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WILSHIRE WESTWOOD PLAZA LLC v. UBS REAL ESTATE SECURITIES, INC.

Nos. 7296, 651055/10, 7297.

94 A.D.3d 514 (2012)

942 N.Y.S.2d 75

2012 NY Slip Op 2754

WILSHIRE WESTWOOD PLAZA LLC, Appellant-Respondent, v. UBS REAL ESTATE SECURITIES, INC., Respondent-Appellant.

Appellate Division of the Supreme Court of New York, First Department.

Decided April 12, 2012.

Defendant UBS loaned plaintiff Wilshire $68.75 million (the loan) under a loan agreement, which also granted Wilshire a one-time "right of first refusal" (ROFR) to purchase the loan if UBS were to contemplate selling the loan to a third party. When UBS later announced an intention to transfer the loan to StabFund Sub NCA AG (StabFund), a "stabilisation fund" that was set up as a special purpose vehicle by the Swiss National Bank for the Swiss government's bailout of UBS during...

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