NY Appeals Court Reopens $1B Meadowlands Loan Suit

Law360, New York (May 8, 2012, 6:37 PM EDT) -- A New York appeals court on Tuesday said a lender had shirked its obligations by not paying advances on its share of a $1 billion loan for an entertainment and shopping complex at New Jersey's Meadowlands, a project the developer abandoned after funding snags.

The 4-1 decision reverses a lower court judge's ruling that roundly dismissed breach-of-agreement allegations against Xanadu Mezz Holdings LLC and its guarantor, a Lehman Brothers unit brought down in the bank's collapse.

According to the appeals court panel, XMH was responsible for...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.