German American Capital Corporation v. Copeland Properties Twelve LP, et al.
Published: May 4, 2013 | Result Date: Feb. 25, 2013 | Filing Date: Jan. 1, 1900 |Case number: INC1102045 Bench Decision – $6,815,640
Court
Riverside Superior
Attorneys
Plaintiff
Defendant
Facts
Plaintiff German American Capital Corporation (a subsidiary of Deutche Bank Americas Holding Corp.) sued its borrower and five loan guarantors in connection with a failed loan in excess of $17 million involving construction of a medical office building project in Rancho Mirage.
Plaintiff's borrower filed bankruptcy but the plaintiff obtained an Order granting plaintiff relief from the automatic stay so that plaintiff could foreclose.
After foreclosing, plaintiff transferred its interests to a single purpose entity, named Hotel Majestic LLC, and pursued the guarantors for breach of loan guaranties. One guarantor filed bankruptcy and plaintiff settled with two other guarantors. Plaintiff pursued the remaining two guarantors, Charles Copeland and Rancho Mirage Surgery Center LLC for breach of contract.
Rancho Mirage Surgery Center LLC disputed liability by claiming, among other things, that the person who executed multiple guaranties of the loan did not have authority, and that it could not be liable for the guaranty because it had underwent a reorganization.
Result
Plaintiff obtained summary judgment against both Charles Copeland and Rancho Mirage Surgery Center LLC for $6,815,641.
Other Information
FILING DATE: March 11, 2011.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390