$1.6B Nev. Project Developers Sue Lender Over Land Ownership

Law360, New York (September 11, 2012, 4:36 PM EDT) -- A consortium of builders developing a $1.6 billion residential project in Henderson, Nev., on Monday sued hard money lender Kennedy Funding Inc. for allegedly delaying the project by refusing to take ownership of several parcels of land as agreed in a related bankruptcy case.

Kennedy Funding agreed in South Edge LLC’s bankruptcy proceedings to sign on as the successor-in-interest to stakes in land owned by FSG-R LLC, which has the same parent company as South Edge and owed Kennedy Funding for loans it took out to...
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