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Several weeks ago, a Franklin County jury awarded the developers of the Broadwin and its residents a handsome judgment in excess of $20 million against Webster Bank--the financial entity that was found to have improperly cut off funding back in 2007 for the project in breach of the construction loan agreement. The project thereafter failed for want of funding and the matter had been stuck in court ever since. And though Webster Bank has the option of appealing the verdict (a process that itself can take years), it will have to decide whether this is the most prudent decision as it will have to pay post judgment interest on the jury award while the appeal is pending.
The appeal notwithstanding, does anyone know if this money is to ultimately be put back into the Broadwin project once the matter is finally concluded?
Launched in August 2010, TheMetropreneur.com is a local online resource devoted to small business development and entrepreneurship. Its aim is to tell the stories of Central Ohio's business community, foster regional economic development and assist entrepreneurs with its resource-heavy focus.