NY Entitled To $11.5M For GGP Loan Default, 2nd Circ. Hears
In an article detailing arguments before the Second Circuit, Herrick Partner Andrew Gold is quoted urging the court to uphold a decision awarding New York State an $11.7M default interest penalty from the bankrupt General Growth Property Inc., which defaulted on a loan from the New York State Common Retirement Fund. He noted, "The debtor did rehabilitate, it did emerge solvent. There's no reason the debtor should not have to pay default interest."