Lender Can't Yet Collect Guaranty On $65M NYC Hotel Loan

Law360, New York (September 18, 2013, 4:31 PM EDT) -- It's too soon for a lender to go after a guarantor on a $65 million loan for a troubled Times Square hotel, a New York state judge ruled during a hearing Wednesday, finding the evidence wasn't clear cut that a restaurant backed by a famed chef wouldn't open.

Judge Charles E. Ramos said that for the lender, an affiliate of PCCP LLC, to prevail, it needed "slam-dunk" evidence because it had brought the case as a "3213," a New York state procedural device also known as...
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