Bankrupt NJ Developer Sues Partner Over 'Invalid' Deed

Law360, New York (May 10, 2012, 6:10 PM EDT) -- Bankrupt New Jersey real estate development group Liberty Harbor Holding LLC hit a former business partner with an adversary suit Thursday, claiming a deed the partner purports to hold on a joint development is not valid.

Liberty Harbor, which filed for Chapter 11 bankruptcy protection in April, says SWJ Holdings LLC improperly assumed 100 percent of ownership of the 19-acre Liberty Harbor development site in Jersey City in 2006.

According to the complaint, SWJ had no right to assume more than 50 percent ownership and only...
To view the full article, register now.