Jack Scull and Chuck Evans -- Simplon Ballpark Developers Hit With Multi-Million Dollar Judgment
(firmenpresse) - SAN DIEGO, CA -- (Marketwire) -- 06/28/12 -- Jack Scull and Charles (Chuck) Evans, developers of a failed 39-story hotel/condo project in downtown San Diego, were hit with a multi-million dollar judgment arising from their neglect and mismanagement of the project. The judgment, in the amount of $5,501,919, closed a long awaited final chapter in the ill-fated saga of the Simplon Ballpark hi-rise condo project.
Judge Frederic L. Link of the San Diego Superior Court found that Simplon's Jack Scull, of La Jolla, and Charles M. Evans III, of San Diego, had breached their fiduciary duties to the company through self-dealing, commingling of assets, failing to segregate money and property, failing to account for funds, and failing to issue K-1's or file tax returns.
The Simplon Ballpark project, also known as the Cosmopolitan Square Project, was originally planned as a multi-story high rise condominium project near Petco Park. Scull and Evans raised over $11,000,000 from private investors and approximately $38,000,000 in loans before the project went belly up. The Simplon property, bounded by J Street and Seventh, Eighth and Island avenues, was later foreclosed upon and remains undeveloped to this day.
In its lawsuit, Simplon Ballpark alleged that Scull and Evans took advantage of their control over the project and its funds, causing it to go bust. Among other things, the suit alleged that Scull and Evans obtained high interest rate loans to overleverage the project. The short-term loans typically were 60 to 90 days at interest rates between 18% and 20% including one loan for $220,000 due in five days. The suit also alleged that Scull and Evans cross-collateralized loans with other unrelated projects that Evans and Scull had personal interests in.
"The judgment is an important reminder that if you take an investor's money, you must handle it with care," said Anton Handal, Simplon Ballpark's counsel.
For more information please visit or contact Anton N. Handal by email at or by phone at (619) 544-6400.
Handal & Associates specializes in business litigation, international transactions, class action litigation and intellectual property disputes. ()
Anton N. Handal
(619) 544-6400
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 28.06.2012 - 13:28 Uhr
Sprache: Deutsch
News-ID 1128982
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
SAN DIEGO, CA
Phone:
Kategorie:
Legal
Anmerkungen:
Diese Pressemitteilung wurde bisher 619 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Jack Scull and Chuck Evans -- Simplon Ballpark Developers Hit With Multi-Million Dollar Judgment
"
steht unter der journalistisch-redaktionellen Verantwortung von
Handal & Associates (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
