Lender Loses Bid To Force Payment Of Lord & Taylor Rent

Law360 (November 2, 2020, 4:52 PM EST) -- A Virginia bankruptcy judge has ruled that the mortgage lender to a group of landlords of bankrupt retail chain Lord & Taylor can't compel the retailer to make at least $30 million in rent payments directly to the lender, saying the lender has no authority to demand such action.

In a 13-page memorandum opinion Friday, U.S. Bankruptcy Judge Keith L. Phillips denied Wilmington Trust NA's motion seeking standing "to compel payment of rent and to assert related rights under and with respect to [a] master lease."

Wilmington Trust holds an $848 million commercial mortgage-backed securities loan made to, among other parties,...

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