Opinion ID: 801993
Heading Depth: 3
Heading Rank: 3

Heading: Okun Stops Making Payments to the Investors

Text: and Assigns the Loan to Cordell Consultants Three weeks after purchasing the loan, IPA Lender assigned it, as well as the escrow accounts, to another entity as security for a $6,000,000 loan. It discharged No. 11-2891 9 the assignment in November 2006. A month after this assignment, the IPA Lender pledged the loan as consideration for a $2,500,000 loan to it from Cordell Consultants, Inc. In July 2007, Okun stopped making monthly payments to the Investors, and his companies sought bankruptcy protection. Cordell Consultants became the owner of the loan. The Investors then stopped making payments to Cordell Consultants, and Cordell Consultants brought foreclosure proceedings against the property at 5201 West 86th Street. The Investors agreed to sell the property to a Cordell Consultants-owned company in consideration for its discharge of their obligations under the loan documents. Okun, in 2008, was convicted of wire and mail fraud, conspiracy, and other crimes.