The threat of substantive consolidation consumes many hours in any finance attorney’s practice. One would think that high degree of concern over substantive consolidation would derive from courts’ willingness to employ the doctrine when in fact, the number of substantive consolidation cases is quite few. Still, few significant real estate finance transactions are closed without a so-called non-con opinion, where a firm is charged with identifying any circumstances that might make consolidation likely or even possible.
This article summarizes some of the key issues related to substantive consolidation and one of the principal loan documentation points that frequently becomes the focus of negotiation.
Supporting Factors
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