Olshan Client Can Pursue Claim Against Controlling Class of CMBS Trust

As reported by WestlawNext, the Commercial Division recently ruled that Olshan client JFK Hotel can pursue claims against Blackstone affiliates Hilton and CIBX based on CIBX’s knowing concealment that it was lending to a Hilton licensee. In denying both CIBX and Hilton’s motion to dismiss, JFK Hotel may prosecute inter alia its claims that CIBX, Hilton and Blackstone surreptitiously obtained decision-making power over both Plaintiff’s debt and franchise. CIBX served as the loan underwriter as well as the CMBS trust sponsor and certificate holder of the controlling class. Olshan partners Kyle Bisceglie and Adam Friedman represent JFK Hotel. The history of this matter can be read in our prior news item, “The Real Deal Quotes Bisceglie on JFK Hotel’s Lawsuit Against Hilton and CIBX.”