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Lubin Olson Litigators Obtain Approximately $65,000,000 Recovery for Client

A Lubin Olson team, led by Jonathan Sommer and Theodore Griffinger (litigation) and Dennis Miller (bankruptcy), successfully recovered a total of $65,000,000 for a New York-based investment fund.  The fund held a promissory note secured by a high-end retail building near Union Square in San Francisco.  After commencing foreclosure proceedings, the Lubin Olson team successfully opposed the borrowers' efforts to obtain a preliminary injunction in the San Francisco Superior Court.  On the eve of foreclosure, the borrowers filed Chapter 11 bankruptcy cases and attempted to avoid the payment of default interest in those proceedings.  After more than a year of litigation in the Chapter 11 cases, Lubin Olson recovered virtually the entire amount of the client's claim, $55,000,000 in principal, plus $10,000,000 in default interest and costs.  The real estate was sold for $79,200,000.