Given the volatile economic environment caused by the COVID-19 pandemic, business development companies (“BDCs”) need to proactively manage their loan portfolio companies to mitigate risk and avoid surprises that may arise in...more
5/29/2020
/ Business Development Companies ,
Business Strategies ,
Coronavirus/COVID-19 ,
Default ,
Liens ,
Liquidity ,
Loans ,
Material Adverse Change Clauses (MACs) ,
Mezzanine Lenders ,
Portfolio Companies ,
Risk Mitigation ,
Unsecured Debt ,
Workout Agreements
A decision yesterday by the New York Supreme Court has paved the way for mezzanine lenders to proceed with UCC foreclosure sales in New York City during the pandemic. Yesterday afternoon, Justice Frank Nervo issued an order...more
5/19/2020
/ Borrowers ,
Commercial Property Owners ,
Coronavirus/COVID-19 ,
Executive Orders ,
Exemptions ,
Foreclosure ,
Foreclosure Sales ,
Governor Cuomo ,
Lenders ,
Mezzanine Lenders ,
Moratorium ,
Non-Judicial Foreclosures ,
Preliminary Injunctions ,
Uniform Commercial Code (UCC) ,
Vacated
A recent New York County Supreme Court decision has temporarily halted a mezzanine UCC foreclosure sale by granting the borrower’s request for a stay based on allegations that the terms of the mezzanine foreclosure were not...more
5/10/2020
/ Appeals ,
Commercial Property Owners ,
Coronavirus/COVID-19 ,
Court Schedules ,
Executive Orders ,
Foreclosure ,
Foreclosure Sales ,
Governor Cuomo ,
Mezzanine Lenders ,
Moratorium ,
Motion To Stay ,
Non-Judicial Foreclosures ,
Preliminary Hearings ,
TRO
Key Takeaways
- The CARES Act did not explicitly or implicitly give private plaintiffs a right to sue lenders for supposed violations of that statute.
- The Small Business Administration has primary responsibility for...more
4/20/2020
/ Appeals ,
Applicants ,
Bank of America ,
Banks ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility ,
Federal Loans ,
Lenders ,
Paycheck Protection Program (PPP) ,
Preliminary Injunctions ,
Private Right of Action ,
Putative Class Actions ,
SBA ,
Standing