Post by Logan on Mar 3, 2017 20:56:57 GMT -6
Former Port Authority of Guam tenant Guam YTK wants Superior Court of Guam Judge Anita Sukola to issue an order enforcing her December decision that the Port owes the company $14 million, including a levy on port assets. But the Port has asked the judge to hold off until after it has had a chance to appeal.
Sukola, after a hearing Thursday, said she likely will issue a decision sometime Friday.
In April 2016, an arbitration panel of three attorneys ruled the Port should pay $14 million to Guam YTK on the grounds the agency breached its 45-year lease agreement with the failed fisheries business at the Port's Hotel Wharf.
Guam YTK planned to develop a $13.5 million fisheries facility, but the Port ended the lease because the company didn't use the facility and hadn't been making its lease payments.
Read more: www.guampdn.com/story/news/2017/03/02/port-asks-judge-delay-enforcing-14m-guam-ytk-ruling/98624070/
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Judge denies request to levy Port assets for now
A Superior Court of Guam judge on Friday denied a request by former Port tenant Guam YTK to place a levy on the Port Authority of Guam’s assets, at least until the Port’s motion for reconsideration is addressed next month.
Guam YTK last year was awarded $14 million by an arbitration panel because of its lease dispute with the Port over Guam YTK’s 2001 lease of Hotel Wharf. The lease required Guam YTK to develop a $13.5 million fishing facility at the site, but the Port canceled the lease after the project failed to materialize and Guam YTK failed to make lease payments.
The Port said Guam YTK failed to obtain a lease extension from lawmakers after the first five years, as required by Guam law, so the lease was invalid. But the dispute went to arbitration, as required by the lease.
Superior Court Judge Anita Sukola in December affirmed the panel’s award to Guam YTK, but the Port filed a motion asking Sukola to reconsider, and said it also plans to appeal to the Supreme Court of Guam.
Read more: www.guampdn.com/story/news/2017/03/02/judge-denies-request-levy-port-assets-now/98672494/
Sukola, after a hearing Thursday, said she likely will issue a decision sometime Friday.
In April 2016, an arbitration panel of three attorneys ruled the Port should pay $14 million to Guam YTK on the grounds the agency breached its 45-year lease agreement with the failed fisheries business at the Port's Hotel Wharf.
Guam YTK planned to develop a $13.5 million fisheries facility, but the Port ended the lease because the company didn't use the facility and hadn't been making its lease payments.
Read more: www.guampdn.com/story/news/2017/03/02/port-asks-judge-delay-enforcing-14m-guam-ytk-ruling/98624070/
____________________
Judge denies request to levy Port assets for now
A Superior Court of Guam judge on Friday denied a request by former Port tenant Guam YTK to place a levy on the Port Authority of Guam’s assets, at least until the Port’s motion for reconsideration is addressed next month.
Guam YTK last year was awarded $14 million by an arbitration panel because of its lease dispute with the Port over Guam YTK’s 2001 lease of Hotel Wharf. The lease required Guam YTK to develop a $13.5 million fishing facility at the site, but the Port canceled the lease after the project failed to materialize and Guam YTK failed to make lease payments.
The Port said Guam YTK failed to obtain a lease extension from lawmakers after the first five years, as required by Guam law, so the lease was invalid. But the dispute went to arbitration, as required by the lease.
Superior Court Judge Anita Sukola in December affirmed the panel’s award to Guam YTK, but the Port filed a motion asking Sukola to reconsider, and said it also plans to appeal to the Supreme Court of Guam.
Read more: www.guampdn.com/story/news/2017/03/02/judge-denies-request-levy-port-assets-now/98672494/