Law360 Details Latest in Ongoing Battle for Control of Union Station

A December 15, 2022 article in Law360 entitled “Union Station Fights Bank's Early Win Bid in Foreclosure Suit” discussed the latest development in the ongoing legal battle for control of Union Station. On December 14, Union Station Sole Member LLC (USSM) asked a New York federal judge to deny Morrison Cohen client Kookmin Bank’s request for an early win in the $141 million foreclosure suit over stakes in Washington, D.C.'s Union Station. USSM alleged that until discovery is conducted regarding the meaning of ambiguous provisions of the loan agreements, the decision is premature.

In August, Morrison Cohen client Daol Rexmark, a New York-based lender acting as U.S. agent for Korea-based Kookmin Bank, was declared to be temporary rightful owner of Union Station by U.S. District Judge Gregory H. Woods, who granted the lender a preliminary injunction after borrower Ashkenazy Acquisition Corp. defaulted on its loan and was foreclosed on but then “refused to step aside.”

Partners Y. David Scharf, Brett Dockwell, Kristin T. Roy and Latisha V. Thompson and Associate Amber R. Will are representing Daol Rexmark and Kookmin Bank. The case is Daol Rexmark Union Station LLC et al. v. Union Station Sole Member LLC, case number 1:22-cv-06649, in the U.S. District Court for the Southern District of New York.

Read the Law360 article here.