Mortgage Firm Fights For Declarations To Void Debt Grab

Law360, London (July 25, 2019, 7:01 PM BST) -- A mortgage portfolio company urged a London court on Thursday to invalidate another company’s attempts to take control of debt wrapped up in a securities deal worth $760 million, arguing that the company’s response to the litigation has to date been “suspicious.”

London-based Business Mortgage Finance 6 PLC said at the start of a two-day proceeding that Greencoat Investments Ltd., or GIL, has been acting as a substantial holder of six classes of notes issued by Business Mortgage in 2007 without the authority to do so. The issuer is seeking several declarations from the High Court, ruling that directions GIL has given...

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