David Atwell, owner of Resort Properties of America, suedEl-Ad in July for $12 million, the 1% fee he says henegotiated with El-Ad for initiating the transaction. El-Adsubsequently denied the allegation, saying Atwell "did not earn,and is not entitled to, a commission."
On Tuesday, (Aug. 14), Atwell tells GlobeSt.com that El-Ad madean 11th hour settlement offer on Friday prior to the closing onMonday. "El-Ad made us a last minute offer to settle before close,but we felt we must decline," Atwell says in a prepared statement."Our initiation of this transaction, which we can prove, is veryvaluable in anyone's analysis."
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