Lender Battles Garrison Properties Over Cash In Ch. 11

Law360, New York (January 24, 2011, 4:00 PM EST) -- A special servicer for $107 million in debt is opposing efforts by four bankrupt commercial property entities controlled by Garrison Investment Group to tap cash on hand for operations, having accused the investor of seeking Chapter 11 in bad faith.

Attorneys for Green Loan Services LLC and the property entities told Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York on Monday that they are at an impasse over cash collateral, which debtors need to use in order to...
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