Matters
- Counseled Loan Servicer sued concerning servicing a $160 million loan secured by hotel, spa and casino in Las Vegas, Nevada. Case dismissed.
- Defended Secured Lender and Loan Servicer in lender liability litigation brought in New York, New York, where Borrower asserted that loan reserves were improperly administered and that Lender was not properly disbursing reserve monies for payment of replacements and remediation at hotel property securing debt of $90 million. Obtained dismissal of case with zero liability to Lender and Servicer.
- Defended and obtained dismissal of secured Lender sued for wrongful death following a carbon monoxide leak at a multifamily complex that secured debt owed to Lender.
- Counsel to Secured Lender, who obtained appointment of Receiver to administer two assisted living facilities in St. Louis, Missouri, securing debt of $30 million. Maintained Receiver in possession of facilities through two separate Chapter 11 filings by Borrower, obtained dismissal of both Chapter 11 proceedings, and effected sale of facilities through receivership, rather than foreclosure, resulting in full payment to Secured Lender and zero loss.
- Represented Lender in successful workout and full payoff of $20 million loan secured by industrial property in Houston, Texas, involving multiple and complex collateralizations.
- Counsel to Secured Lender, who obtained appointment of Receiver to administer two office buildings in Dallas, Texas, securing debt of $18.5 million. Effected sale of buildings through receivership, rather than foreclosure, over objections of Mezzanine Lender and Borrower, resulting in full payment to Secured Lender and zero loss.
- Represented Lender in successful workout and restructuring of $10 million loan secured by condominium development, including converting project to apartment development to fully capitalize on state and federal historic tax credits to “right-size” loan.
- Defended Secured Lender and Loan Servicer in lender liability action brought in Dallas, Texas, in which Borrower asserted claim for damages for Lender’s and Servicer’s alleged wrongful refusal to reasonably approve proposed change in franchise of hotel securing debt of $7.9 million. Obtained dismissal of case with zero liability to Lender and Servicer.
- Represented Lender in registration and enforcement of $7 million loan and substantial recovery of funds using forensic analysis of Borrower’s financial transactions and carefully timed garnishment and execution proceedings
- Defended Lender who received payment in full of $6 million loan via Borrower’s sale of business to Purchaser, who subsequently filed Chapter 11 in Topeka, Kansas. Purchaser sued to avoid sale transaction as fraudulent transfer and to recover $6 million purchase price. Obtained directed verdict in favor of Lender.
- Represented Secured Lender in Chapter 11 proceeding in Los Angeles, California, where Lender was owed $4.5 million, secured by hotel in Manhattan Beach. Filed competing creditor plan and opposed confirmation of Borrower’s proposed “cram down” plan. Obtained confirmation of creditor’s plan and obtained order denying confirmation of plan of Borrower / Debtor.
- Represented Secured Lender in six-count lender liability action brought in Akron, Ohio. Obtained summary judgment on all six counts and obtained summary judgment on Lender’s claims on note, guaranty, and for foreclosure, resulting in foreclosure of office complex securing indebtedness of $3.85 million.
- Defended Lender in suit, brought in Los Angeles, California, against Lender by Borrower for recovery of $2 million in prepayment consideration/yield maintenance that was paid to Lender, under protest, when Borrower prepaid loan. Obtained summary judgment in favor of Lender.
- Successfully defended Lenders in suit brought in St. Louis County, Missouri and U.S. District Court seeking damages for document preparation fees charged by Lenders. Obtained summary judgment in favor of Lenders and successfully defended judgment before Eighth Circuit Court of Appeals and United States Supreme Court.
- Successfully defended Lenders in various class action and lender liability lawsuits asserting claims for “365/360” interest calculations in various courts in Illinois.
