Insurer suing Dream developer
By Richard Newman, The Record (Hackensack, N.J.) | |
McClatchy-Tribune Information Services |
According to the lawsuit filed on Wednesday in federal court, the new developer, Triple Five, bought the assets and liabilities of the initial developer from
The company that initially held the lease _
According to the lawsuit, the land lease is now held by two different entities affiliated with Triple Five _
The insurer, which wants the money, alleges the ground lease was "fraudulently conveyed" from Meadowlands Developer to the Triple Five affiliates "to hinder, delay, or prevent" ACE from collecting the
ACE claims in the complaint that Triple Five has in the past acknowledged responsibility for those unpaid insurance premiums. The company took the outstanding judgment into account when it negotiated the price it would pay to take over the project, according to ACE, which is based in
ACE also said in the lawsuit that Triple Five had reached out to ACE with a settlement offer in spring 2012, well before the
The developer, which at that time was negotiating to take over the project, suggested it would resolve the issue by agreeing to buy insurance from ACE for two years and pay "at least
The settlement offer said that ACE should "look to the state of
"Of course, as you must realize, [Meadowlands Developer] cannot pay a judgment and if one is entered against them the lease will be breached and terminated by the state," wrote an American Dream lawyer,
"Although this is a possibility, we would like to avoid that outcome if we can," Pomerantz also wrote.
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