BAJA PROJECT INVESTORS TO RECOUP SOME MONEY
By: Carlos Manuel Rodriguez
Source: www.businessweek.com
A group of 198 investors in the failed Trump Ocean Baja project are expecting to recoup at least some of their money, the result of an agreement reached this week in Los Angeles County Superior Court.
A settlement with one of the developers, Jason Grosfeld of Irongate Capital Partners, gives the investors $7.25 million — about one-third of the $22 million in deposits they collectively claim to have lost.
The settlement was approved Tuesday by Judge Anthony J. Mohr. It was hailed as a triumph by attorneys for the purchasers, who invested an average of $160,000 on each of 132 units in the planned luxury development overlooking the Pacific Ocean in Tijuana.
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