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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 81 277 20,909
MORTGAGES 85 329 24,074
FORECLOSURE NOTICES 9 48 3,095
BUILDING PERMITS 219 672 43,265
BANKRUPTCIES 64 238 13,418
BUSINESS LICENSES 0 56 6,678
UTILITY CONNECTIONS 12 94 7,883
MARRIAGE LICENSES 0 59 4,702