POOF!: Reversal of $42.2 Million Award Based On Guaranty Meant $760,797 Fees/Costs Award Went POOF!

 

     The Second District, Division 1, in GE CCMC 2005-C1 Plummer Street Office Limited Partnership v. NRFC NNN Holdings, LLC, Case No. B229879 (2d Dist., Div. 1 Mar. 29, 2012) (certified for publication), reversed a $42.2 million award in favor of a guaranty holder, finding a guaranty “bad boy” provision was not triggered when a lease was abandoned by lessee affiliate of guarantor. What did that also mean? You guessed it, the $760,797.50 fees/costs award in favor of guaranty holder also went POOF!–quite a turnaround on appeal.

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