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iStar Financial Inc. Message Board

windsurf32937 4 posts  |  Last Activity: Nov 5, 2014 10:39 PM Member since: May 10, 2005
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  • Reply to

    Filthy Lennar

    by goldencowrie Nov 1, 2014 7:25 AM
    windsurf32937 windsurf32937 Nov 5, 2014 10:39 PM Flag

    iStar filed a motion to strike against certain parts of Lennar's brief on the question of damages and interest. I may be biased but Lennar's arguments on both seem very contrived and weak, especially in light of the fact that the court has already ruled that they acted in bad faith in trying to worm their way out of closing the PSA. I think that the ruling will be for the full $130MM purchase price plus 12% interest for 6 years plus certain legal expenses.

  • Reply to

    Lennar case

    by windsurf32937 Oct 2, 2014 9:34 PM
    windsurf32937 windsurf32937 Oct 3, 2014 11:21 AM Flag

    whether, or to what extent, the lapsed
    zoning affects iStar’s remedy and the measure of damages in this
    case.
    A separate order will follow.
    ________/s/_________________
    DEBORAH K. CHASANOW
    United States District Judge

  • Reply to

    Lennar case

    by windsurf32937 Oct 2, 2014 9:34 PM
    windsurf32937 windsurf32937 Oct 3, 2014 11:21 AM Flag

    The judge issued an opinion in favor of iStar back in July however there are still some issues which need to be resolved prior to a final order .

    III. Conclusion
    For the foregoing reasons, the court concludes that
    Purchaser has not met its burden at trial as to any of the
    remaining claims in its amended complaint. Insofar as iStar’s
    amended counterclaim seeks a declaration that Purchaser was
    “obligat[ed] to settle . . . and pay the considerations due
    under the [Purchase Agreement] and the Contract for Services on
    May 27, 2008” (ECF No. 447 ¶ 82.a(2)), which is essentially the
    converse of the declaratory relief sought by U.S. Home, iStar
    appears to be entitled to relief under the Purchase Agreement
    upon Purchaser’s default. Pursuant to § 15(a), as modified by
    the Second Amendment, upon default by U.S. Home, “Settlers
    Crossing shall be entitled to specific performance . . . to
    complete the Settlement in accordance with the Agreement and pay
    the Purchase Price to Settlers Crossing.” (JTX 56 ¶ 27
    (modifying § 15(a)). Moreover, under § 15(d), also as modified
    by the Second Amendment, Lennar is liable as U.S. Home’s
    corporate guarantor. (Id. at ¶ 28 (adding § 15(d)). As iStar
    now stands in the shoes of Settler’s Crossing, it is entitled to
    specific performance under the Purchase Agreement.23
    Before judgment may be entered, however, a question remains
    as to whether iStar can deliver the Property that was promised
    in the Purchase Agreement. Prior to the court’s decision on the
    parties’ cross-motions for summary judgment, Purchaser moved for
    leave to file a supplemental memorandum related to the alleged
    fact that zoning for a portion of the Property has lapsed. (ECF
    No. 611). The court denied that motion, without prejudice to
    renewal, finding that “[t]he rezoning is only relevant insofar
    as it might affect an award of damages if iStar were ultimately to
    prevail.” (ECF No. 624, at 2 n. 1).Further proceedings will
    be necessary to determine whether

  • windsurf32937 by windsurf32937 Oct 2, 2014 9:34 PM Flag

    Pending in the case is iStar's claim for 12% interest per year on the purchase price, effectively doubling the purchase price since the default by Lennar. Wind

    From the PSA:

    Purchase Price. The purchase price for the Membership Interests shall be One
    Hundred Three Million Dollars ($103,000,000) (the “Purchase Price”) …. If
    Purchaser wrongfully fails to make Settlement hereunder for any reason, other
    than a default by Settlers Crossing or WPE under the terms of this Agreement,
    and such failure of Purchaser is not cured within any applicable notice and cure
    period, then the Purchase Price shall accrue interest at a rate of twelve percent
    (12%) per annum to be calculated on a per diem basis from the Settlement Date
    until Purchaser proceeds to Settlement in accordance with this Agreement. In
    such event, any interest accrued on the Purchase Price shall be deemed to be an
    addition to the Purchase Price hereunder.

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