Lawsuits begin in Snowmass Base Village receivership
July 16, 2010
ASPEN, Colo. (AP) – Two lawsuits filed in New York seek more than $200 million from a joint partnership that tried to build the Base Village in Snowmass.
Hypo Real Estate Capital Corp. is seeking $195 million from Related Companies and Pat Smith, the former president of Related WestPac, under a payment guarantee of loans for the project.
Hypo is also seeking $10.6 million in damages for alleged misconduct involving the use of an employee housing project for collateral.
Four lenders have alleged in a complaint filed in Pitkin County District Court that Base Village owes $386 million on a loan and $48.5 million in loan-related expenses. The lenders are trying to foreclose on the 400,000-square-foot property, which recently went into receivership.