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USA - October 15 2012
A New York bankruptcy court recently rejected a debtor’s challenge to a consensual state court judgment (“Judgment”) in favor of mortgagee, General Electric Capital Corporation (“GECC”), that had accelerated a debt and obtained a prepetition foreclosure judgment against debtor, 410 East 92nd Street (the “Hotel”), in the amount of approximately $74 million.
USA - June 5 2012
In an action arising out of two loan agreements, a New York trial court recently dismissed counterclaims brought by a commercial development company, D.A.B. Group (“DAB”), alleging that two banks, Brooklyn Federal Savings Bank (“Brooklyn”) and State Bank of Texas (“State Bank”), and their assignee, Orchard Hotel, LLC (“Orchard”), fraudulently misrepresented their intention to extend the maturity date of the loans, breached the loan agreement by delaying to fund loan advances, and exaggerated the amount due on the loan.
