SILVER SPRING, MD—Now that the National Labor College sale was allowed to close, an affiliate of spurred suitor Monument Realty is seeking damages against the college for alleged fraudulent concealment in its sales negotiations.
After signing a letter of intent with the National Labor College in December of last year for $29 million and future payments capped at $3.5 million for the 46-acre property in Silver Spring, MD, the school administration changed course and in March of this year agreed to sell the campus to the Amalgamated Transit Union for $31.4 million, according to the Washington Post.
Monument Realty attempted to block the sale and asked a court to force the school back to the bargaining table, however, last month Judge Terrence J. McGann allowed the sales deal with the Amalgamated Transit Union to move forward. The sales transaction closed on July 31. Monument Realty has now asked the court for unspecified damages in what it will hope will be a jury trial.
Attorneys for the National Labor College have charged that Monument Realty was attempting to drag out sales discussions and that the letter of intent with Monument Realty was non-binding.
Peter R. Kolker, an attorney representing the college, says, “The letter of intent says what it says. We followed the letter of the letter if you will.” See story in the Washington Post.
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