More In This Category
View Transcript
I have a client that manufactures different equipment for farmers, and it’s a very specific type of equipment. He had up to, I think, 35 employees at the time that he came to me, and at the time he came to me, the bank he had been dealing with threatened to not only not renew his loan coming up at the end of the year, but pull it early, which would threaten all of his employees and his ability to run the business. When he came to me, the bank had already tried to freeze assets in their bank accounts and was threatening to bring a lawsuit against him, not only to liquidate all of the collateral, but go after him and his wife for the deficiency personally. So when we got the case, we immediately got into a dialogue with the bank. It tends to be attorneys that I know, ‘cause I’ve dealt with them over the years, and we were able, over a several-month period, to not only negotiate a new loan, but release them from any personal deficiency, and the release was probably around $2.5 million, so it really avoided these people not only losing their company, but it also avoided a bankruptcy, which would’ve been inevitable.
Contact Jesse Kibort
Email This Lawyer
(612) 355-4100
See All This Lawyer's Videos
Visit Lawyer's Website
Minneapolis, MN litigation attorney Jesse Kibort talks about a specific case he remembers that was intense. He recalls that he represented a client who manufactured specialized agricultural equipment and employed approximately 35 people. When the client sought his assistance, the bank he had been working with threatened not only to refuse renewal of an upcoming loan but also to call the loan early, jeopardizing the business and its employees. The bank had already attempted to freeze the company’s assets and was threatening litigation to liquidate collateral and pursue personal liability against the client and his spouse.
Upon taking the case, he immediately engaged in negotiations with the bank, leveraging his long-standing relationships with attorneys in the field. Over several months, he successfully secured a new loan and negotiated a full release from any personal deficiency, totaling approximately $2.5 million. His efforts preserved the client’s business, safeguarded employees’ jobs, and prevented an otherwise inevitable bankruptcy.
