What Catastrophic Failure Caused a Bank to Lose $1.5 Billion?
An unforced error lost the game.
How did a small mix up become a game-changing error? An overlooked detail on a routine document cost Chase Bank dearly when they terminated the wrong UCC-1 Financing Statement. That mistake released all of the collateral securing a $1.5 billion term loan. This white paper reviews the case of In re Motors Liquidation Co. where the saying “don’t sweat the small stuff,” while often good advice, emphasized that the attention to the detailed “small stuff” is critical with legal documents.
Practice emphasizes creditors’ rights and construction issues, and also includes consulting and supervising throughout the firm’s areas of business
Includes emphasis on creditors’ rights, bankruptcy cases, general litigation, loan documentation, workouts, foreclosures and forcible detainers, as well as deficiency collection and accounts collection
Client list includes banks, mortgage companies, distributors in various industries and leasing companies
Former director of the Arizona Chapter of the National Association of Credit Managers (NACM)
Named Best Lawyer in the areas of bankruptcy and creditor debtor rights for the last 10 years by Best Lawyers in America
Ranked as a Super Lawyer by Super Lawyers
Ranked as one of Arizona’s Finest Lawyers by Arizona’s Finest Lawyers Foundation
Can be contacted at https://www.gblaw.com/professional/michael-r-king/
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