“… their attempted revocation is not really based on any misunderstanding about the square footage calculation; it is based on the decline in the resort condominium market over the last several years,” the receiver’s attorneys state. “The Viceroy plaintiffs are unhappy that they contractually accepted the risk that the market might decline and now they would like to shift the consequences of that decision to the seller.”

ASPEN SNOWMASS REAL ESTATE – The court-appointed receiver in the Snowmass Base Village foreclosure case does not think that Hypo Real Estate Capital Corp., the foreclosing lender, should accept a settlement proposal from a group of condo buyers at the Viceroy hotel in Snowmass Village who are suing to get their deposits back.Instead, the receiver thinks the buyers should get a price break on their Viceroy condos, as they are unlikely to prevail in a trial about their deposits, according to a report filed in Pitkin County District Court on Friday.
By Brent Gardner-Smith, Jan. 15, 2010 Aspen Daily News

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