Landsource Unit Sues Dolce View Over $45M Deal

Law360, New York (April 6, 2009, 12:00 AM EDT) -- A subsidiary of bankrupt LandSource Communities Development LLC has opened adversary proceedings against Dolce View LLC, alleging that the firm agreed to act as the stalking horse bidder for a Los Angeles condominium development but then refused to close the $45 million purchase.

In a complaint filed Friday in the United States Bankruptcy Court for the District of Delaware, LNR-Lennar Washington Square LLC said that Dolce View and guarantor CIM Fund III LP has breached their purchase agreement.

Washington Square and Dolce View in January entered...
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