TD Bank Caused NY High-Rise Builders' Ch. 11: Suit

Law360, New York (November 28, 2011, 11:05 PM EST) -- The builders of a residential high-rise in midtown New York launched a suit Saturday claiming TD Bank NA sold their $81 million loan to a third party without giving them a chance to bid on it, pushing their company into Chapter 11 bankruptcy.

Kevin and Donal O'Sullivan, the principal owners of 785 Partners LLC, say they relied on the representations of a TD Bank executive who promised them they could bid on the debt, which the bank instead sold to a so-called predatory vulture fund....
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