Debtors were real estate developers who had obtained a series of construction loans that they ultimately defaulted on. Debtors filed a voluntary petition for Chapter 11 bankruptcy. A group of banks (the "First Lenders") had first position mortgage liens on all property owned by the Debtors with an approximate balance due of $12,000,000. An investment group (the "Second Lender") had a second position mortgage lien on the debtor's property with an approximate balance due of $1,400,000.
Ralph T. Wutscher
McGinnis Tessitore Wutscher LLP
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Chicago, Illinois 60602
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