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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 favor of resort operator EPR Resorts, formerly referred to as EPT Concord. The organization looks after the construction and operation for the Montreign Resort into the Adelaar area in ny that will host the casino that is montreign. The court ruling was against real estate designer Louis Cappelli and Concord Associates.

Back 1999, the developer’s Concord Associates bought a 1,600-acre website aiming to construct a casino resort. In 2007, the entity needed capital of $162 million, which it borrowed from the former EPT. In order to secure its lucky nugget number loan, it used vast majority of its home as collateral.

Although Concord Associates failed to repay its loan, it might proceed featuring its policy for the launch of a casino but on a smaller slice of this formerly purchased web site. Yet, it had to invest in its development by way of a master credit agreement, under which any construction loan needs to have been assured 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 matter to court arguing that their proposal complied aided by the contract involving the two entities.

EPT, having said that, introduced its plans that are own the establishment of a casino resort. The gambling center is usually to be run by gambling operator Empire Resorts.