Home New Cases Nearly $2.7 Million Sought From Wells Fargo, Situs Asset Management & Others in PWM Property Management Bankruptcy

Nearly $2.7 Million Sought From Wells Fargo, Situs Asset Management & Others in PWM Property Management Bankruptcy

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February 1, 2022, District of Delaware – Plaintiffs 245 Park Avenue Property LLC, 245 Park Avenue Mezz A LLC, 245 Park Avenue Mezz B LLC, and 245 Park Avenue Mezz C LLC filed a complaint against Wells Fargo Bank, N.A., Situs Asset Management LLC, SitusAMC, SitusServ L.P., T-C M-T REIT LLC, Commercial Loan Services for turnover of funds and violation of automatic stay under Section 542 & 362(k) in the bankruptcy case of Debtors PWM Property Management, LLC, et.al.

The Plaintiffs seek a judgment of $651,796.53 against Wells Fargo Bank, $1,084,741.67 against Commercial Loan Services and T-C M-T REIT LLC, $1,018,263.90 against Defendants Situs Asset Management LLC, SitusAMC and SitusServ L.P. The complaint contends that nearly $11 million in cash was allegedly automatically debited from the 245 Park Avenue Property LLC ‘s bank account for certain payments due on November 1, 2021. The complaint further alleges that while the Debtors were going to pay $8,094,672.20 of the nearly $11 million during the Chapter 11 cases, they were “not obligated to pay” the remaining $2,754,802.10. The Plaintiffs claim that the automatic debits were allegedly set up by 245 Park Avenue Property LLC’ s property manager in advance of the November 1 due date, but—unbeknownst to the Park Avenue Property LLC – the payments were “not cancelled” after the Debtors filed the petitions on October 31.  

Accordingly, the Plaintiffs seek to recover $2.7 million for the benefit of the bankruptcy estate.  

In re PWM Property Management, LLCet. al.

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