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News | 07.05.12

Litigation Strategy Benefits Junior Lender in Foreclosure Auction Process

Morrison Cohen has successfully represented the interests of the junior lender in a note purchase agreement relating to certain high profile properties constituting part of an assisted living and senior care facility in Maryland. The properties faced foreclosure, which would likely have wiped out the position of the junior lender in favor of multiple senior lenders. On behalf of the junior lender, Morrison Cohen moved to enjoin the foreclosure on two separate occasions, challenging the propriety of the bid and foreclosure auction process. As a result of the litigation strategy, the administrative agent determined to proceed with a global transaction, rather than foreclosure, for the benefit of all parties in the lending syndicate.
 

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