What it should do. brp has no other major creditors except

Assignment Help Business Law and Ethics

Reference no: EM133450891

Case Study: After you were fired from the law firm of Dewey, Cheatum, and Howe, you are hired by the Debtor law firm of Buck, Passes, and Here.

Mr. Buck comes to tell you that he has a client, Big Rich Properties ("BRP") which owns a real property located at 363 W. Erie Street, Chicago, Illinois (the "Property"). His client owes $10 million on the Property to Bank of America, but the Property is only worth $5 million. He also owes about $10,000 total for unpaid bills to the cleaning company.

BRP has a friend, Pedro Angel, willing to lend BRP $6 million, but BRP does not know what it should do. BRP has no other major creditors except for Bank of America. But Pedro will only do the deal if Bank of America no longer has an interest in the Property.

Reference no: EM133450891

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