In May 2006, a national bank instituted an action against an individual and his entities seeking to restrain transfers of actions relating to more than 300 real properties in New Jersey.  The commencement of this action forced numerous lenders, property owners, investors and creditors claiming an interest in the properties and business entities to intervene and/or file related proceedings, resulting in the largest Chancery Court case in New Jersey this past year.  Over 30 related actions were filed shortly after the commencement of this action.  The Court appointed a fiscal agent/trustee in liquidation to oversee the management, operation and liquidation of the properties, valued at approximately $400 million.

Cole Schotz counseled its client through a myriad of intricate issues, protecting his ownership interest in the properties and prosecuting and defending numerous claims against the principal defendant and certain creditors.  The proceedings presented complex litigation, real estate, corporate and potential insolvency issues.  A team of Cole Schotz attorneys across different departments analyzed the various claims and issues of the parties and formulated a strategy to protect and stabilize the assets and the client's position.  This complicated and fast-paced litigation resulted in the entry of over 250 court orders in 2006.

The proceedings afforded the multidisciplinary group of Cole Schotz attorneys opportunities to negotiate the sale of several substantial commercial properties to potential buyers, assist the fiscal agent in establishing the process and procedure for marketing and liquidating the properties in a manner that maximizes value to the estate, assist in establishing the procedure for pursuing and adjudicating creditor claims, and demonstrate its sophisticated litigation expertise.

The largest New Jersey Chancery Court caes provided the firm with the forum in which to demonstrate its capabiities across different commercial practice areas.