Bankruptcy, Restructuring, and Creditor’s Rights


Quarles & Brady featured in “Irish Agency Dodges $1.2B Suit Over Failed Chicago Spire”


Following is an excerpt:

An Irish government agency can’t be held responsible in the U.S. for allegedly preventing a $1.21 billion deal that could’ve saved the “Chicago Spire,” a skyscraper that would’ve been the second-tallest building in the world, a federal judge said Thursday.

After the 2008 financial crisis ruined the project’s lender, Anglo Irish Bank Corp., Ireland’s National Asset Management Agency eventually took control of millions of dollars worth of loans Anglo had issued for the Spire. NAMA’s actions as it sold off that debt prevented the building’s developer, Shelbourne North Water Street Corp., from finalizing a deal with an investor that would’ve earned the company $1.21 billion, Shelbourne claimed in its lawsuit. ...

An attorney for NAMA, Faye B. Feinstein of Quarles & Brady LLP, said in an email the firm and the agency are very pleased with Judge Wood’s ruling.