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6 Investigates: Naval Station Ingleside Sale Dispute
Posted: Oct 12, 2012 5:40 PM by Mike Manzoni -- mmanzoni@kristv.com
Updated: Oct 12, 2012 6:37 PM
CORPUS CHRISTI -- The real estate brokerage firm that represented the company that was initially interested in buying Naval Station-Ingleside said it deserves a cut of the settlement even though the deal fell through months ago.
Documents 6 News obtained through a Freedom of Information request show that attorneys on both sides are sparring over whether the brokerage firm is entitled to a portion of the settlement.
Canyon Port Holdings hired Corpus Christi-based Clower Company to broker their deal with the Port Authority for the property which they planned to use for their oil rigs. But the deal fell apart when Canyon missed a series of deadlines and failed to make the $20 million down payment.
The Port Authority then began working on a deal with petroleum company OxyChem to sell the property for $80 million, but that arrangement is now on hold after Canyon filed for Chapter 11 bankruptcy.
Under federal law, a property listed as an asset in a bankruptcy claim cannot be sold until the claim is resolved. Canyon listed the Ingleside property as one of its assets even though it never purchased the property.
To prevent its deal with OxyChem from disintegrating, the Port Authority's board of commissioners voted to authorize a $3.5 million settlement with Canyon.
Now, the attorney representing Clower Company sent a letter to the Port Authority in which they claim they deserve some of the settlement money for their work in it client's failed bid. "...[Clower Company] expect to be compensated for the value of the opportunity lost...."
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