Wells Fargo Slams Coventry For $48M Loan Default

Law360, New York (September 18, 2009, 4:59 PM EDT) -- Wells Fargo Bank NA has hit two Coventry Real Estate Advisors funds with a breach of contract action seeking payment on the balance of a set of loans worth $48 million issued by Wells Fargo that matured in December 2008.

Wells Fargo filed its complaint Thursday in the U.S. District Court for the Eastern District of Michigan seeking enforcement of written guaranties given by Coventry Real Estate Fund II LLC and Coventry Fund II Parallel Fund to pay nearly $40 million in connection with the defaulted...
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