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Disputed secured claimant fails to file claim by bar date - what are
In a chapter 11, I have a disputed secured claimant who did not file a
claim by the bar date. They have a UCC-1 security interest in receivables.
Loan was $150k. At most they would be secured $30k in receivables (as of
filing date) after accounting for a senior security interest.
This lender was an online lender who initially stated via email (which I
have a copy of) that the loan would be unsecured with no personal
guaranties. They pulled a bait and switch and the papers the client signed
show it's a secured loan with personal guaranties. A UCC-1 was filed.
Do I have to treat them as a secured claim at all in the plan if I marked
them as disputed and they didn't file a claim? What are my options with
these guys? They never participated in the cash collateral hearings at the
beginning of the case. (Only the senior secured lender did.) They just did
not seem interested when I called them early on to inform them of the
emergency hearings, and told me that they hadn't appointed an attorney to
the case. That was in October. Now, no filed claim.
What are my options here?
In a chapter 11, I have a disputed secured claimant who did not file a claim by the bar date. They have a UCC-1 security interest in receivables. Loan was $150k. At most they would be secured $30k in receivables (as of filing date) after accounting for a senior security interest.This lender was an online lender who initially stated via email (which I have a copy of) that the loan would be unsecured with no personal guaranties. They pulled a bait and switch and the papers the client signed show it's a secured loan with personal guaranties. A UCC-1 was filed.at all in the plan if I marked them as disputed and they didn't file a claim? What are my options with these guys? They never participated in the cash collateral hearings at the beginning of the case. (Only the senior secured lender did.) They just did not seem interested when I called them early on to inform them of the emergency hearings, and told me that they hadn't appointed an attorney to the case. That was in October. Now, no filed claim.What are my options here?
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