Appeals Court Backs EPT Concord in Concord Associates Agreement Case

Appeals Court Backs EPT Concord in Concord Associates Agreement Case

A United States appeals court ruled and only resort operator EPR Resorts, formerly referred to as EPT Concord. The business manages the construction and operation of this Montreign Resort in the Adelaar area in nyc that will host the Montreign Casino. The court ruling was against real estate developer Louis Cappelli and Concord Associates.

Back 1999, the developer’s Concord Associates purchased a 1,600-acre website aiming to create a casino resort. In 2007, the entity needed capital of $162 million, which it borrowed from the previous EPT. In order to secure its loan, it used vast majority of its home as security.

Although Concord Associates didn’t repay its loan, it could continue using its policy for the launch of the casino but on a smaller slice for the previously purchased web site. Yet, it had to invest in its development by means of a master credit agreement, under which any construction loan must have been fully guaranteed by Mr. Cappelli himself.

Concord Associates failed in this, too, as well as in 2011 proposed to issue a high-yield relationship totaling $395 million. EPT refused and Concord Associates brought the problem to court arguing that their proposition complied using the agreement involving the two entities.

EPT, on the other hand, introduced its plans that are own the establishment of the casino resort. The gambling facility is usually to be run by gambling operator Empire Reso (більше…)

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