Commercial Loan Workout & Bankruptcy
Lemery Greisler's experience with commercial loan workout includes the innovative application of bankruptcy law to resolve commercial loan disputes.
In one case, the Firm was able to achieve full recovery for an institutional lender on a substantial judgment against an individual who thought he had successfully shielded his assets from creditors. After obtaining summary judgment on a commercial loan obligation, the lender was faced with an individual obligor who lived a comfortable lifestyle but had shielded his assets through trusts. The only asset in the borrower's name was a tenancy by the entirety interest in his marital residence worth substantially more than the amount owed. To solve this situation, we recommended that the lender commence an involuntary bankruptcy against the borrower. This allowed the lender to avail itself of the power of the Bankruptcy Court to sell a jointly held property—a remedy not normally available in New York State Court when a marital residence is involved. After the commencement of the involuntary bankruptcy case, the borrower quickly arranged to pay the judgment in full, rather than remain a debtor under the jurisdiction of the federal court and risk the sale of his long-time homestead.
Economic and Project Development
Lemery Greisler has broad experience functioning as an intermediary bringing together entrepreneurs and organizations interested in working together to accomplish valuable economic and community development projects.
A recent example involves a client who wanted to build a wood pellet factory in the area. Lemery Greisler was able to sit down with the Saratoga Economic Development Corporation and not only find them a site in the Moreau Industrial Park, but ultimately help with financing by getting them involved with the USDA through the Business and Industry Section.
In project development, our role is more entrepreneurial. We have been able to see opportunities within our community and put the key pieces together to bring them to fruition. An example is the Great Escape Water Park, which came about after viewing the success of Midwestern water parks, such as the Wisconsin Dells, and then finding contracting firms and architects to build the hotel and water park in partnership with Six Flags. We are proud to say that this has been a considerable gain for the area, with the creation of 350 jobs and a huge contribution to the sales tax base of Warren county, not to mention providing a wonderful place for families to escape year round.