In June, Banco Inbursa filed a suit in LA Superior Court against the developers behind 9900 Wilshire--a project which is being managed by those Candy Brothers--claiming the developer's failure to repay a $356 million loan. Then the bank mysteriously withdrew the suit. Here's another twist. Forbes is reporting that the bank filed a lawsuit in New York state last week, alleging failure to make payments tied to the loan. "According to the 11-page complaint, CPC Group is on the hook for $20.4 million so far, an amount that continues to grow as accruing interest on the condo-project loan becomes due and goes unpaid." More interesting, the bank, which is part of Mexican billionaire Carlos Slim's great empire, seems pissed about all the boasting. "The lawsuit cites a Sunday Times newspaper article in which Christian Candy 'boasted that his company's cash position was 'beyond outstanding'" and that he and Nick 'were replacing their £45 million yacht with a £63 million model.'' The bank also points to another article that quotes Christian Candy saying "we are in an excellent financial position" and CPC's chief operating officer adding "[w]e have a cash war chest of around £200 million and can stand comfortably on the touchline and select the right opportunities." The article referenced ran way back in November 2008, and can be seen here. It's likely impossible to get a reaction from Candy & Candy right away given the time difference, but the confusion over what's going on continues.
· Carlos Slim's Bank Goes After London Condo Kings [Forbes]
· Candy and Candy Barely Hanging On [Curbed LA]
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