Developer takes action to obtain millions of dollars in earnest money. The developer of The Residences at The Little Nell fired a counterpunch Friday against some disgruntled buyers at the luxury condominium project in a fight over at least $10 million in earnest money. Residences at Little Nell Development LLC filed the first of what could be several arbitration requests against buyers who are trying to get out of their contracts, according to Brooke Peterson, the Aspen representative of the firm. Dozens of people who had contracts to buy interests in the fractional ownership property decided not to close on the purchases.

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