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Peter Thomas Quoted in Law360 on CFIUS Review of Sensitive Property Deals
10.20.15
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Litigation Partner Peter Thomas was quoted in Law360 on The Committee on Foreign Investment in the United States’ review of real estate transactions that may be sensitive for national security reasons. Peter described the national security concerns that led to a CFIUS filing by Simpson Thacher on the Waldorf Hotel sale to a Chinese insurer last fall. Ultimately, that deal was cleared unconditionally after a 30-day review. He notes that analyzing the physical proximity of a U.S. target’s locations to military bases and other sensitive locations is becoming a standard part of diligence. He commented on why parties submit filings out of an abundance of caution: “If you don't file, you don't have that [safe harbor] protection [under the regulations] and so, in theory, the committee could knock on your door the day after the deal closes and seek to unwind it in the worst case."