Ominsky’s Terrain
In the classic children’s tale about greed, the fisherman, at the urging of his overly ambitious wife, asks the magic fish for one wish too many, and therefore loses everything. The recent Pennsylvania bankruptcy decision in In re Atrium View LLC v. Eastern Savings Bank places lenders in the same boat as the fisherman when they ask for what are seen to be punitive prepayment premiums in their loan agreements. In that case, a Pennsylvania bankruptcy court rejected a foreclosing lender’s claim for a prepayment fee of six months’ interest.
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