Wilmington Sues To Recover $50M Casino Project Guarantee

Law360, New York (September 5, 2012, 9:07 PM EDT) -- Wilmington Trust NA sued two individuals involved in a now-bankrupt Las Vegas casino project Wednesday, claiming they improperly moved money to avoid a $50 million guarantee owed to the lender after the project tanked.

Wilmington accused Jeffrey Soffer and Jacquelyn Soffer of stripping Turnberry Residential Limited Partner LP of its assets ahead of the collapse of the Fontainebleau Resort Las Vegas, knowing that Turnberry had guaranteed the project's completion for $100 million.

Fontainebleau was planned to be a $2.9 billion, 3,815-room resort with a 100,000-square-foot casino,...
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