A United States appeals court ruled in support of resort operator EPR Resorts, formerly called EPT Concord. The business manages the construction and procedure associated with the Montreign Resort in the Adelaar area in New York that could host the casino that is montreign. The court ruling ended up being against real-estate developer Louis Cappelli and Concord Associates.
Back in 1999, the designer’s Concord Associates purchased a 1,600-acre website intending to create a casino resort. In 2007, the entity required capital of $162 million, which it borrowed through the previous EPT. So that you can secure its loan, it utilized vast majority of its property as collateral.
Although Concord Associates did not repay its loan, it might continue using its plan for the launch of a casino but for a smaller piece of this formerly purchased site. Yet, it had to invest in its development in the form of a master credit agreement, under which any construction loan needs to have been guaranteed in full by Mr. Cappelli himself.
Concord Associates failed in this, too, plus in 2011 proposed to issue a bond that is high-yield $395 million. EPT declined and Concord Associates brought the problem to court arguing that their proposal complied because of the agreement between your two entities.
EPT, having said that, introduced its plans that are own the establishment of the casino resort. The gambling facility will beContinue reading