Hypo claims that Related and PSCI have yet to pay the completion costs for Base Village, despite agreeing to do so in a March 1, 2007 “guaranty of completion.”“This guaranty is an irrevocable, unconditional, absolute, continuing guaranty of payment and performance …” states the agreement, which was signed on March 1, 2007, by Jeff Blau, an executive vice president at Related and by Pat Smith, the manager of PSCI.

ASPEN SNOWMASS REAL ESTATE – Hypo Real Estate Capital Corp., the lead entity in a consortium of European banks that financed the $520 million construction of Base Village, filed a lawsuit last month seeking $101 million from the two primary developers of the project, The Related Companies of New York and PS California Investments (PSCI), whose principal is Pat Smith, formerly of Related WestPac.The lawsuit is in addition to four others filed by Hypo in July 2010 against Related and Smith seeking over $200 million. Hypo also has foreclosed on Base Village and expects to gain control of the project at an auction on Jan. 26.
Brent Gardner-Smith, Jan. 6, 2011 Aspen Daily News

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