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CW Capital reply brief

CW Capital reply brief

Ratings: (0)|Views: 813 |Likes:
reply brief to Bill Ackman / PSW / Winthrop Realty Trust over Stuy Town
reply brief to Bill Ackman / PSW / Winthrop Realty Trust over Stuy Town

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Published by: Eliot Brown / New York Observer on Sep 01, 2010
Copyright:Attribution Non-commercial

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11/06/2010

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SUPREME COURT OF THE STATE OF NEW YORKCOUNTY OF NEW YORK-------------------------------------------------------------------xBANK OF AMERICA, N.A., as Trustee for theRegistered Holders of Wachovia Bank CommercialMortgage Trust 2007-C30, acting by and through itsSpecial Servicer, CWCapital Asset ManagementLLC, BANK OF AMERICA, N.A., as Trustee for theRegistered Holders of COBALT CMBS CommercialMortgage Trust 2007-C2, acting by and throughCWCapital Asset Management LLC pursuant to theauthority granted under that certain Amended andRestated Co-Lender Agreement dated March 12,2007 and U.S. BANK NATIONAL ASSOCIATION,as Trustee for the Registered Holders of WachoviaBank Commercial Mortgage Trust 2007-C31, ML-CFC Commercial Mortgage Trust 2007-5 and ML-CFC Commercial Mortgage Trust 2007-6, acting byand through CWCapital Asset Management LLCpursuant to the authority granted under that certainAmended and Restated Co-Lender Agreement datedMarch 12, 2007,Plaintiffs,-against-PSW NYC LLC,Defendant.:::::::::::::::::::::::::::::::Index No.: 651293/2010Hon. Richard B. Lowe IIICommercial DivisionIAS Part 56Motion Sequence No. 001
PLAINTIFFS’ REPLY INFURTHER SUPPORT OFTHEIR MOTION FORPRELIMINARY INJUNCTION
-------------------------------------------------------------------x
FILED: NEW YORK COUNTY CLERK 08/31/2010
INDEX NO. 651293/2010NYSCEF DOC. NO. 35RECEIVED NYSCEF: 08/31/2010
 
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TABLE OF CONTENTSPAGEPRELIMINARY STATEMENT
............................................................................................1
 ARGUMENT
............................................................................................................................3I. PSW, As a Junior Lender, is Subordinate in Every Relevant Respect to the SeniorLenders...........................................................................................................................3II. Section 6(d) of the Intercreditor Agreement Requires the Senior Loan to be Paidin Full for Any Transfer of the Equity Collateral to Occur...........................................6III. PSW’s Interpretation of Section 11(d)(ii) is Irrelevant to the Motion Before TheCourt............................................................................................................................10IV. PSW’s Assertion That There Is No Justiciable Controversy Strains Credulity...........11V. CWCAM Will Be Irreparably Harmed if PSW is Not Enjoined.................................11VI. The Balance of Equities Do Not Favor a Junior Lender That is Attempting toLeap Frog Over the Rights of the Senior Lenders.......................................................13VII. CWCAM Should Not be Required to Post More Than a De Minimis Bond...............14VIII. PSW’s Recitation of the Facts Surrounding CWCAM’s Interest in the MezzanineLoans is an Exercise in Revisionist History................................................................14
CONCLUSION
......................................................................................................................15
 
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TABLE OF AUTHORITIES
 
CASES PAGE
Bank of N.Y. Mellon v. Realogy Corp.,979 A.2d 1113 (Del. Ch. 2008)..................................................................................................7Barrows v. Rozansky,111 A.D.2d 105, 489 N.Y.S.2d 481 (1st Dep’t 1985).......................................................10, 12Beal Savings v. Sommer,8 N.Y.3d 318, 865 N.E.2d 1210 (2007).....................................................................................5City of N.Y. v. Delafield 246 Corp.,236 A.D.2d 11, 662 N.Y.S.2d 286 (1st Dep’t 1997).................................................................8Elliot Coal Min. Co., Inc. v. Dir., Office of Workers’ Comp. Programs,........................................817 F.3d 616, 630 (3d Cir. 1994)Excess Ins. Co. Ltd v. Factory Mut. Ins. Co.,3 N.Y.3d 577, N.E.2d 768 (2004)..............................................................................................5Highland Park CDO I Grantor Trust v. Wells Fargo Bank, N.A.,No. 08 Civ. 5723(NRB), 2009 WL 1834596 (S.D.N.Y. June 16, 2009).............................4, 11In re Andrus’ Will,281 N.Y.S. 831 (Sur. Ct. Westchester County 1935)................................................................7In re Erickson Ret. Cmtys., L.L.C.,425 B.R. 309 (Bankr. N.D. Tex. 2010)......................................................................................4In re Rehab. of Frontier Ins. Co.,27 A.D.3d 274, 813 N.Y.S.2d 50 (1st Dep’t 2006).................................................................14J. Brooks Secs., Inc. v. Vanderbilt Secs., Inc.,484 N.Y.S.2d 472 (Sup. Ct. N.Y. County 1985).....................................................................10Marshall v. Commercial Trays. Milt. Acc. Ass’n of Am.,170 N.Y. 434, 63 N.E. 446 (1902).............................................................................................7Matter of D & B Constr. of Westchester, Inc.,21 Misc. 3d 1125(A), 2008 N.Y. Slip Op. 52172(U)(Sup. Ct. Westchester County Nov. 3, 2008).............................................................................9

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