In a significant legal victory for lenders, the Supreme Court of New York recently ruled in favor of our lender client in a residential foreclosure action against the estate of its borrower. This decision confirms that...more
On February 8, New York attorney general (AG) Letisha James announced a $77 million judgment with three merchant cash advance (MCA) companies, Richmond Capital Group, Ram Capital Funding, and Viceroy Capital Funding, and...more
Like many of you, we are seeing a significant increase in commercial real estate (“CRE”) loan workouts. The magnitude of the swell in distressed CRE loans remains unclear, although one thing is certain: appreciating the...more
Welcome to Banking Bites! This is our short summary flagging some key developments in your sector that we hope will inform your activities in your market....more
On October 17, 2022, Justice Andrea Masley of the NY Supreme Court issued a decision and order denying all but one of the motion to dismiss claims filed by Boardriders, Oaktree Capital (an equity holder, term lender, and...more
A recent decision by the Supreme Court of New York suggests that current lender-on-lender violence through majority uptiering and covenant-stripping may not be without a remedy. Our Financial Restructuring & Reorganization...more
The Appellate Division of the New York Supreme Court's First Department recently issued a decision addressing the calculation of the six-month timeframe permitted to file a new action, according to New York's Civil Practice...more
This week saw two items of note in the regulation of digital assets and both came out of the state of New York. The Return of the Empire State - A New York State Supreme Court ruled that it has personal and subject...more
In preparing a merchant cash advance (MCA) agreement on behalf of the provider, there is constant tension between the urge to include every conceivable contractual right for protecting the provider’s economic interests and...more
Less than a day after the Journal reported that CBS and the Redstones are nearing a deal to resolve their many differences, we’ve learned that CBS chief Les Moonves—facing an investigation into alleged sexual harassment...more
A recent decision by the Supreme Court of New York, New York County, addressed the issue of whether the borrower's equity of redemption was being impermissibly "clogged" by a foreclosing lender. The case, HH Cincinnati...more
Providers of cash advances repaid by sales of future receivables in New York can have greater confidence that these advances are not loans and are not subject to usury laws. On March 16, the Supreme Court of New York,...more
Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more