Call Our Office Today: +1 (718) 329-9500
Back in 2009 a default judgment was entered against Pembrook Pines Mass Media and Pfuntner for defaulting on their loans. Along with the judgment a forbearance agreement was also issued. A forbearance agreement postpones, reduces, or suspends a loan payment for a designated time period.
The parties’ forbearance agreement expired in early 2012, allowing the creditors to seek then appointment of a receiver. Specifically, the creditors argued that Pembrook and Pfunter’s radio stations continued to make a profit; however, the sale of the stations would generate a much larger profit to satisfy the companies’ debts.
After reviewing the factors of the case, the court reached a fairly neutral decision. The court ruled that the two media companies would leave a $20,500 deposit with the creditors. In exchange a stay order would be placed on the sale of the radio stations. The media companies would then work to pay the creditors $379,500. Upon satisfying the debt amount, the court would discontinue the sale of the radio stations and their assets.
If you are suffering financial or you are considering bankruptcy contact our office at (800) 660-5299 to set up a free in person consultation. Mr. Lutzky of Jayson Lutzky, P.C. has represented thousands of satisfied clients over the past 29 years. You can visit our website, www.BankruptcyNYC.com, for more information.