A federal judge halted real estate lending institutions Capmark Financial Group (CPMK.PK), tender, to restore the Capmark debt restructuring due to allegations of conflict of interest by Goldman Sachs (GS.N: Quote) $ 147 million.
Last Tuesday in a written ruling, U.S. District Court Judge Robert Sweet in Manhattan Capmark's argument is disabled, because they are contrary to its report in 2010, and the Official.
Capmark has accused Goldman Sachs get paid Capmark one of the lenders to take advantage of its dual role, while also maintaining a seat of its board of directors.
The acquisition of 74% stake in Goldman Sachs Capmark promote a line of credit of $ 8.7 billion in 2006. Bradley was placed on one of the building, its Managing Director, with CapMark Board.
In May 2009, Capmark entered into a new U.S. dollars, $ 150 million line of credit to help it to repay part of the debt initial. It contends that it paid to Goldman Sachs $ 147 million reduction in the size of loans to reach an agreement, Goldman Sachs can be manipulated, because it exists on the board of directors of the Company.
Capmark filed for bankruptcy five months later, in October 2009.
Sweet dismissed the lawsuit, saying the statements made ??on bankruptcy Capmark wavering.
In 2010, part of the settlement of similar claims in the U.S. Bankruptcy Court in Delaware, Capmark that Goldman Sachs loan restructuring is the result of "hard-fought" and "fair trade" negotiations.
Sweet said, the benefit of this argument the Capmark because the settlement agreement has saved the company millions of dollars. Capmark can not make a statement, "found ... no negotiations at arm's length," Sweet said.
The Capmark A spokesman could not immediately be reached for comment. A lawyer for the company did not return calls.
Goldman Sachs spokesman Michael DuVally said the bank is "pleased that the claims were dismissed."
At present, the case is Capmark Financial Group Co., Ltd., et al v. Goldman Sachs Credit partners LP, U.S. District Court, Southern District of New York, No. 11-07511.
 



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