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VOL. 124 | NO. 127 | Wednesday, July 1, 2009

Horizon Buyers Sue to Get Out Of Contracts

By Bill Dries

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Two lawsuits have been filed seeking to allow buyers of a Downtown condominium project out of their contracts.

The Shelby County Chancery Court lawsuits were filed last week against Riverside Bluffs LLC, which is selling the condo units at The Horizon, a 16-story high rise at 717 Riverside Drive, according to The Daily News Online, www.memphisdailynews.com.

Developer Bryan Co. of Ridgeland, Miss., defaulted on a $58.6 million loan for the project, which is still under construction.

The property is scheduled for foreclosure sale July 7 on the steps of the Shelby County Courthouse.

The two lawsuits, filed separately by attorneys William W. Jones IV and Scott May, are on behalf of prospective buyers who put down money on purchase contracts.

“The squeaky wheel gets the oil; we wanted to be the first to squeak,” May said.

Jones said more legal claims are likely to come.

“We wanted to protect our clients’ interest by making sure they were the first in line,” he said. Jones said his research for the lawsuit shows 72 executed contracts for the condos.

Jones and May each represent clients who paid money on condo contracts that went into an escrow account. They each are seeking an injunction that would keep the money available to their clients.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 106 106 6,124
MORTGAGES 121 121 6,842
FORECLOSURE NOTICES 5 20 984
BUILDING PERMITS 105 216 13,529
BANKRUPTCIES 50 122 4,215
BUSINESS LICENSES 33 33 2,846
UTILITY CONNECTIONS 20 46 1,787
MARRIAGE LICENSES 31 31 1,211