Real Estate Workouts, Restructurings & Foreclosures

Herrick Restructuring & Special Situations senior counsel, Stephen Selbst, was quoted in the Commercial Observer discussing the decision in Shelbourne BRF LLC et al. v. SR 677 Bway LLC and the potential impact this ruling has on borrowers' ability to seek injunctive relief from a foreclosure auction under UCC (Uniform Commercial Code) Article 9. 

In reference to the ruling, Stephen said, "The Appellate Division’s decision in Shelbourne properly protects lenders by recognizing that foreclosure proceedings do not impact a borrower’s dwelling, and the potential loss of equity value by an owner is not a reason to enjoin a UCC foreclosure." 

Read the full piece in Commercial Observer here.