Property Funding

Albany, NY: (Dec-19-07) The Marty and Dorothy Silverman Foundation brought charges against the University Heights Association (UHA), over funds to buy land. Sources close to the case stated that the parties had reached a settlement, which will ensure that UHA is ready to emerge from Chapter 11 protection. At the core of the dispute is a 31-acre property, which the suit stated was bought by UHA with funding from the foundation. Later the foundation sued and won a judgment of $24.9 million. The two sides disputed whether the funds were a gift or a loan. Under the settlement agreement, UHA will sell some of the property to the pharmacy and law schools on campus. Further, UHA will pay the Silverman Foundation the $6 million it earned from the pharmacy school transaction as part of its reorganization plan. [BUSINESS REVIEW: PROPERTY FUNDING]

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Published on Dec-23-07