In c7106, "Court confirms judgment entitling Zephyr Equities to
percentage of gross proceeds from Brookfield Residential Properties
project", issued today at 09:37e by Zephyr Equities, we are advised by
the company that the first paragraph, second sentence, should read "The
judgment also awards Zephyr over $519,000 in damages and interest..."
rather than "$519,000,000" as originally issued. Corrected copy
Court confirms judgment entitling Zephyr Equities to percentage of gross
proceeds from Brookfield Residential Properties project
SANTA ANA, May 7, 2014 /CNW/ - SANTA ANA, Calif., May 7, 2014 /CNW/ -
Superior Court Judge Ronald L. Bauer denied a Brookfield subsidiary's
bid for a new trial after Zephyr Equities & Development LLC obtained a
judgment awarding Zephyr the right to receive 3.1% of the gross
proceeds of sales from Brookfield's Natomas development. The judgment
also awards Zephyr over $519,000 in damages and interest in Orange
County Superior Court Case No. Case No. 30-2013-00648089-CU-JR-CJC.
Brookfield promptly filed an appeal from this ruling, however this will
be Brookfield's third attempt to overturn the original binding
arbitration award enforcing Zephyr's contract granting it an interest
in the proceeds of the Natomas development project. Brookfield's
planned Natomas project encompasses over 2,000 acres in Sacramento
According to Court documents, Zephyr alleged that Brookfield refused to
honor its contract for entitlement and development services. Retired
Judge Ann Kough, who heard the binding arbitration initiated by Zephyr
against Brookfield in April 2013, agreed. Judge Bauer signed a judgment
against Brookfield on February 14, 2014 which prompted this latest
legal maneuver by Brookfield's counsel, Corbett Steelman & Specter.
Zephyr Equities LLC, a company that provides a variety of
pre-development services including due diligence, project management,
entitlement processing and government relations management, was
retained by Brookfield in 1998 to manage a number of projects in the
greater Sacramento Area. When Brookfield refused to honor its contract
with Zephyr for work performed on the Natomas Project, Zephyr initiated
a binding arbitration proceeding to recover the amounts promised to it
under the contract.
Adina T. Stern, one of Zephyr's attorneys is pleased with the result.
"Brookfield has fought this bitterly but fortunately justice has
prevailed," remarked Stern. Zephyr's principal Steve Rosenblatt was
also happy with the ruling. "When you are just a small company going up
against a publicly traded monolith like Brookfield, it can be quite
stressful. They have fought this every step of the way. Fortunately
they have lost each battle thus far," said Rosenblatt.
Brookfield Natomas is a subsidiary of Brookfield Residential Properties.
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SOURCE: Zephyr Equities
For further information:
Adina T. Stern, email@example.com, (949) 459-2111, Peter D. Collisson, pete@pdclaw, (949) 250-7474
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