Development Deal Goes Bad | Colorado Commercial Contract Dispute Lawyer

RS Holdings, LLC, a development company owned by two Colorado Springs men is facing a lawsuit brought by Northern Lights, LLC which bought a loan from ANB Bank, according to The Gazette. The suit names not only RS Holdings, but the two owners of the company, who personally guaranteed an $8.8 million loan with ANB for a piece of property that they were planning to develop. RS Holdings had a history of handshake deals with ANB, often giving them their business in exchange for good rates. In this case, the loan ended up being sold to Northern Lights and the property foreclosed. At that time, the property was valued at $1.94 million less than the outstanding balance of the loan. Northern Lights is seeking that amount plus 21% interest. The owners of RS Holdings, meanwhile, have filed a countersuit claiming that ANB played a role in the loss of value of the property, and that the bank did not make good on a verbal agreement involving turning the property back over to the bank.

Unfortunately, contract disputes are an all-too common part of business. If your company is involved in a dispute, speak with an experienced Colorado commercial contract dispute lawyer immediately.

Business relationships can always be complicated, but in most cases, all parties involved in a contract act in good faith to meet their obligations under the deal, maintain a good professional image, and keep a good name among the companies with whom they do business. However, more than half of the cases in civil courts involve contract disputes of one kind or another. Often, mediation can bring a satisfactory resolution to these conflicts, but litigation is sometimes unavoidable, and it is often expensive and time-consuming.

If your company is involved in a contract dispute with another company, speak with an experienced Colorado commercial contract dispute lawyer immediately to protect your rights. Jeff Knoll is a Colorado commercial contract dispute lawyer who has worked with many companies around the state of Colorado on contract disputes in various fields. He has experience in mediation and the legal expertise you need if your case goes into litigation. For more information and a FREE CONSULTATION contact The Law Office of Jeffrey Knoll at (303)985-1185 today.

Both comments and pings are currently closed.

Comments are closed.