Borders v. Aspen Equestrian Estates, LLC, Case No. 08CV3026 (Colo. D. Ct. Mar. 16, 2010). Favorable verdict in complex real estate case.
In a complex real estate case, WTO won a complete victory following a trial to the court.
Before WTO's involvement, an injured worker and third-party administrator, on behalf of a workers' compensation insurance company, attempted to collect a judgment awarded at a separate trial. The judgment was to compensate a worker injured on a certain piece of property. When attempting to collect the judgment, it appeared the property was sold fraudulently in order to avoid paying the judgment. The injured worker and third-party administrator filed a fraudulent-conveyance lawsuit against the new property owners and filed a notice of lis pendens, which is a notice that the property is the subject of a claim. Before WTO's involvement, the property owners won summary judgment on the fraudulent-conveyance lawsuit.
However, because the notice of lis pendens made it effectively impossible for the new owners to sell the property again, the new owners filed a counterclaim against the injured worker and third-party administrator alleging that the notice of lis pendens prevented the new owners from completing a sale of the property that would have occurred before the real estate market crashed. WTO was retained to defend against these counterclaims at trial.
Trial was held on the claims of an intermediate owner against the third-party administrator. The intermediate owner claimed he lost all value in a two million dollar promissory note because the notice of lis pendens
prevented a re-sale of the property that would have allowed the repayment of his note. Despite the court's prior rulings that the fraudulent-conveyance lawsuit upon which the notice of lis pendens
was based had no merit, following a trial on the merits, the court ruled in favor of WTO's client on all issues of liability, causation, and damage.
Download [Borders v. Aspen Equestrian Estates 3-16-10.pdf]