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Appeals Court Backs EPT Concord in Concord Associates Agreement Case

Montag, Februar 24th, 2020

Appeals Court Backs EPT Concord in Concord Associates Agreement Case

A US appeals court ruled in favor of resort operator EPR Resorts, previously known as EPT Concord. The business looks after the construction and procedure of this Montreign Resort within the Adelaar area in nyc that could host the casino that is montreign. The court ruling had been against real-estate designer 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 from the former EPT. In order to secure its loan, it used the greater part of its property as collateral.

Although Concord Associates didn’t repay its loan, it may continue using its policy for the launch of the casino but on a smaller piece regarding the previously bought web site. Yet, it had to finance its development by way of a master credit contract, under which any construction loan needs to have been fully guaranteed by Mr. Cappelli himself.

Concord Associates failed in this, too, as well as in 2011 proposed to issue a bond that is high-yield $395 million. EPT declined and Concord Associates brought the matter to court arguing that their proposal complied using the agreement between the two entities.

EPT, on the other hand, introduced its very own plans for the establishment of a casino resort. The gambling facility is to be run by gambling operator Empire Resor (mehr …)