Aspen Hotel's Junior Lender Blasts Deed Transfer

Law360, New York (March 26, 2013, 2:21 PM EDT) -- A senior lender for a mortgage on the luxury Jerome Hotel in Aspen, Colo., improperly shortchanged a mezzanine lender when it transferred the hotel's deed in lieu of foreclosure, the junior lender told a New York state judge during a trial Tuesday.

Steven J. Cohen of Wachtel Masyr & Missry LLP, an attorney for mezzanine lender Brickman Aspen LLC, told Judge O. Peter Sherwood that the senior lender, Jerome Property LLC, had violated an intercreditor agreement when it took control of the property with the deed...
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