-- Lenders to 777 Partners accused it of fraud, claiming that the Miami-based investment firm borrowed against $350 million of assets that it didn’t own, didn’t exist or were already promised to someone else.Apple Rallies Most in 18 Months on Upbeat Forecast, Buyback
Representatives for 777 Partners and A-Cap didn’t immediately respond to requests for comment outside of normal business hours. 777 owns or has stakes in several football teams around the world and has a sprawling collection of businesses, including Australian budget airline Bonza, which in late April suspended operations amid talks over the company’s future.
Leadenhall’s lawsuit revolves around a credit facility that its entities made to subsidiaries of 777 Partners and 600 Partners, a firm led by Josh Wander’s co-founder, Steven Pasko. The borrowers were required to secure it with collateral that was “free and clear” of any other interests, according to the complaint.
“They control what we sign because they have the power of the purse right now, and we have to keep the organization going and operating so we can solve all of our problems and deal with all of our obligations,” the lawsuit cites Wander as saying. “And they are the ones that are doing that.”
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Source: BNNBloomberg - 🏆 83. / 50 Read more »