SAM Magazine--August 17, 2010--According to the Wall Street Journal, Snowmass base village developers, Related Cos., J.E. Roberts Cos. and Istithmar, filed suit this week against the lenders that started foreclosure proceedings last month. The suit alleges that the banks reneged on $520 million of promised financing, thereby derailing the build-out.

The lawsuit, which was filed in New York State, seeks damages of $406 million, including $213 million that the Related group had invested and another $193 million in future profits of the completed project.

The lenders started to foreclose on July 9, alleging that the developers missed payments on a construction loan of $386 million.

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