Brian C. Courtney could best be described as a "Commercial Lawyer" -able to document finance, real estate, or corporate transactions, pull them apart when problems arise and try and repair the relationships, or litigate any disputes in state, federal or bankruptcy court. In the area of finance, he represents lenders and borrowers in all aspects of the loan relationship and in a variety of loan structures - including commercial lending, asset based lending, real estate and construction finance, equipment finance, bond transactions, and mezzanine finance. In the real estate area, he represents a variety of real estate developers, with a particular emphasis on affordable and multifamily housing. In the corporate area, he represents large international businesses as well as small family owned business, with a particular emphasis on non-profit companies.
In the litigation area of his practice, he has extensive bankruptcy experience representing debtors, bankruptcy trustees, creditors committees, and secured and unsecured creditors. He has litigated a number of state court receiverships for nursing homes on behalf of creditors and owners. He has litigated fraud, contracts, and predatory lending cases in district court.
Mr. Courtney is a frequent lecturer on commercial topics. He was an adjunct professor for the University of Hartford where he taught a course entitled "Workouts, Foreclosures and Bankruptcy" for a dozen years. He is the author of numerous articles in his practice area.
Mr. Courtney is married and has a daughter who is an aspiring ballet dancer. He has a passion for restoring antique homes and his antique Camaro convertible.
Mr. Courtney is Chairman of the Firm's Commercial Department.
Recent Litigation Matters
Mr. Courtney represented the owners of Rosewood Heights and Coleman Park Nursing Homes in connection with their State Court Receivership and successful sale to new buyers. Mr. Courtney developed a novel approach to resolving the over $10,000,000 in secured and unsecured claims against the companies to allow for the sale of the companies' assets. The Receivership was the first successful receivership under the new Connecticut statute, which limited the time for the sale or closing of a nursing home in receivership.
Mr. Courtney represented Fleet Capital Corporation in connection with its loans to Frontier Nursing Homes. He successfully litigated a dispute against the Connecticut Department of Social Services concerning the priority of Fleet's lien on the company's receivables. Fleet was able to successfully obtain priority over the statutory lien in favor of the DSS.
Mr. Courtney represented Illinois Union Insurance Company in the Chapter 11 Bankruptcy proceeding for Pacific USA, Inc. in Dallas, Texas. Mr. Courtney also coordinated litigation through a local counsel against the debtor's parent corporation in Taipei, obtaining attachments on all of the parent company's assets. Mr. Courtney structured a settlement of both cases under which the assets under attachment by Illinois Union Insurance Company would be used to fund the bankruptcy plan, resulting in payment in full to his client on its $17,000,000 settled claim.
Mr. Courtney was counsel to the Unsecured Creditors Committee of Power Designs, Inc., a manufacturer of uninterruptible power supplies, which company was successfully reorganized in January, 2001.
Mr. Courtney represented the Trustee in the Chapter 7 bankruptcy proceeding with Genigraphics, Inc., a national printing company, and oversaw almost 100 preference actions.
Mr. Courtney represented the Trustee in the Pratt & Whitney Machine Tool Company case as special litigation counsel to pursue an avoidance action against Westinghouse credit, which resulted in a recovery of almost $1,000,000 to the estate.
Mr. Courtney has represented numerous unsecured and secured creditors in connection with various bankruptcy proceedings, and has prosecuted numerous foreclosures, and real estate receiver actions, and prejudgment remedy actions.
Recent Transactional Matters
Mr. Courtney was lead counsel to Sovereign Bank in connection with its acquisition of over 100,000 commercial and consumer loans totaling over $100 billion from Fleet pursuant to an asset divestiture required by the Justice Department as a precondition to Fleet's merger with BankBoston, N.A.
Mr. Courtney represented Sovereign Bank in the $29,000,000 financing of the historic Colt Firearms factory in Hartford, Connecticut. The project involves the renovation of the two largest armories comprising almost 300,000 square feet into a combination of commercial and retail space and 238 market rate apartments. The project included additional funding from historic tax credits, a grant from the Connecticut Department of Economic Development, and tax increment financing from the City of Hartford.
Mr. Courtney represented the purchaser of Everett Gardens, a 184-unit affordable housing project in Camden, New Jersey including $9,350,000 in tax exempt revenue bonds issued by the Camden County Improvement Authority and $3,000,000 in tax credits purchased by Sovereign Bank.
Mr. Courtney represented Hill Development Corporation in the acquisition of a 65-unit scattered site development including financing provided by Federal Home Loan Bank, the City of New Haven and Yale University and the issuance of tax credits to Enterprise Social Investment Corp.
Mr. Courtney represented the purchaser of five affordable housing projects totaling 680 units and the financing of a HUD-insured mortgage for $32 million.
Mr. Courtney represented the acquirer of a 240-unit affordable housing project in Columbus, Ohio and the assumption and restructuring of a $9,425,000 bond financing issued by the County of Franklin, Ohio, together with the issuance of $1.7 million in tax credits.
Mr. Courtney represented the purchaser of five affordable housing projects totaling 680 units and the financing of a HUD-insured mortgage for $32 million.
Mr. Courtney represented the non-profit purchaser of a portfolio of transitional housing pursuant to a sale leaseback transaction financed with $16,750,000 in variable rate bonds issued by Connecticut Housing Finance Authority.
Mr. Courtney has represented several international borrowers pursuant to US government guaranteed Overseas Private Investment Corporation ("OPIC") loans.
Mr. Courtney represented the non-profit purchaser of a portfolio of handicap accessible housing financed with $20,440,000 in variable rate bonds issued by Massachusetts Health and Educational Facilities Authority.
Mr. Courtney represented the developer of Kenyon Falls, an historic mill conversion in Coventry CT to 46 market rate residential condominiums.
Mr. Courtney represented the acquirer of a 240-unit affordable housing project in Columbus, Ohio and the assumption and restructuring of a $9,425,000 bond financing issued by the County of Franklin, Ohio, together with the issuance of $1.7 million in tax credits.
Mr. Courtney represented the borrower in connection with the construction, development and sale of the Hill Parent/Child Care Center in New Haven, Connecticut and the financing of same through a $2.5 million bond financing issued by Connecticut Health and Education Facilities Authority and a grant from the Connecticut Development Authority.
Mr. Courtney has prepared the standard form multi-state loan documents for the commercial groups and asset-based lending groups of a number of banks in New England.
Bar Admissions & Memberships
American Bar Association, Section on Business Law
Connecticut Bar Association
Member, Executive Committee of the Commercial Law and Bankruptcy Section
Past Chairman, Young Lawyers Division, Commercial Law and Bankruptcy Section
United States District Court for the District of Connecticut
Member, Turnaround Management Association
Speaking Engagements
Financing Your Business - 2010. Connecticut Bar Association
Foreclosures and Repossessions, May 2008. Lorman Education Services Law
Enforcing Commercial Loans in Connecticut, January 2004. Lorman Education Services
Real Estate Development from Beginning to End. July, 2007. Lorman Education Services
Enforcing Commercial Loans in Connecticut, June 2004. Lorman Education Services
Recent Developments in Commercial Bankruptcy Law - 2006. Connecticut Bar Association Annual Meeting
Community Involvement
Adjunct Professor of Legal Studies for the University of Hartford/Hartford College For Women 1988-2000 for course entitled "Workouts, Foreclosures and Bankruptcy."
Mentor, Mock Trial Program, Community Solutions, Inc. Alternative Education Center.
Advisor to Board of Directors, Miss Connecticut America Pageant
Advisor to Board of Directors, Latino Youth Development, Inc., New Haven, Connecticut
Advisor to Board of Directors, Auer Farm and 4H Center, Bloomfield, Connecticut
