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Detroit � Two city worker retirement funds filed suit Monday against another renting a car in germany investor in the Westin Book Cadillac Hotel, alleging it made a secret deal to get paid before the project�s other creditors.
The suit stems from a 2006 financing deal worth more than $100 million to renovate the hotel, according to the funds� lawyers. Detroit�s General Retirement System loaned the project $9 million and the city�s Police and Fire Retirement System backed a $15 million loan. The Carpenters Pension Trust Fund was not a mortgage lender, but committed $17.2 million to the project for letters of credit, attorneys said.
�Essentially the lowest priority lender, the Carpenter�s Pension Trust Fund, diverted money intended for the benefit of mortgage renting a car in germany lenders and the project and used it instead to buy the senior debt to the detriment of all other lenders including the city pension funds,� Don Wagner, an attorney with Couzens, Lansky, said in a statement Monday. The firm is serving as special counsel to The Police and Fire Retirement System and General Retirement System.
As a result of the alleged renting a car in germany scheme, the Carpenters Pension Trust Fund and its affiliate jumped over six levels of mortgage lenders owed $57 million to the position of senior lender, and the project was deprived of more than $16.7 million that was intended to assure payment of the loans, Wagner said.
The suit also claims the Carpenters Pension Trust Fund affiliate changed the terms of the senior loan agreement, requiring the borrower to apply all of its net cash to repay the affiliate, and waiving the borrower�s obligation to maintain renting a car in germany certain reserves that could be used to pay other lenders. As a result, the borrower has not paid any interest or principal on the obligations owed to the Detroit Retirement Systems since 2009.
The Retirement Systems were not notified that the senior loan was sold to the Carpenters� affiliate until after the deal was closed, but at that time there was no disclosure that project funds had been released and used to purchase the senior loan.
The pension funds� lawsuit complaint asks the court to declare the senior note amount be reduced by the $16.7 million diverted from the project and the interest collected by the carpenters fund and its affiliate since 2009 be recalculated and redistributed to other lenders accordingly. It also asks the Carpenters fund lose or share the first-lien position.
�To be clear, this is a civil dispute among the lenders regarding the priority and repayment of their respective liens and loans,� Wagner said. �This is not a suit against the hotel and does not impair its operations. The renovated historic Book Cadillac Hotel has been credited as a catalyst for downtown development. We want the hotel to continue to successfully serve its customers.�
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