Guarantors Owe $17M On Foreclosed Shopping Center Loan

Law360, New York (November 1, 2012, 7:03 PM EDT) -- The guarantors of a $59.7 million delinquent loan for a failed Georgia shopping mall must pay $17 million to lender Inland Mortgage Capital Corp., an Illinois federal judge said Thursday.

U.S. District Judge Milton Shadur awarded the full damages sought by Inland Mortgage Capital Corp. after finding in favor of the lender in August. Inland sued Chivas and two related trusts for breach of contract, alleging that the guarantors were skipping out on their obligations to backstop the loan.

"Upon this court's review of the parties'...
To view the full article, register now.