Our team has decades of experience in representing a wide range of secured parties, and have developed and implemented collection strategies to meet each of our client’s goals and objectives.
We recognize that each transaction is unique and our particular client’s objectives with regard to a troubled loan may not always be the same. We are as comfortable exercising and litigating our clients’ rights and remedies as we are negotiating loan modifications and forbearance arrangements, in both cases always keeping our client’s business objectives as the core element of our strategy.
We advise traditional and non-traditional lenders, mortgagees, UCC lien parties, holders of judgment liens and other secured creditors on collection, foreclosure, loan sale, deficiency and bankruptcy, and corporate restructuring issues and strategies. Our team of experienced state and federal court litigators frequently gets involved before a formal default has occurred and represents our client through the ultimate exit by payoff, foreclosure, voluntary sale of collateral or sale of the loan.
Our lawyers assist our clients in exploring and implementing all alternatives for maximizing recovery, including loan modifications, judicial and non-judicial real property foreclosures, UCC strict foreclosures and secured creditor sales, receiverships and assignments for benefit of creditors, in addition to a federal bankruptcy proceeding.
We also provide strategic guidance and, when necessary, litigation support in bankruptcy and other insolvency proceedings. Our team guides our clients through and litigates cash collateral and debtor-in-possession financing disputes, section 363 bankruptcy sales, contested disclosure statement and plan confirmation proceedings, motions for appointment of Chapter 11 trustees, and motions to convert cases to Chapter 7. We regularly appear in state and federal courts, including bankruptcy courts, throughout the country.
Our secured creditor team is widely recognized by clients and other attorneys for its experience and client-focused approach to cases. Members of the team belong to the American College of Bankruptcy, and are ranked in Chambers USA as excelling in their field. Our clients include, among others, local, regional and national banks, finance subsidiaries of manufacturers, hedge funds and insurance companies.
Our representative matters include:
Asset Based Lending and Real Estate Workouts, Receiverships and Foreclosures
- Represent local, regional and national banking institutions in commercial collection, foreclosure and bankruptcy proceedings involving real estate and personal property collateral, including operating assets of borrowers.
- Represented Citizens Bank, N.A. in negotiating forbearance agreement and ultimate payoff of loan by Tasty Baking Company.
- Represented limited partnership of a hedge fund in state court collection and foreclosure proceedings and Chapter 11 bankruptcy case of a group of three resort properties in the Pocono Mountains known as “The Mount Airy Lodge.” The resort was the largest employer in the county. Foreclosed property and assisted with sale to subsequent purchaser.
- Represented lender in developing multi-state foreclosure plan for oil and gas wells pledged as loan collateral.
- Represented lender in federal court receivership and collection proceeding related to the “Split Rock Resort” and related timeshare and condominium projects. Resolved significant intercreditor issues, negotiated forbearance agreement, caused sale of certain UCC collateral, obtained judgment and appointment of receiver, and addressed consumer protection and timeshare law issues. Assisted lender in sale of its loan.
- Represented lender in receivership and foreclosure of Holiday Inn Hotel in West Chester, Penn.
- Represented special servicer to REMIC Trust in receivership and property conversion litigation and foreclosure of 360+ key Comfort Inn Hotel in Breezewood, Penn.
- Represented lender in receivership and non-judicial foreclosure of shopping center in Fairfax, Va.
- Represented regional lender in receivership and foreclosure of three multi-tenant apartment buildings in Philadelphia, Penn.
- Represented various lenders and public utility company (as mortgagee) in receivership proceedings, deed-in-lieu of foreclosure transactions and foreclosure of golf course properties, both operating and under development.
- Regularly negotiate and document deed-in-lieu of foreclosure transactions.
- Enforce guaranty agreements and other third-party obligor arrangements in state and federal court.
- Litigate valuation and deficiency judgment matters.
- Develop and implement post-judgment discovery and deficiency judgment execution strategies.
Uniform Commercial Code Secured Lender Sales/Strict Foreclosures
- Conducted UCC public sale of more than $30 million in secured and unsecured consumer promissory notes securing loan to timeshare resort owner.
- Conducted tens of public and private UCC sales of personal property collateral as a going concern, and of equipment, intellectual property, accounts receivable and other UCC assets.
- Negotiated and documented UCC strict foreclosure of equipment and related mineral processing equipment.
- Negotiated and documented acceptance of collateral under UCC in partial satisfaction of indebtedness while preserving and setting deficiency amount.