0501003 Informal Interpretation

us-ftc-hsr-informal-interpretations-5bde04a27e6c203ddbf391f23f57aa090501003 Informal InterpretationGuidance

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Date

January 11, 2005

Rule

15USC18a(c)(2) 7A(c)(2)

Staff

Michael Verne

Response/Comments

Advised that a Maryland Business Trust is a non-corporate entity. The acquisition of its assets is exempt under 7A(c)(2)

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Question

From: (redacted)
Sent: Tuesday, January 11, 2005 4:54 PM
To: Verne, B. Michael
Subject: HSR question

Michael: Would the acquisition of a REIT (by a buyer that isn't a REIT) beexempt if the target REIT's only business is investment in "first-lien,fixed-rate mortgages secured by single-family residential property"? Is aREIT (it happens in this case to be a Marylandtrust) viewed as a corporation and thus subject to rule 802.4? Or is it anon-corporate entity whose acquisition would be viewed for HSR purposes as the acquisition of all of its assets?

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