The Court-appointed Receiver sought approval for three orders concerning a large condominium project in receivership: a Sale and Investment Solicitation Process (SISP) Approval Order, a Reconfiguration and Letters of Credit (LC) Order, and a Holdback Release Order.
The Reconfiguration and LC Order and Holdback Release Order were unopposed.
The SISP Approval Order was opposed by subordinate lenders (Coco Parties) primarily due to a $1.2 billion minimum bid threshold, which they argued would intentionally cause the SISP to fail.
The court approved all three orders, deferring to the Receiver's business judgment and the Senior Secured Lenders' position, noting the Coco Parties provided no evidence to support their objections and were contractually subordinated.
