Judge denies Trump's plea to freeze $1.76B.A Manhattan Supreme Court justice has blocked Donald Trump's attempt to tie up proceeds from the record $1.76 billion sale of Riverside South
Riverside South land. On August 16, Supreme Court Justice Herman Cahn issued a stay blocking a $1 billion "attachment" Trump tried to place on the proceeds of the sale until a September 1st hearing. While Trump already claimed in a federal lawsuit that the sale should have yielded more than $1.76 billion, papers filed by the lawyers for his general partners contend that Trump is trying to avoid the terms of his 1994 partnership deal and pressure the partners to cash Trump out before he is entitled. After a motion to dismiss Trump's suit was filed in federal court, Trump commenced a new action in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Supreme Court, seeking to "attach" the proceeds of the sale to block their reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. . The motion for attachment, which he filed without notification to the genera genera, in taxonomy: see classification. ! partners, did not try to stop the sale. The papers filed with the Court assert that Trump, a minority limited partner, was using the $1 billion attachment to try to pressure the general partners into capitulating to his demand for an immediate cash-out. Trump originally filed a federal lawsuit against six entities called Hudson Waterfront Corp. and Hudson Waterfront Iv Corps., as well as Hong Kong-based investors in those corporations. The $1.76 billion sale of the properties to an investment consortium headed by Extell Development Company and The Carlyle Group  The of this article or section may be compromised by "weasel words".You can help Wikipedia by removing weasel words. The Carlyle Group is a Washington, D.C. represented the highest dollar value real estate transaction in city history. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. various sources, Trump held a 30% stake in the property. Justice Cahn ordered Trump to show cause in a subsequent hearing why the attachment should not be permanently vacated. The sale of Riverside South is scheduled to close next month. |
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