Richard M. Kohn and Randall L. Klein were contributing authors on the amicus brief filed on March 9, 2012, in the U.S. Supreme Court in the RadLAX Gateway Hotel case, a matter of great importance to the financial services industry. Goldberg Kohn acted as co-counsel to the Commercial Finance Association, which is the primary U.S. trade association for asset-based lenders. Richard serves as Co-General Counsel to the CFA.
In this case, the Supreme Court will decide whether secured creditors have an absolute right to "credit bid" under a plan when its collateral is being sold. According to Randy, "this case is about the fundamental right of the lender to either be paid what it is willing to bid or to get the property back."
Goldberg Kohn was joined by Otterbourg, Steindler, Houston & Rosen, P.C. on behalf of the CFA. The CFA combined forces on the brief with some of the most influential financial service associations in the country, including the Loan Syndications and Trading Association, the American Bankers Association, the Clearing House Association, the Commercial Real Estate Finance Council, the Equipment Leasing and Finance Association, the Financial Services Roundtable, the Managed Funds Association, the Mortgage Bankers Association and the Securities Industry and Financial Markets Association.