Monday, May 28, 2012

New Elevation Chandler hearing pursued

The Elevation Chandler legal case isn't over after all.

The million-dollar bidder who lost the case says he's hiring new lawyers to ask the Arizona Supreme Court to reconsider its decision. He also owes the winner attorneys fees of nearly a quarter-million dollars.

After a three-year battle over who owns the 10.5-acre abandoned construction site near Loops 101 and 202, the Supreme Court ruled May 4 that the property belongs to investors in Point Center Financial, the California-based lender.

Foreclosure speculator Tom Peltier, a principal in BT Capital, lost the case after claiming he won the site when he bid $1,000,001 in a botched trustee's sale on June 15, 2009.

The court on May 16 granted BT Capital a deadline extension to May 24 to file a motion asking the court to reconsider its ownership decision.

BT Capital "will be substituting in new counsel," court papers said.

One of Peltier's current attorneys, Bob Lord, declined to comment.

Joseph Cotterman, an attorney for Point Center, doubts the justices will reconsider.

"The chances are very slim because I think the decision was right and well-reasoned. It's a solid decision. I just don't see any questions left that they might look at and see the other way," he said.

"More often than not, motions to reconsider are not granted because we have good judges and they take care to get it right the first time."

by Luci Scott - May. 27, 2012 07:40 PM The Republic | azcentral.com



New Elevation Chandler hearing pursued

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