Snowmass company sues Related WestPac
The Aspen Times
Aspen, CO Colorado
SNOWMASS VILLAGE ” A Snowmass Village company is suing Related WestPac LLC, claiming the development company reneged on a $400,000 deal to buy assets and assume a lease.
Goodfellows Inc. filed the lawsuit Thursday in Pitkin County District Court. The company operates Goodfellow’s Pizzeria and Deli at the Silvertree Hotel in Snowmass Village.
The lawsuit states Goodfellows and WestPac entered into an agreement of sale in March 2008, in which WestPac “agreed to purchase all of the assets utilized in connection with Goodfellows’s business and assume its lease” with Silvertree Hotel.
A sum of $100,000 was deposited with an escrow agent as earnest money and partial payment, court papers say.
“The contract provided that … upon expirations of the due diligence period, the deposit would become non-refundable for all purposes,” and go to Goodfellows. “That amount was turned over to Goodfellows, leaving a balance due” of $300,000.
The contract called for the transaction to close April 15, with the remaining balance to be paid to Goodfellows, the lawsuit states.
However, on April 2, B. Joseph Krabacher, attorney for WestPac, forwarded a letter to Goodfellows advising the restaurateur it was “not going to be closing on the purchase” of Goodfellows assets.
That prompted a response April 9 from Goodfellows “demanding that WestPac honor” the contract and close the transaction as scheduled.
“WestPac failed and neglected to honor its contractual obligations by failing to close the transaction on April 15 … and its default has continued to the date of this complaint,” the lawsuit states.
Related WestPac spokesman Steve Alldredge declined comment.
Goodfellows alleges a breach of contract and claims it is entitled to receive damages, including the loss of benefit of their bargains, and reimbursement of any rent which they will have to pay as a result of WestPac’s failure to honor the deal.
The lawsuit is the latest in a number of financial issues for WestPac, including foreclosure proceedings recently started against several Snowmass Village properties owned wholly or in part by the company.
A few weeks ago, the company also halted construction on part of the Residences at The Little Nell at Base Village, citing an inability to secure financing. And last fall, WestPac suspended work on three buildings for the same reason.
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