March 31, 2007

What I don't always enjoy about being a corporate litigator

Well, it is Saturday morning and here I am at my desk. Taking a quick second between emails with a client. He retained us (me) yesterday after receiving a notice from his lender that things were not going well with his $100 million loan. He (my client) also signed, I am so sorry to say, a personal guaranty on that $100 million loan. The collateral securing the loan may be, shall we say, impaired in terms of value. I don't want to say that the loan is upside down. Yet. But I spent the entire day yesterday plowing through several 100 plus page loan agreements. There is nothing more byzantine, and deliberately so, than a commercial loan agreement. Also, probably, nothing as restrictive and cumbersome and burdensome and odious. Scary stuff, really.

I printed out all of the documents (as far as I know) associated with the loan transaction. They have covered the surface of a conference table that can seat about 18 people.

I am alone in the office today trying to determine, under some pressure, what wiggle room my client has, if any.

Yup, days like this, when I have a client with a huge problem, a conference room table full of 100 plus page documents, a headache, and I cannot find an out for him, are days I dislike my job. I would be happier if I could find just a little out. A teeny little mistake made by the drafter of the loan documents. It don't look good. For him or for me today.

Hasta.

Posted by Random Penseur at March 31, 2007 09:26 AM | TrackBack
Comments

You'll find one, I know you will. A tiny slivver. I'd come look at the docs with you but gee I want to - uh - walk in my garden. Seriously, good luck!!

Posted by: anne at March 31, 2007 10:08 AM

I cannot even imagine what it's like to be in hock for $100m.

Good lord. That just seems unreal.

Posted by: Kathy at March 31, 2007 10:16 AM

ugh. I hope it appears posthaste so you can enjoy SOME of your weekend with the VB and the kids!

Posted by: caltechgirl at March 31, 2007 11:46 AM

If there's one ot find, you'll find it. If there isn't, then I'll know you'll say a prayer for him.

All you can do is just that... try & hope.

Posted by: michele at April 1, 2007 02:53 PM

On days like that, I long to trade places with the person delivering the mail - or with anyone, for that matter.

Posted by: Monica C. at April 5, 2007 05:41 PM