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With more than 20 highly specialized attorneys, Broad and Cassel’s Special Assets team serves institutional and individual clients in financial restructurings and workouts, asset recovery, and bankruptcy and reorganization matters.
Our Special Assets attorneys have extensive experience in bankruptcy, creditors’ rights, and loan and business restructuring matters and have an in-depth understanding of how a financial institution’s Special Assets Department operates. Our attorneys have participated in sophisticated and complex workouts and bankruptcies across the country, representing a wide variety of lenders.
- Financial Institutions
- Joint Ventures
- Life Insurance Companies
- Purchasers of Special Assets
- Real Estate Developers
- Real Estate Investment Trusts (REITs)
- Receivers and Trustees
Areas of Law
- Term loans
- Revolving loans
- Forbearance agreements
- Loan repurchase agreements
- Secured loans involving accounts receivable, inventory, leasehold estates, machinery, equipment, fixtures, intangible assets, stocks, bonds and tax certificates
- Real estate loans, including acquisition, development and permanent financings
- Pledge of assets to secure personal and corporate guaranties
- Joint loans from multiple lenders as well as representation of both lead lenders and participants
- Acquisitions and dispositions of special asset properties
- Deed-in-lieu of foreclosure
- Letters of credit
- Bankers’ acceptances
- Bond financing; our attorneys are listed in The Daily Bond Buyer Directory of Municipal Bond Counsel (commonly called the “Red Book”). We have had considerable experience with all types of bonds
- Analysis of tax aspects of debt and equity restructurings outside of bankruptcy
- Complex mortgage foreclosures, including foreclosure of major real estate developments in various stages of construction
- Prosecution of actions to recover on promissory notes and foreclose security interests in various types of collateral such as inventory, accounts receivable and equipment
- Commercial collection work
- Domestication and enforcement of out-of-state judgments
- Replevin of collateral
- Chapter 11 reorganization proceedings
- Chapter 7 liquidation proceedings
- Chapter 13 debt restructuring
- Discharge and dischargeability proceedings
- Lifting of automatic stay/adequate protection
- Representation of secured and unsecured creditors; Official Committee of Unsecured Creditors; Chapter 11 and 7 Trustees
- Pre-packaged bankruptcies
- Cram downs
- Recovery of preferential and fraudulent payments and transfers
- Analysis of tax aspects of bankruptcy restructurings
Significant Matters Handled:
- Representation of a lender with respect to mortgage foreclosure actions, receiverships, debt restructurings, land use review, dispositions of multi-family and single-family properties, and sale of loans in connection with $200,000,000+ portfolio of financings to affiliated borrowers. The representation also included the negotiation with, and the defense of an action commenced against the lender by, a borrower-controlled community development district.
- Representation of a lender in connection with a mortgage foreclosure of a $58,000,000 construction loan for a proposed multi-building beach front luxury residential condominium.
- Representation of a lender on a $230,000,000 mortgage foreclosure of the largest residential condominium project in Orlando, Florida.
- Representation of participating lenders in $70,000,000 foreclosure action against three residential condominium towers located in Miami-Dade County, Florida.
- Workout of four acquisition and development loans to related entities involving planned single-family, townhome and condominium communities along the Treasure Coast of Florida.
- Representation of lender in foreclosures and loan work outs of five condominium projects in Brevard County, Florida, in various stages of completion of construction.
- Representation of lead lender in $30,000,000 construction loan litigation involving an insolvent borrower resulting in full repayment to lender.
- Work out/disposition of an $86,000,000 Miami-Dade County mixed-use project on behalf of an out-of-state bank, including the evaluation of all local building, zoning, concurrency and land use issues, and securing the issuance of a building permit for the construction of the balance of the project.
- Representation of a national REMIC with respect to foreclosures and the negotiation of loan modifications and deeds-in-lieu of foreclosure affecting numerous commercial properties located throughout the state.
- Representation of a European bank in successful foreclosure of one of the largest private urban renewal/projects in Florida. The action involved the resolution of complex title insurance and survey matters relating to the assemblage of numerous acres of land in Palm Beach County and the negotiation with both the State of Florida and the City of West Palm Beach concerning condemnation proceedings and vested development rights.
- Representation of lead lender among consortium of lenders, including several national banks, in connection with a corporate financing secured, in part, by mortgages on real property throughout the State of Florida. The representation involved issues relating to title and survey matters, Florida intangible and documentary stamp taxes, and the disposition of collateral under the Florida Uniform Commercial Code.
- Representation of an out-of-state thrift institution in multiple foreclosures and Chapter 11 proceedings on several residential projects throughout Florida with an approximate value of $75,000,000.
Representation of a bank in a foreclosure action involving nine commercial properties located in four Florida counties.
- Representation of receiver for out-of-state savings and loan associations and of an out-of-state bank in connection with foreclosure proceedings against and ultimate disposition of hotel properties in Florida.
- Representation of the management of a U.S. subsidiary of a European parent corporation in connection with the restructuring of intercompany indebtedness due from the subsidiary to the parent as a result of management buyout.