Oil + Gas Foreclosure Litigation and Resolution
Our firm recently resolved multi-million-dollar foreclosure litigation
relating to real estate and mineral interests. These negotiations involved the
resolution of an amount claimed due for an oil and gas development loan and a
lien on oil and gas interests. The successful resolution included the creation
of a new oil and gas lease, securitization documents and a work-out agreement.
$1.5M+ Loan Collection Through Property Liquidation
Our client loaned approximately $2 million to the operators of a chain of tobacco stores, with the stores and other real property located in three counties serving as collateral. Kegler Brown filed a foreclosure suit in one county, but extended jurisdiction over the real properties in the other two. One of the borrowers filed bankruptcy, but our lawyers obtained a relief from stay and were able to proceed with the suit. An auctioneer was appointed to liquidate the properties after the foreclosure judgment was granted in mid-2016.
$105,000 Foreclosure on Properties in 3 Ohio Counties
In 2016, Kegler Brown represented a loan servicer for a debt secured by four parcels of real property located in three separate counties in Ohio. The work of our lawyers enabled our client to file a single action, rather than three lawsuits in three separate counties, by filing a single foreclosure action in Franklin County, which also attached jurisdiction to the properties located outside the county.
Another defendant to the foreclosure disputed the client’s lien priority based on the borrower’s fraudulent loan application. Kegler Brown also bifurcated the lien priority dispute from the sale of the properties, allowing a faster sale to prevent the accrual of property taxes pending resolution of the lien priority dispute.
Eviction Cases and Bankruptcy Dismissals for Ohio Real Estate Company
Our client, a local real estate company, needed assistance with removing a nonpaying business tenant, which had multiple pending bankruptcy cases, from its premises. Kegler Brown handled both the eviction cases and the bankruptcies, first obtaining a dismissal of the tenant’s first bankruptcy case and then resolving the second in January 2017.