The Observer reports that Isaac Katan failed to secure an injunction against his partner in the $1.5 billion Domino development from selling a majority stake in the project.
The decision appeared to clear the way for the Community Preservation Corporation, a joint owner of the site, to proceed with a deal to hand the majority stake to the project’s senior lender, Pacific Coast Capital Partners, LLC… Mr. Katan secured the Domino Sugar Factory in 2006 in a whirlwind deal largely negotiated over a single weekend to buy the site with CPC for about $50 million from the sugar company, which decades ago [actually, less than a decade ago] used the factory as one of its largest sugar refineries in the world.
Which means that Katan’s (and CPCR’s) stake in the project drops from 50% to 8%. The difference between 50% of $1.5 billion and 8% of $1.5 billion explains why Katan, through his attorney, is promising to continue his legal fight.
[again, via Brownstoner]