Kasowitz Wins Summary Judgment on Hotel Foreclosures and Personal Guarantees
On January 11, 2012, Kasowitz won four significant victories on behalf of client RPAP, a joint venture between Atlas Capital Group LLC, The Procaccianti Group and Rockpoint Group LLC. In the four underlying suits, RPAP was seeking to foreclose based on more than $300 million of loans to the Alex Hotel and the Flatotel, both located in New York City, and to recover on the personal guaranties related to the loans. The court granted Kasowitz’s motions for summary judgment in all four actions, and awarded RPAP foreclosure on both hotels, judgment on more than $25 million in personal guaranties, interest, costs, and attorney’s fees. The court also granted Kasowitz’s motions to dismiss of all of defendants’ counterclaims and affirmative defenses. As a result of the court’s rulings, RPAP can foreclose on the two hotels and collect on the guaranties. Kasowitz partners Marc E. Kasowitz and Paul M. O’Connor III led RPAP’s representation.