Park Ave. Building Owner Sued Over Interest Paid To Self

Law360, New York (April 11, 2012, 12:57 PM EDT) -- A minority stakeholder in a company that owns a Park Avenue condo building filed a breach of contract suit against the company and majority stakeholder Zachary Vella on Monday, alleging Vella used company funds to pay himself interest on $3.78 million in dubious loans.

Benjamin Soleimani, who owns 15 percent of operating company 949 Park Development LLC, said in his New York state court suit that Vella failed to provide him with books and records for more than three years before revealing that he had paid...
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