Bank of America says it is entitled to a place in front of other creditors of The Cornhusker Marriott hotel because the hotel's owner has defaulted on a $30 million secured loan.
The bank's assertion of a secured position in front of other creditors is the latest in a series of financial maneuvers staking claims to The Cornhusker Marriott's revenue. It isn't clear how the owner's legal and financial issues will affect the hotel's operations, if at all, and how they will play out.
The court filings did little to clarify the financial condition of The Cornhusker Marriott's proprietor, Shubh Hotels Lincoln, and its owner, Atul Bisaria, who bought The Cornhusker Marriott in 2004, except to reveal his company is in default. That doesn't necessarily mean the secured creditor intends to force the immediate collection of what's owed nor to force liquidation or reorganization.
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