Grand/Sakwa filed suit June 27 seeking a judicial declarationthat the joint development agreement signed by Malan andGrand/Sakwa concerning the redevelopment is unenforceable. Malanfiled its answer to that claim denying Grand/Sakwa's contentions.It also filed a counterclaim seeking specific performance of theagreement, alleging breach of contract and claiming a breach ofduty by Grand/Sakwa to negotiate in good faith.

"We do not believe Grand/Sakwa's suit has merit and Malan hasresponded accordingly," says McKenna. "Malan has demonstrated itswillingness to go forward with this project by placing $9 millionof its funds in escrow, which it had received from refinancing oneof its properties."

Grand/Sakwa's attorney, Peter Alter of Detroit-based HonigmanMiller Schwartz and Cohn, did not return phone calls about thecase.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.