Prospect Capital Seeks Judgment For $37M Energy Loan

Law360, New York (December 23, 2011, 4:20 PM EST) -- Private equity firm Prospect Capital Corp. filed a motion for summary judgment on Thursday in New York state court in a breach of contract case against a Maine developer, saying it is owed $36.6 million from a 2005 loan for an energy development.

Prospect said that Columbia Falls, Maine, resident Morrill Worcester borrowed a total of $17.9 million under a credit agreement with Prospect for an electric biomass power plant project in Deblois, Maine. Worcester fell into default on the loan in 2006 and has not...
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