We are in a global financial crisis. Bank failures are at their highest rate since 1993 -- at least 24 in the past year, and not just small regional banks. IndyMac Bank of Pasadena had $32 billion in assets when it failed, and WaMu's demise in September marked the largest bank failure in U.S. history. None are immune. Solvent institutions are unilaterally terminating credit lines that companies rely on as lifelines. Construction and take-out lenders are canceling commitments, leaving developers desperate for sources of funding to complete and carry commercial and residential projects of all sizes. Stalled construction projects have become so prevalent that some owners have no recourse but to raze the halted projects and grapple with how to preserve related rights, including IP licenses, and permits.
Our expert panel will explore the ramifications of lender defaults and failures, including surveying practical and creative strategies for borrowers who may be in danger of losing essential funding. Our panel will also explore how to cope with the inevitable ancillary litigation: who will have what claims against whom, and how to assert claims successfully against regulated and non-regulated lenders.
For bankruptcy and commercial lawyers in Southern California, an epicenter of the financial firestorm, this is a not-to-miss program.
