Existing lenders were in a power position, having to amend to approve the incremental debt used to fund the dividend, and second-lien investors in particular were concerned about the additional first-lien debt coming in ahead of them.
Of course, second-lien debt is a niche product for issuers that require higher leverage than is usually available in the first-lien market, but that in many cases are locked out of the regular-way high-yield bond market because of size, credit quality, or complexity.
If the tax goes unpaid, the IRS and the State tax authority will issue notices of tax lien against husband and wife and record them in the local register of deeds office.
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Tucker failed to disclose his two bankruptcies, federal tax lien, three judgments, and one state tax lien on Forms U4, in violation of NASD Rule 2110 and IM-1001-1.
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In 84% of the 300 cases of undelivered lien notices TIGTA reviewed, IRS employees did not perform the required research to find a different address.
To put these figures in context, second-lien loans have even printed wide of high-yield bonds.
In addition, TIGTA estimated that about 2% of lien notices during the same 12 months may have been mailed late to the taxpayers themselves.
He even suggested to the vice-Chairman of the CME that he could argue in front of the court that the judge grant a lien to CME on the MF Global holding company assets if the exchange were to put up a temporary fund to make MF customers whole.
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The company plans to originate and invest in first- and second-lien loans that will have a term of 3-6 years.
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In part, the premium reflects the inferior liquidity of second-lien paper.
She says it's important for anyone interested in buying foreclosed property to make sure it's free of any lien.
In contravention of a public, competitive auction, Crusader conspired to rig the tax lien bidding by allocating certain liens to members of the conspiracy, thus ensuring that the prevailing bidder took the lien with an artificially higher interest rate than would likely have been derived from open competitive bidding.
Once a federal tax lien arises, the IRS will record notice of it against the responsible person in the register of deeds' office in the responsible person's county of residence.
This increase notwithstanding, second-lien remains a small fraction of institutional loan issuance, at 5.6% in the year to date.
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