District Court Confirms Arbitral Award Despite Arbitrator Decision to Deny Discovery and Evidentiary Hearing

In 2017, Petitioner 245 Park JV LLC, a U.S. affiliate of Respondent HNA Group (International) Company Limited (“HNA”), bought property at 245 Park Avenue in New York City. In June 2018, Petitioner 245 Park Member LLC made a preferred equity investment of $148 million in 245 Park JV LLC.

As inducement for the investment, Petitioner secured contractual rights and protections, including an absolute, unconditional, and irrevocable Guaranty from HNA. The Guaranty contained an arbitration clause providing for binding arbitration in New York, administered by “JAMS in accordance with JAMS Streamlined Arbitration Rules and Procedures ….” It also provided for an expedited schedule; each party would make its submissions within seven days of the appointment of the arbitrator, and the final award would be rendered within 30 calendar days of those submissions…

Read the complete story here.

Featured Arbitrators

ad
View all

Read these next

Category

Arbitration Conversation No. 78: Arbitrator Edna Sussman, of SussmanADR.com

In this episode of the Arbitration Conversation, Amy interviews Edna Sussman, who serves full-time as an arbitrator and mediator and has been appointed as the Distinguished ADR Practitioner in Residence...

By Edna Sussman, Amy Schmitz
Category

FINRA DRS Postpones In-Person Hearings through Beginning of April

This article was first published on the Securities Arbitration Alert (SAA),here. FINRA’s Office of Dispute Resolution Services (“DRS”) has again administratively postponed all in-person arbitration and mediation hearings. The January 5 announcement now...

By George Friedman
Category

Arbitration Conversation No. 92: Arbitrator Lisa Munro, Partner at Lerners LLP

In this episode of the Arbitration Conversation, Amy interviews Arbitrator Lisa Munro, a partner at Lerners LLP. Lisa brings to this role more than 25 years of experience as counsel...

By Lisa C. Munro, Amy Schmitz

Find an Arbitrator