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Saturday, December 04, 2010

Citibank sues Ground Zero Mosque developer for $100K

"The developer of the so-called Ground Zero mosque owes nearly $100,000 in overdue credit, a new suit charges. El-Gamal said the default was a standard way to negotiate better credit rates and that the matter would be resolved.
  • "In every industry at this time, major business leaders are working with their financial institutions to restructure their debt in order to take advantage of historically low interest rates," he said in a statement.
"It is important to note that Soho Properties manages over $300 million worth of property." El-Gamal has been hounded by other creditors. In October, Valley National Bank sued El-Gamal and Soho Properties for $95,778 plus interest
  • after they defaulted on a loan in 2009,the suit charges.
In August, a Manhattan landlord sued El-Gamal and Soho Properties for $39,000 in back rent.
  • The suit was later withdrawn, and the matter was resolved out of court."
Reference: 11/22/10, "Ground Zero Mosque group seeks another back room deal, $5 million from NYC 9-11 Redevelopment Fund (for which it's likely unqualified) via Weasel Zippers

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