Dynex Capital Inc. Responds to Texas Breach of Contract Lawsuit.Business Editors & Legal Writers DALLAS--(BUSINESS WIRE)--May 11, 2000 On May 8, 2000, Glen Allen Glen Allen is the name of several places in the United States of America:
See: New York Stock Exchange :DX), answered a Dallas County Dallas County is the name of five counties in the United States of America:
In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. . The lawsuit -- brought by Dallas-based Basic Capital Management Inc., Dallas-based American Realty Trust Inc. (NYSE:ARB), and affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. -- alleges that Dynex Capital and its subsidiary, Dynex Commercial Inc., breached a $160 million lending commitment and related individual loan agreements. In addition to money damages, the lawsuit seeks to off-set the plaintiffs' indebtedness to Dynex Commercial on multiple individual loans, including loans for three office buildings in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , La. (1010 Common, the Amoco Building, and 225 Baronne), two apartment projects in Midland, Texas (Ashton Way Apartments and 4400 Apartments), one apartment project in Odessa, Texas (Woodview Apartments), and the Denver Merchandise Mart in Denver, Colo. The lawsuit also names Chase Bank of Texas, N.A., as a defendant as the transferee of the loan on the Midland and Odessa apartments. The claim against Chase Bank seeks to off-set or extinguish that loan. Dynex's response to the Basic Capital lawsuit comes on the heels of a $69 million jury verdict that was awarded against Dynex in March in Austin, Texas. In that case, Dynex allegedly breached the terms of a contract with AutoBond Acceptance Corp. |
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