HIG Capital Says It Properly Handled $41M Foreclosure Sale

Law360, Wilmington (December 5, 2012, 9:03 PM EST) -- Investment firm HIG Capital LLC told a Delaware judge in closing arguments Wednesday that it fulfilled its duty in the $41 million sale of a foreclosed asset to an affiliate that Edgewater Funds alleges represented an unreasonable, self-dealing transaction.

Chancellor Leo E. Strine Jr. heard closing arguments in the nearly five-year-old case in which Edgewater accuses HIG of violating its responsibilities as a secured creditor under the Uniform Commercial Code by failing to conduct a proper foreclosure sale in 2008 for ATM Acquisition Corp., an entity...
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