The following are representative matters that Goldberg Kohn attorneys have worked on relative to distressed real estate and real estate litigation:

Bankruptcy analysis for multi-use downtown Chicago high-rise development. We assisted a pension fund mortgage lender in negotiating restructuring options, and provided a comprehensive analysis of the likely scenarios in the event the owner filed for bankruptcy reorganization. Using the most current "cram down" principles, we were able to provide the lender with a comprehensive analysis, including the worst-case scenario. This enabled the lender to realistically assess all of its options in dealing with the borrower.

Consolidation and spreading involving portfolio of suburban Chicago industrial properties. On behalf of a foreign bank, we negotiated and documented a comprehensive restructuring of a portfolio of loans to different borrowers, all of which were controlled by the same principal. Prior to the restructuring, certain loans were performing and others were not; following the restructuring, the loans were all cross-collateralized and cross-defaulted. As a result, the borrower was less able, in a bankruptcy context, to leave the bank with only the non-performing assets.

Ground lease enforcement. We have assisted a ground lessor in enforcement of a ground lease under a downtown Chicago office building in connection with both monetary and non-monetary defaults

Joint venture dissolutions. We have represented both developers and capital joint venture partners in the unwinding of unsuccessful joint ventures for development and redevelopment of office, hotel and industrial facilities.

Restructuring of non-performing loan on suburban office building. On behalf of an insurance company, we negotiated and documented the restructuring of a loan that put the borrower on a cash flow interest pay rate, which allowed for the property to turn around. Features of this restructuring included springing guarantees in the event of a bankruptcy, interest accrual and an equity participation in favor of the lender.

Foreclosure and REO disposition. On behalf of a local bank, we successfully completed a contested mortgage foreclosure proceeding relating to one phase of an urban shopping center. In order to complete the foreclosure, we successfully challenged the borrower's bankruptcy filing and obtained an order from the bankruptcy court lifting the automatic bankruptcy stay. Once the mortgage foreclosure was completed, we assisted the bank in its administration and eventual disposition of the asset. This involved not only general property matters such as leasing and real estate taxes, but also the administration of the bank's relationship with its participant banks.

Restructure of multi-state revolving mortgage-backed facility. We assisted with the restructuring of a $50 million revolving loan secured by real estate in several states, involving consolidation of multiple existing facilities, conversion into a restructured single facility, and structuring to limit bankruptcy exposure.

Restructure mortgage debt on downtown Chicago hotel. We performed the restructuring of a $17 million loan secured by a downtown Chicago hotel, involving redocumenting of a loan into senior secured and junior secured components, loan extension, addition of an equity participation feature, and imposition of an anti-bankruptcy guaranty.

Hotel deeds in lieu of foreclosure. We assisted an institutional lender in taking back hotel assets in lieu of foreclosure. These transactions have included analysis and enforcement of non-recourse carve-out guarantees and/or extension of these guarantees for post-closing audits.

Recovery of industrial property. We completed the restructuring and eventual deed in lieu of foreclosure of a $10.5 million loan secured by a single office/warehouse property in suburban Chicago, utilizing negative amortization, cash flow use restrictions, anti-bankruptcy guaranty, and guaranty to provide uncontested deed in lieu of foreclosure.

Security interest in post-petition hotel room revenues. We represented a secured creditor who purchased a note and mortgage from RTC. We successfully defended the debtor's attempts to reduce the note to consideration paid to RTC; and we obtained one of the few published opinions recognizing a secured creditor's security interest in post-petition hotel room revenues.

Hotel and golf course reorganization. We represented a secured creditor in connection with a hotel and golf course reorganization, including negotiating a plan of reorganization with the construction lender.

Perfected interest. We represented a secured creditor in connection with a "new debtor syndrome" chapter 11 case involving a shopping center. We obtained one of the first published opinions recognizing a perfected interest in post-petition rents based solely on an assignment of rents recorded prepetition.

In addition to our experience dealing with troubled loans, we have substantial experience with a myriad of real estate litigation and bankruptcy matters ranging from complex real estate tax disputes to construction litigation, mezzanine loan foreclosures, landlord-tenant disputes, litigation between competing REITs, challenges to annexation proceedings and class action suits. For example, our attorneys have represented general contractors and owners in disputes over construction delays, as well as in disputes with lenders concerning lien rights, delay damages and lenders' responsibilities for funding. We are currently representing one of the nation's largest lenders in class actions by mortgagors alleging violations of Illinois' consumer protection statutes resulting from allegedly excessive interest and other charges. We have represented lessors of real property in cases involving their lessee's bankruptcy (i.e., section 365 issues), and we have substantial experience in challenging property taxes for large industrial enterprises.