Philly Developers Spar Over Loan Agreement In $37M RE Row

Law360, Philadelphia (September 9, 2013, 4:08 PM EDT) -- A real estate developer asked a Pennsylvania state court Monday to open a $37 million confession of judgment against him in a dispute with a rival, arguing that the relationship between the two parties would be properly addressed through a previously filed fraud suit.

Developer Eric Blumenfeld said that Ronald Caplan — who Blumenfeld claims agreed to partner with him to manage Blumenfeld's luxury PMC Marine Club Associates LP condominium complex in South Philadelphia — was not acting as a lender when he agreed to acquire...
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