| BMO Harris Bank Debtor
Principis Says It Was On No Notice Told To Pay
Collections Account
By Matthew
Russell Lee, Patreon
BBC
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SDNY COURTHOUSE,
Sept 5 –
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 next
Thursday, and for another
telephone conference is
necessary the day after. She
wished the lawyers good health
and a good holiday weekend.
The case is BMO
Harris Bank N.A. v. Principis
Capital LLC et al, 20-cv-6355
(Schofield)
***
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