Weeks Street, LLC v. Nexgen Builders, Inc. CA1/3
William E. Kennedy (Kennedy) owned and managed Weeks Street, LLC (Weeks) which built single family homes in East Palo Alto (property). Weeks obtained a construction loan from First National Bank of Northern California, N.A. (Bank) which Kennedy guaranteed. Weeks entered into a construction contract with Nexgen Builders, Inc. (Nexgen) to develop the property. Weeks also obtained a loan from Suraj P. Puri and Pravin N. Patel (Puri/Patel) secured by a trust deed on the property, subordinate to Bank’s lien; later Kennedy acquired a 30% interest in the Puri/Patel loan. After sustaining construction challenges, Weeks filed for Chapter 11 protection in the United States Bankruptcy Court. (11 U.S.C. § 1101 et seq.) Weeks sued Nexgen and Bank for alleged contract breaches and other claims (lawsuit).
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