Holiday weekend be damned, the legal issues mounting for bucket-battered developer Kent Swig didn't pause for any beach or BBQ action. On Friday The Real Deal reported that buyers at the troubled Sheffield57 condo conversion near Columbus Circle, already suing Swig, now allege that he withdrew hundreds of thousands of dollars from the building's reserve fund?earmarked for capital improvements?and used the money to pay legal fees and other expenses. And then there's the legal complaint passed on by a Curbed tipster involving a claim by Signature Bank that Swig defaulted on a $4.75mm loan, a lengthy PDF we just cant muster the strength to delve further into. In fact, given the smorgasbord of legal predicaments that Swig finds himself in, there could be an instructional video for lawyers on how to deal with such a client. Good news: Now there is!
According to this website right here, ReedLogic ("the largest producer of video seminars and video briefs featuring lawyers and C-Level professionals") has produced an instructional video catchily titled, "Understanding the Situations of Kent Swig & Other Developers and What Real Estate Lawyers Can Do For Their Clients." Some things you'll learn from the action-packed seminar, yours for only $250:
- Everything you need to know in 30-60 minutes about the predicaments of Kent Swig and other developers that are struggling financially and what is being done on their behalf from a legal standpoint - The 10 questions being asked the most by developers with respect to new options they may have or strategies they should implement (that are being granted to titans of industry such as Kent Swig)
Only 30-60 minutes? This topic might be better suited for a mini-series.
· Understanding the Situations of Kent Swig & Other Developers and What Real Estate Lawyers Can Do For Their Clients [Research and Markets]
· Sheffield57 Owners Allege Swig Illegal Withdrawals [Real Deal]
· All Kent Swig coverage [Curbed]