Ex-Empire Land CEO, Attys Face Sanctions Bid In Ch. 7

Law360, New York (March 20, 2012, 12:59 PM EDT) -- The bankruptcy trustee for real estate developer Empire Land LLC sought sanctions Friday against former CEO James Previti and his counsel for demanding the trustee pay $50 million for allegedly dragging Previti into a suit over a doomed real estate project in California.

The dispute between Empire's Chapter 7 trustee Richard K. Diamond and Previti stems from Empire’s failed Anaverde real estate development project in Palmdale, Calif. Palmdale Land Investors LLC purchased a 49.9 percent stake in the project, and later claimed Empire had concealed its...
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