CORRECTED: Commerzbank Must Face Suit Over Movie Loan

Law360, Los Angeles (July 21, 2011, 9:33 PM EDT) -- Commerzbank Aktiengesellschaft lost a bid Thursday to toss a contract suit lodged by First California Bank alleging it breached its role as administrative agent by failing to provide timely information about the depreciating value of Spyglass Entertainment Funding LLC's film library which was used to secure a $275 million loan to produce a slate of movies.

Commerzbank argued that they were not required to show FCB or other lenders the results of appraisals that revealed the value of the film library had plummeted by almost $30 million between 2007 and 2010.

FCB, which signed a contract in 2007 to become a...

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