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Waters Quoted in the Birmingham Business Journal
October 11, 2010

WatersMichael D. Waters was quoted in the September 17, 2010, edition of the Birmingham Business Journal in an article titled "Birmingham Banks Own $1B in Bad Real Estate." The article discussed the amount of repossessed real estate Birmingham area banks have acquired mostly over the past three years. Mr. Waters, a partner in the firm's Business & Financial Services Practice Group, said conditions often dictate how quickly a property must be moved, and half-built developments can pose a real problem. Holding properties for long periods of time creates another problem since foreclosed properties must be routinely appraised at true market value. "If the value drops, the decline is deducted from the bank's capital," Mr. Waters said.