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Appeals Court Backs EPT Concord in Concord Associates Agreement Case

Appeals Court Backs EPT Concord in Concord Associates Agreement Case

A US appeals court ruled in support of resort operator EPR Resorts, previously referred to as EPT Concord. The organization is in charge of the construction and procedure associated with Montreign Resort into the Adelaar area in ny that could host the Montreign Casino. The court ruling was against real-estate designer Louis Cappelli and Concord Associates.

Back 1999, the developer’s Concord Associates purchased a site that is 1,600-acre to create a casino resort. In 2007, the entity required money of $162 million, which it borrowed from the former EPT. In order to secure its loan, it used the greater part of its property as security.

Although Concord Associates did not repay its loan, it may continue with its plan for the launch of a casino but on a smaller piece of this previously bought web site. Yet, it had to fund 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, as well as in 2011 proposed to issue a high-yield bond totaling $395 million. EPT declined and Concord Associates brought the problem to court arguing that their proposition complied aided by the agreement involving the two entities.

EPT, having said that, introduced its plans that are own the establishment of the casino resort. The gambling center will be run by gambling operator Empire Resor Read More