PE Firm Says NJ Hospital Conspired To Undermine Sale
By Joshua Alston
Law360, New York (July 12, 2013, 10:24 PM ET) -- Liberty Bell Capital II LP on Thursday filed a $5 million breach of contract suit in New Jersey federal court, saying Warren Hospital and others derailed its acquisition of a medical plaza they occupied and offered it to another company in exchange for its withdrawal from pending litigation.
The partnership said the hospital and three other tenants in Phillipsburg, N.J.’s Hillcrest Medical Plaza went through the motions of agreeing to a post-foreclosure settlement after the plaza’s holding entity defaulted on its $12.3 million mortgage. But LBC...