Solow revives GM Building lawsuit.In the wake of a related lawsuit that began in June, real estate owner and investor, Sheldon Solow, has revived litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. this week that he originally launched against Conseco Inc. after its $1.4 billion sale of the GM Building in 2003, alleging that the former owner's disposition of the landmark building was accomplished through an auction that unfairly favored rival bidder, Macklowe Properties. Solow, who states that he was a bidder during the 2003 auction, is seeking millions in damages and also potentially a nullification nullification, in U.S. history, a doctrine expounded by the advocates of extreme states' rights. It held that states have the right to declare null and void any federal law that they deem unconstitutional. of the sale. The lawsuit comes just weeks after another bidder for the building, real estate investment firm, Leslie Dick Worldwide Ltd., slapped Conseco, Macklowe Properties, Eastdil Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. , which brokered the sale, and heavyweight investor, George Soros George Soros Born in Budapest, Hungary, in 1930, George Soros is considered by many to be one of the world's greatest investors. A famous hedge fund manager, Soros managed the Quantum Fund, a fund that achieved an average annual return of 30% from 1970-2000. , who it alleges controls the property, with a suit claiming that the defendants conspired to exclude other bidders and conduct the building's sale amongst themselves. Solow's 2003 suit contends that the auction was conducted in such a way that his bids were used merely to ratchet up Macklowe Properties' bids, and that Macklowe Properties was granted an exclusive opportunity to place a final bid after the auction supposedly had concluded, which essentially assured that it would submit the highest bid and win. Leslie Dick's suit, meanwhile, alleges that it was actually the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. with a final bid of $1.5 billion and that Macklowe Properties and especially Soros exerted influence over the auction so that their lower $1.4 billion would be chosen. 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. a source familiar with the cases, Solow's 2003 lawsuit was put on hold because he couldn't prove that the GM Building's sale was conducted according to the rules of a formal auction, which are supposed to adhere to adhere to verb 1. follow, keep, maintain, respect, observe, be true, fulfil, obey, heed, keep to, abide by, be loyal, mind, be constant, be faithful 2. rules of fairness and objectivity. The source said that the timing of Solow's new suit could have been prompted by evidence of a formal auction uncovered during the Leslie Dick trial. Macklowe Properties, according to spokesman Steve Solomon, called the lawsuits "absurd and without merit." According to written reports, the other defendants have also condemned the suit and denied its allegations. |
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