New York Court Wrestles With Elements Of Commercial Reasonableness In Foreclosure Sale Of Exotic Collateral
LexisNexis (May 3, 2018, 10:41 AM EDT) -- In a recent case from New York, the plaintiffs tried to delay a public auction of sophisticated collateral following the debtors' default. The court issued a TRO, but denied the plaintiffs' motion to convert the TRO into a preliminary injunction and ordered the UCC foreclosure auction to proceed in line with the court's directives. Patriarch Partners XV LLC, v. U.S. Bank. N.A., 2017 U.S. Dist. LEXIS 145365 (S.D.N.Y. 2017).
The New York case. Plaintiffs Patriarch and Ocaluna were investment companies owned and managed by Lynn Tilton. ...