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…

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