SUPREME COURT OF THE STATE OF NEW YORKCOUNTY OF NEW YORK
---- ------------------------ -- ---- ------- ------- ---------- ------ --- )C
BANK OF AMERICA, N.A., as Trustee for the
Registered Holders ofWachovia Ban Commercial
Mortgage 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 Commercial
Mortgage Trust 2007 -C2, acting by and through
CWCapital 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 ofWachovia
Ban 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 LLC
pursuant to the authority granted under that certainAmended and Restated Co-Lender Agreement dated
March 12, 2007,
Plaintiffs,-against-
PSWNYCLLC,
Defendant.
---- -------------- ------------ -------------- ---- ------ ---------- --- )C
Inde)C No.: 651293/2010
PLAINTIFFS' MEMORANDUM
OF LAW IN SUPPORT OF
MOTION
FOR
PRELIMINARY INJUNCTION
FILED: NEW YORK COUNTY CLERK 08/18/2010
INDEX NO. 651293/2010NYSCEF DOC. NO. 5RECEIVED NYSCEF: 08/18/2010
TABLE OF CONTENTS
PRELIMINARY STATEMENT...............................................................................................1
STATEMENT OF FACTS ........................................................................................................4
The Senior Loan.............................................................................................................4The Mezzanine or Junior Loans.....................................................................................5
The Intercreditor Agreement..........................................................................................5The Borrowers' Default................................................................................................. 7
PSW's Attempt to Seize Control.....................................................................................9
ARGUMENT ...........................................................................................................................10
i. Plaintiffs Are Likely To Succeed In Their Declaratory Judgment Action ..................11
A. PSW Canot Acquire the Equity Collateral Through a Credit Bid Without
Satisfying the Conditions of Section 6( d)(B) of the Intercreditor
Agreement .......................... ........... ................................................................ ..13
B. PSW Cannot Solicit, Direct, Cause, or Take Any Action in Furtherance of
Bankptcy When the Senior Loan is Outstanding...... ....................................i 6
II. Plaintiffs Have No Adequate Remedy At Law And Wil Be Irreparably Harmed
Absent Injunctive Relief............................................................................................. .17
III. A Balancing Of The Equities Tips In Favor Of Plaintiffs....................................... 21
CONCLUSION ........................................................................................................................23
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TABLE OF AUTHORITIES
CASES
PAGE
511 9th LLC v. Credit Suisse USA. Inc., 69 A.D.3d 497,894 N.Y.S.2d 385
(1st Dep't 2010) .......................................................................................................................15Ale)Candru v. Pappas, 68 A.D.3d 690,890 N.Y.S.2d 593 (2d Dep't 2009)...................................10Anecca Inc. v. Le)Cent, Inc., 307 F. Supp. 2d 999 (N.D. IlL. 2004)..............................................15Audubon Levy Investors, LP v. East West Realty Ventures, LLC,698 F. Supp. 2d 328 (E.D.N.Y. 2010) .....................................................................................19
Babcock & Wilco)C Co. v. Control Components, Inc., 161 Misc. 2d 636,
614 N.Y.S.2d 678 (Sup. Ct. N.Y. County 1993) ...........................................................................12
Bary v. Ready Reference Pub. Co., 25 A.D.2d 827, 269 N.Y.S.2d 665
(1st Dep't 1966) .......................................................................................................................12Bashein v. Landau, 96 A.D.2d 479,465 N.Y.S.2d 178 (1st Dep't 1983) .....................................1 7CanWest Global Commc'ns. Corp. v. Mirkaei Tikshoret Ltd.,
9 Misc. 3d 845,804 N.Y.S.2d 549 (Sup. Ct. N.Y. County 2005) ...........................................19Citiban, N.A. v. Nyland (CF8) Ltd., 839 F.2d 93 (2d Cir. 1988) ................................................19Consol. Container Co. v. Waren Unilube, Inc., No. 05-2371 B, 2006 WL 522424
(W.D. Tenn. March 3, 2006)....................................................................................................14
Cuomo v. Long Island Light Co., 71 N.Y.2d 349,520 N.E.2d 546 (1988) ..................................12
Federated Strategic Income Fund v. Mechala Group Jamaica Ltd.,No. 99 Civ. 10517, 1999 WL 993648 (S.D.N.Y. Nov. 2, 1999) .............................................21Ferramosca v. Nelrak, Inc., 250 A.D.2d 807, 673 N.Y.S.2d 712(2d Dep't 1998)........................................................................................................................15Ginett v. Computer Task Group, 962 F.2d 1085 (2d Cir. 1992)....................................................14
Gramercy Co. v. Benenson, 223 A.D.2d 497,637 N.Y.S.2d 383
(1st
Dep't 1996).......................................................................................................................21
Gusinky v. Gengèr, No. 600426/2008,2009 WL 2534670(Sup. Ct. N. Y. County Aug. 12,2009) ...................................................................................14
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Stuyvesant Town's Senior Lenders Motion for a Injunction
Motion for an injunction filed by senior lenders against the entity that controls Stuyvesant Town-Peter Cooper Village housing complex.
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