Bank of America N.A. v. Hermann Street DE, LLC et al., San Francisco Superior Court, Case No. CGC 09-491063
Jul 19, 2011OUTCOME: Directed verdict for $47,043,311,84
I was the point-person in protracted litigation against Frank and Walter Lembi, the principals of “CitiApartments,” San Francisco’s most notorious landlord. The Lembi’s received a commercial mortgage ... loan in the original principal amount of $132,000,000. The loan was secured by 16 apartment buildings. When the housing bubble burst, the corporate borrowers defaulted and the Lembi’s failed to honor their contractual guaranties. I successfully obtained a court-appointed receiver to take possession and control of the apartment buildings, took title to all 16 buildings through non-judicial foreclosure, and pursued the Lembi’s for the loan deficiency. Two years of litigation ended with a jury trial: a directed verdict was entered against the Lembi’s in the amount of $47,043,311,84.
