LANDESBANK BADEN-WURTTEMBERG v. WALTON SEATTLE MEZZ HOLDINGS VI-B, L.L.C

Civil Action No. 7933-VCG.

LANDESBANK BADEN-WURTTEMBERG, Plaintiff, v. WALTON SEATTLE MEZZ HOLDINGS VI-B, L.L.C and CT INVESTMENT MANAGEMENT CO., LLC, solely in its capacity as Special Servicer under the Amended and Restated Participation and Servicing Agreement, dated October 23, 2007, Defendants.

Court of Chancery of Delaware.

Decided: April 1, 2013.


Attorney(s) appearing for the Case

Joel Friedlander and Anastasiya Fugett , of BOURCHARD MARGULES & FRIEDLANDER, P.A., Wilmington, Delaware; OF COUNSEL: Michael S. Fein , Christopher P. Belisle , and Jane Freeberg Sarma , of WATSON, FARLEY & WILLIAMS (NEW YORK) LLP, New York, New York, Attorneys for Plaintiff.

Stephen E. Jenkins and Catherine Gaul , of ASHBY & GEDDES, Wilmington, Delaware; OF COUNSEL: Gerard J. Walsh , William A. Molinski , and Seth E. Freilich , of ORRICK, HERRINGTON & SUTCLIFFE LLP, Los Angeles, California; John Ansbro , of ORRICK, HERRINGTON & SUTCLIFFE LLP, New York, New York, Attorneys for Defendant Walton Seattle Mezz Holdings VI-B, L.L.C.

Philip A. Rovner and Jonathan A. Choa , of POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; OF COUNSEL: Nicholas P. Crowell and Adrew D. Hart , of SIDLEY AUSTIN LLP, New York, New York, Attorneys for Defendant CT INVESTMENT MANAGEMENT CO., LLC.


MEMORANDUM OPINION

GLASSCOCK, Vice Chancellor.

I. SUMMARY

This matter involves complicated contractual relationships among lenders whose loans are directly or indirectly secured by real property in the State of Washington. The question presented here, however, is relatively simple. A "Special Servicer" appointed to manage the underlying mortgage loans on behalf of the lenders sought appointment of a receiver over the secured...

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