With its decision last week, the appeals court dismissed all of Related’s claims against the banks and leaves the company on the defensive in the three loan-guarantee lawsuits, which are being heard by A lower court judge, Judge Charles Ramos, as well as several other ongoing lawsuits from Hypo.
ASPEN SNOWMASS REAL ESTATE – A panel of judges in a New York state appeals court Feb. 16 unanimously dismissed $406 million in damage claims from an entity controlled by The Related Cos. against Hypo Real Estate Capital Corp. and three other Base Village lenders.The appeals court found that the loan agreement between Related and the banks for Base Village “explicitly and unambiguously” barred Related from making claims against the lenders for monetary damages, regardless of the banks’ actions.The court also dismissed Related’s claims for declaratory judgment and injunctive relief, finding that Related had defaulted on its loan payments in April 2009 — a fact that Hypo’s lawyers did not fail to point out — and that the banks have successfully foreclosed on the project, making injunctive relief moot.
By Brent Gardner-Smith, Feb. 22, 12, AspenJournalism.org to AT
Source: 2005-2006 marketing illustration of proposed Snowmass Base Village during the gold rush days. Approximately 1/3 of the project (in middle left side of image) has been completed.