dec-2021 09:16) Posted:
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US Bankruptcy Court confirms EHT' s Chapter 11 plan to liquidate entities
THE United States Bankruptcy Court has entered an order confirming the Chapter 11 plan to liquidate entities of troubled Eagle Hospitality Trust (EHT), following a confirmation hearing held on Dec 20, 2021.
EHT is a stapled trust comprising Eagle Hospitality Reit (EH-Reit) and the currently dormant Eagle Hospitality Business Trust (EH-BT). In October, EHT' s units in the US had filed for liquidation, with the trust' s bank lenders set to mop up the bulk of the proceeds.
DBS Trustee, in its capacity as trustee of EH-Reit, said on Monday (Dec 27) the effective date of the plan will be on or before Dec 31.
Following the effective date, the liquidation trustee will be authorised to dissolve the entities, other than EH-Reit and the Singapore entities Eagle Hospitality Trust S1 and Eagle Hospitality Trust S2. The liquidation trustee will be jointly selected by the Committee of Unsecured Creditors and Bank of America - the administrative agent of EH-Reit' s largest debt facility.
Meanwhile, the Reit trustee will be authorised to dissolve EH-Reit, Eagle Hospitality Trust S1 and Eagle Hospitality Trust S2.
As for stapled securityholders, DBS Trustee said it does not expect they will receive any distributions on account of liquidating trust interests at this time. Under the plan, the stapled securityholders will only be entitled to a distribution only if there is value available at EH-Reit and only if holders of claims against EH-Reit have been paid in full.
Additionally, DBS Trustee noted that EHT' s New Jersey hotel Delta Woodbridge, which was previously reported to have been sold for US$23.5 million, has been sold at a purchase price of US$22.3 million instead, subject to closing adjustments.
TWO investors of the beleaguered Eagle Hospitality Trust (EHT) are suing six of its manager' s former and current directors for failing to make material disclosures from the time the stapled securities were offered to when the trust collapsed in or around March 2020
It was also later added that DBS Bank will get away scott free from any liabilities.
FrancisLim ( Date: 27-Dec-2021 13:03) Posted:
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DBS Trustee Limited, in its capacity as trustee (the " REIT Trustee" ) of Eagle Hospitality Real Estate Investment Trust (" EH-REIT" ), wishes to provide an update to stapled securityholders (the " Stapled Securityholders" ) of Eagle Hospitality Trust (" EHT" ) on the confirmation of the Chapter 11 Plan by the United States Bankruptcy Court under the Chapter 11 process.
DBS Bank was the sole financial advisor and issue manager for the initial public offering of Eagle Hospitality Trust.
It added that while DBS Bank is a lender in the US$341 million syndicated loan granted to EH-Reit,
DBS Bank was the sole financial advisor and issue manager for the initial public offering of Eagle Hospitality Trust.
It added that while DBS Bank is a lender in the US$341 million syndicated loan granted to EH-Reit,
EHT' s New Jersey hotel sold for US$23.5m, insufficient to cover entire mortgage loan
US$23.5 million was found to be the highest and best offer for Delta Woodbridge. PHOTO: GOOGLE MAPS
THE sale of Eagle Hospitality Trust' s (EHT) New Jersey hotel Delta Woodbridge (DW) was completed on Dec 8 for US$23.5 million, DBS Trustee announced on Thursday (Dec 16).
Net proceeds from the disposal were used to offset the outstanding principal balance of a US$37.6 million DW mortgage loan, but were understood to be insufficient to cover the entire balance.
The remaining amount will allegedly continue to be payable by EHT' s Chapter 11 entity EHT US1, the trustee of Eagle Hospitality Real Estate Investment Trust (EH-Reit) said in a bourse filing.
The disposal comes after 3 months of marketing efforts by the engaged commercial real estate brokerage company, Eastdil Secured, which found US$23.5 million to be the highest and best offer for DW.
The Superior Court of New Jersey on Jul 23 entered a final judgement for the foreclosure of the DW for some US$37.6 million following the application of Wells Fargo National Association.
EHT is a stapled group comprising EH-Reit and the dormant Eagle Hospitality Business Trust. Trading in its stapled securities has been suspended since March 2020.
The opt-out form is if you don' t want to release the released parties (ie. you want to have the option to sue them next time). If you don' t fill in the opt-out form, you' ll be releasing the released parties (cannot sue them). If you fill in the opt-out form, then if you want to go after them next time, you have the option to do so. Since whether you fill in the form or not doesn' t affect your dividend claim, there' s no harm in filling in the opt-out form.
RoamXXX ( Date: 29-Nov-2021 16:01) Posted:
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