A fund that won a $3.9 million judgment in September against embattled developer Kent Swig is seeking to enforce its priority claim on certain of Swig’s assets, and prevent competing creditors who are owed a total of nearly $50 million from getting to them first.
The fund, affiliated with Midtown-based investment firm RCG Longview, sued Swig as an individual, as well as five of his creditors, to force a turnover of eight assets to repay a $3.9 million debt, a petition filed Jan. 7 in New York State Supreme Court says. In the same filing, the fund alternately asked the court to turn the assets over to a sheriff or put them in the hands of a receiver.
But a main goal of the suit was to make sure the other five creditors did not get their hands on the assets before the fund named RCG LV Debt IV Non-REIT Asset Holdings, did. The attached chart includes lenders and other creditors who have won court judgments against him. … [more]