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Sept 24, 2013

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BMO Harris Bank Debtor Principis Was Told To Pay Collections Account Now Receiver Mulled

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, Sept 24 –   In 2017 Bank of Montreal Harris and First Horizon lent $55 million to Principis Capital LCC of Manhattan and Jersey City. In 2020 Principis stopped paying and BMO sued.  

On September 4 U.S. District Court for the Southern District of New York Judge Lorna G. Schofield held a proceeding. Inner City Press covered it.  

The banks want a received to be appointed. But Principis CEO Jane Prokop says, "We received no warning before the Notice landed in our email box late on August 3... Principlis offered in numerous phone conversations to provide a reconciliation for the August 3 minimum balance shortfall, but BMO's response was to insist that $678,709 was simply to be wired into the Customer's Bank collection account."  

Judge Schofield asked for a status letter.

On September 24 Judge Schofield held another proceeding. Now a receiver is being mulled. But Judge Schofield said she would not order one off the cuff, asking instead for filings on the issue.

The case is BMO Harris Bank N.A. v. Principis Capital LLC et al, 20-cv-6355 (Schofield)


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