Just When You Thought Deco-Ast Was Clear For Special Servicer Replacements

If you thought the wrangling over special servicer replacements was over following Richard Snowden QC's judgment in US Bank v Titan Europe 2007-1 (NHP) plc in April last year, think again.

Ever since Fitch issued their press release confirming that as a matter of policy it would not provide rating agency confirmations (RACs) in relation to the replacement of special servicers on EMEA CMBS transactions (covered in our blog "What the Fitch??!"), we've seen a number of tussles as parties have sought to grapple with impact of Fitch's policy change.

First, we had the three-part blockbuster 'Windermere XIV saga' Part 1, Part 2, Part 3 and then there was the 'Clash of the Titan 2007-1' trilogy Part 1, Part 2, Part 3, which many may have thought resolved the issue once and for all.