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.


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

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