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SunTrust Equipment Finance & Leasing's Suit Against Track Owner Concludes Litigation

King & Spalding represented SunTrust Equipment Finance & Leasing (“STEFL”) in its litigation against International Speedway Corporation (“ISC”), arising out of a sale-leaseback transaction with DC Solar (whose bankruptcy case is pending in the District of Nevada). STEFL purchased approximately 500 mobile solar generators (“MSGs”) from DC Solar; STEFL then leased the MSGs to an affiliate of DC Solar, who then subleased the MSGs to ISC. DC Solar filed bankruptcy and its principals were subsequently prosecuted for operating a Ponzi scheme. STEFL sued ISC in the United States District Court in the Middle District of Florida asserting various claims, including fraud and breach of contract. International Speedway Corporation filed counter claims against SunTrust Bank and STEFL related to an account hold placed on certain of ISC’s deposits.

King & Spalding served as lead counsel for STEFL and SunTrust Bank in all phases of the litigation, including preparing the complaint, discovery, various emergency motions and the summary judgment briefing. K&S also represented STEFL in connection with the DC Solar bankruptcy proceedings.