BKNS Management LLC v. Frysta Management LLC

Opinion

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK wee KX BKNS MANAGEMENT LLC, Plaintiff, : -v- 24 Civ. 3631 (JPC) FRYSTA MANAGEMENT LLC, ORDER Defendant.

JOHN P. CRONAN, United States District Judge: The Court has scheduled oral argument on Plaintiff BKNS Management LLC’s motion for summary judgment for May 7, 2025, at 10:30 a.m. The Court anticipates allocating twenty minutes per side for argument. In addition to other issues implicated by Plaintiff's motion, the parties should be prepared to address (1) the application of Sumner v. People, 29 N.Y. 337 (1864), to this matter, and (2) assuming arguendo that the promissory note is not facially usurious, whether a genuine dispute of material fact nonetheless exists regarding whether the $125,000 late fee constitutes a cover for usury, see e.g., Freitas v. Geddes Sav. & Loan Ass’n, 471 N.E.2d 437, 443 (N.Y. 1984) (“It is the prevailing view that where usury does not appear on the face of the note, usury is a question of fact.”); Apollo Cap. Corp. v. Astra Veda Corp., No. 23 Civ. 9708 (AS), 2024 WL 3729093, at *5 (S.D.N.Y. Aug. 7, 2024). SO ORDERED. Dated: April 28, 2025 Vhs Lf 7B New York, New York JOHN P. CRONAN United States District Judge