Represented a major investment bank with respect to its acquisition of a defaulted $15 million first mortgage loan secured by commercial office building. Initiated foreclosure proceedings against the borrower, initially stayed by the Chapter 11 bankruptcy filing of the borrower, based upon the springing recourse provisions under loan documents. The borrower acquiesced, and the collateral was conveyed to the holder of the loan out of a confirmed plan of reorganization approved by the bankruptcy court, which facilitated the conveyance of the property to the holder of the loan free from the normally imposed transfer and recordation taxes.