High-Rise Loan Guarantors Ask For Lowered Payment

Law360, New York (December 1, 2011, 6:57 PM EST) -- The guarantors on the hook for a $34 million loan for a failed 37-story Midtown Manhattan building told a New York state judge Thursday that they should get a reduction of their guarantee liabilities from an impending sale of the property.

On Thursday, Scott A. Brody of Brody O'Connor & O'Connor, who represents the guarantors, told New York Supreme Court Judge O. Peter Sherwood that the coming sale of the Madison Avenue property meant that the guarantors were entitled to a dollar-for-dollar reduction of their guarantee...
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