The Real Deal Miami

Stern struggles to pay bills

November 16, 2010 09:18AM

The Law Offices of David J. Stern is now having trouble paying its
bills. One of its subsidiaries, the DAL Group, which is affiliated with
Stern’s public foreclosure-processing company, DJSP, entered into a
forbearance agreement with Bank of America last week for a $12 million
revolving line of credit. The bank had sent a notice of default on DAL.
The company has also fallen behind on rent payments at its Plantation
offices, according to a regulatory filing Monday. Jeffrey Tew, an
attorney for Stern’s law office, declined to comment on the public
company. Other lenders with subordinated loans have also made the
decision to forebear the company’s debts on a temporary basis. [Sun