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MATTER OF S.A.S. v. FIRST HOTELS & RESORTS INVESTMENTS, INC.

16257, 150583/14.

140 A.D.3d 558 (2016)

34 N.Y.S.3d 32

2016 NY Slip Op 04888

In the Matter of CDR CRÉANCES S.A.S., Respondent, v. FIRST HOTELS & RESORTS INVESTMENTS, INC., Also Known as LES PREMIERS INVESTISSEMENTS HOTELIERS & VILLEGIATURE, INC., Appellant, et al., Respondents.

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

Decided June 21, 2016.

In 1991, Société de Banque Occidentale (SDBO), the predecessor-in-interest to petitioner CDR Créances S.A.S. (CDR), loaned nonparty Euro-American Lodging Corp. (EALC) more than $82 million to acquire a Manhattan property and turn it into a hotel. Judgment debtor Maurice Cohen controlled EALC. EALC later defaulted on the loan, and SDBO sued EALC in France to accelerate repayment of the loan debt. In February 2003, the French court directed EALC to repay the...

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