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U.S. BANK N.A. v. LIGHTSTONE HOLDINGS LLC

Index No. 651951/10. Appeal Nos. 13779, M-739. Case No. 2020-02376.

196 A.D.3d 445 (2021)

2021 NY Slip Op 04537

U.S. Bank National Association, as Trustee for the Registered Holders of Wachovia Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2007-ESH, Acting by and Through its Special Servicer, CWCapital Asset Management LLC, Appellant, v. Lightstone Holdings LLC et al., Defendants, and Line Trust Corporation Ltd. et al., Respondents. Cadwalader, Wickersham & Taft LLP, Nonparty Respondent.

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

Decided July 22, 2021.

Attorney(s) appearing for the Case

Venable LLP, New York ( Gregory A. Cross of counsel), for appellant.

Neuberger, Quinn, Gielen, Rubin & Gibber P.A., New York ( Brian M. Boyle of counsel), for Line Trust Corporation LTD. and Deuce Properties LTD., respondents.

Morrison & Foerster LLP, New York ( Adam J. Hunt of counsel), for Wells Fargo & Co. as successor-in-interest to Wachovia Bank, N.A., respondent.

Cole Schotz, PC, New York ( Elizabeth Carbone of counsel), for Ashford Hospitality Finance LP, respondent.

Cadwalader, Wickersham & Taft LLP, New York ( William J. Natbony of counsel), for Cadwalader, Wickersham & Taft LLP, respondent.

Troutman Pepper Hamilton Sanders, LLP, New York ( Avi Schick of counsel), for Amici Curiae.

Concur—Renwick, J.P., Kapnick, Kennedy, Mendez, JJ.

This action stems from a $7.4 billion loan from defendant Wachovia Bank, NA (succeeded by Wells Fargo) and nonparties Bear Stearns and Bank of America (the Original Lenders) to affiliates of defendants Lightstone Holdings LLC (Lightstone) and David Lichtenstein (Lichtenstein), entered into for the purpose of purchasing Extended Stay Hotels (ESH), a real-estate investment trust that held a portfolio of over 600 hotel properties. Of the $7.4 billion, $4.1 billion consisted...

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