Lender Galante Seeks Judge's OK To Buy $150M Casino Loan

Law360, New York (June 8, 2012, 3:11 PM EDT) -- Bondholders of some commercial mortgage-backed securities can't block a junior lender from purchasing a $150 million senior loan tied to a Las Vegas casino and resort, an attorney for the junior lender told a New York state judge on Friday.

The $150 million senior loan was folded into a commercial mortgage-backed securitization in 2007. Some of the holders of that securitization claim in a suit that Galante Holdings Inc., which holds a $10 million junior loan on the property, is trying to improperly seize control of...
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