US court blocks Anglo bid to force property sale - The Irish Times - Sat, Nov 20, 2010

US court blocks Anglo bid to force property sale - The Irish Times - Sat, Nov 20, 2010: "MASSACHUSETTS court has blocked Anglo Irish Bank’s forced sale of a laboratory, retail and office complex near MIT college and Harvard University in Cambridge in its attempt to recoup a loan of $180 million (€131 million).
The owners of One Kendall Square, a complex of 11 buildings, secured a preliminary injunction against Anglo blocking the sale of the properties and the bank’s foreclosure proceedings against them pending the final judgment of the court to resolve the stalemate.
Beal and Rockwood Capital claimed they have not missed any repayments on the loans.
The bank brought the action on the basis that the owners had breached the loan-to-value agreement on their borrowings, which prevents the debt rising above 75 per cent of the property’s value.
The nationalised bank said the Massachusetts property had declined in value during the economic downturn and that the owners cannot repay the debt in full. The injunction granted by the superior court of Suffolk County stops the sale of the property pending final judgment in the action taken by the owners against Anglo, and up to April 6th, 2011."