And when does it become a criminal act for these foreign lenders to prey on these developments, such as Base Village and Dancing Bear, with acts of tortious interference?
Chad Abraham:
"...Related officials have said, in essence, that they stopped paying back the loans because Hypo and the other banks halted additional funding amid the recession. That precluded the possibility of profits from Base Village that could have been used to pay the Hypo consortium back.
“By reason of Base Village [Owner’s] default, Hypo, as allowed by the loan and security agreement ... declared the entire unpaid principal balance of the notes due and payable, together with default interest accrued ...,” the lawsuit says.
Hypo, represented by the Aspen law firm of Klein, Coté & Edwards, says that when it foreclosed on the project in 2010, Base Village Owner owed at least $507.28 million, including accrued interest and other loan-related expenses. Minus the $138 million foreclosure bid price, the defendant owes $368.28 million, according to the lawsuit.
Related Colorado spokesman Steve Alldredge declined comment Monday, saying his firm had not seen the lawsuit.
Lawsuits in New York, where Related is based, are in pretrial evidence phases, he said...."
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