Eaglebank Lien Ruled Senior In Minor League Team Spat

Law360, New York (July 7, 2015, 10:27 PM EDT) -- An Eagle Bancorp Inc. unit’s security interest in a $1.25 million deposit put down in a failed attempt to buy a defunct minor league baseball team trumps another lender’s competing lien on the funds, a Pennsylvania federal judge ruled Monday.

Eaglebank, which loaned $3.25 million to finance Virginia Investment Partnership LLC’s ill-fated bid for BR Professional Sports Group Inc.’s stake in the Atlantic City Surf franchise in New Jersey, pushed past rival creditor Robert Van Hoecke in its suit seeking to recover the $1.25 million deposit...
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