Practice Areas

Financial Recovery Group

In response to the economic conditions which gave rise to the Emergency Economic Stabilization Act of 2008, Sherin and Lodgen LLP takes this opportunity to reintroduce you to its Financial/Asset Recovery Group. Each lawyer on our team has over 20 years of experience handling problem credits of all types, and we stand ready to assist our bank and other financial services clients in preserving and protecting their investment position(s).

Our depth ranges from forbearance/workout agreements, to restructurings, commercial foreclosures, complex commercial and bankruptcy litigation throughout the New England states and nationally. A synopsis of our experience is as follows:



For over 20 years, lawyers at Sherin and Lodgen have represented most of the commercial banks operating in the Greater Boston Area in a variety of workout and collection matters, restructuring in the aggregate over $1 billion of senior and mezzanine debt.

Representative Experience

  • Numerous owners/developers of retail shopping centers in New York, New Jersey, Massachusetts, and Rhode Island following performance and payment defaults by general contractors during the course of development projects
  • Numerous lenders in workout on real estate related loans throughout Massachusetts and New Hampshire
  • Lender on $11 million loan in successful takeover of Sheraton Hotel and in related litigation and bankruptcy of guarantors; representation included taking possession and operation of hotel, negotiations with franchisor, and disposition of hotel
  • Lender in workout and bankruptcy on loan in excess of $6 million arising from the failed redevelopment of the Quincy Shipyard; representation included review borrower/developers bankruptcy as well as review of Title XI of the Merchant Marine Act of 1936 and its amendments, and reviewing intercreditor agreement with, among others, the United States Secretary of Transportation, acting by and through the Maritime Administrator with regard to allocation of sale proceeds to various secured creditors


The current financial climate will undoubtedly lead to increased litigation. We represent banks, lenders, medical institutions, colleges and universities, religious institutions, and individuals and provide cost-effective and practical creditors’ rights advice on matters of varied sophistication, all geared toward achieving optional results in a timely, efficient manner and on an economical basis.

Representative Experience

  • Directors of a failed commercial bank
  • Pursued claims against guarantors of commercial loans seeking pre- and post-judgment attachments and representing creditors in bankruptcy of borrowers
  • Lender in state court prosecution of claim(s) against a guarantor of a commercial loan who was involved in a six figure check-kiting scheme as an officer of a commercial borrower
  • Lender in prosecution of claims against a borrower and guarantors in a “bust out” scheme whereby borrowers stole corporate assets, transferred/paid them to third parties, who in turn purchased waterfront real estate rendering borrower insolvent. Pursued borrower, guarantors and third parties for fraudulent transfers; Obtained expedited discovery and accountant’s review of books and records, and ultimately 100% recovery for lender including its fees and costs
  • Commercial real estate developer/owner in connection with claim(s) against a defunct general contractor; obtained judgment in state court against general contractor and defended developer/owner against a myriad of mechanic’s lien claims resolving them for less than 50¢ on the dollar
  • Lender in obtaining injunctive relief permitting client to exercise its rights under its loan agreement to put a consultant/watchdog in house at borrower’s business and establishing a lock-box arrangement for accounts receivable
  • On behalf of four charitable beneficiaries, defended two trustees (each separately represented) against claims for removal brought by other trustees, and also prosecuted related claim to remove the trustees who initiated the litigation
  • Charitable beneficiary who sought rescission of trust amendments procured through undue influence, and also prosecuted breach of fiduciary duty claims against the trustee


When debtors seek the “protection” of the Bankruptcy Court, Sherin and Lodgen’s attorneys can help you secure your interests. Our experienced professionals are there to obtain relief from stay, negotiate favorable cash collateral protection and to ensure that your voice is heard and your rights are protected during the bankruptcy process. We represent creditors and creditors committees in engagements throughout the country involving businesses of all types, including healthcare organizations, defense contractors, general contractors, manufacturing companies, real estate developers, owners and retailers. We employ innovative approaches and strategies to help clients navigate the often-tumultuous waters of bankruptcy law.

Representative Experience

  • Landlords in various aspects of major retail bankruptcies, including lease assumption/rejection disputes as well as successfully defending preference actions, including one in the United States Bankruptcy Court for the Southern District of New York for several hundred thousand dollars arising from a pre-petition lease termination agreement
  • Belgium-based owner of intellectual property in bankruptcy of bioscience related licensee of patent
  • Owners and/or general contractors when a bankruptcy filing impacts a construction project; assumption or rejection of executory general and subcontracts
  • Secured lender in obtaining post-bankruptcy, security interest/protection of “cash collateral” position
  • Undersecured creditor to obtain relief from stay to repossess/foreclose on its collateral
  • Creditor challenging a guarantor’s right to a discharge due to fraud
  • Creditor in connection with monitoring and prosecuting its rights relating to the debtor’s sale of assets free and clear of liens
  • Purchaser(s) in bankruptcy court approved asset sales
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