Chase Manhattan Mortgage and Realty Trust - Specimen Stock Certificate
Inv# SE3516A Specimen Stock
Specimen Stock printed by Security-Columbian Banknote Company.
In April 1970, Chase Manhattan Bank launched Chase Manhattan Mortgage and Realty Trust (CMMART) and traded on the NY Stock Exchange. I was the largest construction and development REIT at that time, growing to $1.6 billion in commitments. It was managed by an independent group of Trustees but advised by Chase Real Estate Finance bankers. Five years later, as a result of overbuilding, developer defaults and over-leverage, liquidity had vanished, commercial paper had dried up and the workout began. Its bank debt of $761MM was exchanged for the REIT’s assets in a series of auction swaps, held in Chase’s auditorium among 27 banks. CMMART went through bankruptcy in 1979, through which it settled its public debt of $100MM at a discount and enabled Chase to “get its name back”. Below is the tombstone for $100MM in bonds as underwritten in 1970 by a whole host of underwriters. How many are still around?
Stock and Bond Specimens are made and usually retained by a printer as a record of the contract with a client, generally with manuscript contract notes such as the quantity printed. Specimens are sometimes produced for use by the printing company's sales team as examples of the firm�s products. These are usually marked "Specimen" and have no serial numbers.
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