Roswell Capital Partners LLC. v. Beshara

SUMMARY ORDER

In this dispute arising from a provision in a promissory note purporting to give defendant JMB Associates (“JMB”) the right to “unwind” a mandatory debt-to-equity conversion, JMB contends that by exercising this unwind provision and turning its equity shares back into debt, it reverted to holding a secured interest that is senior to that of the plaintiffs, a group of secured lenders who are seeking to foreclose on the collateral of Alternative Construction Technologies Inc. (“ACT”). The district court granted summary judgment to the plaintiffs, concluding, inter alia, that the…