Investor Calls Dibs On Defunct Gov’t Contractor’s $18M Debt

Law360, Washington (October 28, 2016, 12:22 PM EDT) -- An investment vehicle is seeking first priority on $18 million it says it’s owed by Imperatis Corp. with a New York federal lawsuit Thursday naming the shuttered defense and cybersecurity contractor as well as the U.S. Department of Defense agency also seeking to collect.

Sandton Credit Solutions Master Fund III LP wants a declaratory judgment sending the Defense Finance and Accounting Service’s claims down the line behind its own claim, picked up from $30 million in Imperatis loans that Sandton bought from a pair of banks. Those loans were doled out under a “first priority security interest” Imperatis promised the banks,...

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