- News & Insights
Asset Protection and Recovery
Woods Aitken, consistent with its commitment to providing outstanding and timely client service, created its Asset Protection and Recovery Team to give financial institutions a multi-disciplinary approach that singularly focuses on the particular legal needs that a lender faces in the management of its loan portfolio during challenging economic times.
The Asset Protection and Recovery Team offers our clients the services of an initial primary attorney contact, who can then work with client representatives to tap into the particular areas of expertise of appropriate specialists to best serve our clients’ needs, including:
- Consultation and exploration of options immediately upon internal identification of a potential challenging loan.
- Analysis of existing loan documentation and evaluation of the strengths and potential weaknesses of lender’s legal position relative to the borrower, any guarantors and other secured creditors.
- Working with the lender’s special assets or loan recovery professionals to examine alternatives and to negotiate and draft modification, forbearance or deed in lieu agreements, as well as other appropriate documentation.
- Evaluation of environmental issues and options related to loan collateral and lender’s remedies and risks.
- Facilitating loan assumption transactions, including negotiation and document preparation.
- Completing deed in lieu and other voluntary surrender of collateral transactions, as well as assisting in lender liquidation of recovered real estate and other collateral.
- Aggressively pursuing non-voluntary collateral recovery remedies, including foreclosure, repossession and exercise of other remedies available against loan collateral, such as appointment of receivers and exercise of rights to recover rents, accounts receivable, funds held in accounts and other types of collateral.
- Diligent representation in all types of loan related litigation proceedings, such as injunctions, deficiency claims and guarantor liability, whether initiated by or against lender.
- Counseling and representation in bankruptcy proceedings involving a borrower and loan collateral, together with pursuing available remedies and asset protection within the confines of the bankruptcy proceeding.
- Representation in connection with all aspects of loans to facilitate liquidation of REO and other recovered collateral, including analysis of new borrower entity documents and preparation or review of new loan documentation.
The Asset Recovery and Protection Team is dedicated to expediting and streamlining the loan resolution process and assisting our client addressing the often complicated and evolving challenges presented by the problem credit transaction.
Please feel welcome to reach out to any of the following team members for advice or assistance:
Frank J. Mihulka, Asset Protection and Recovery Team Coordinator
Omaha: (402) 898-7413
Audrey R. Svane (Litigation)
Lincoln: (402) 437-8528
Craig C. Dirrim (Litigation)
Lincoln: (402) 437-8524