The Trenton Times published the following article on August 20, 2014. To read the full article, click here.
Former Trenton Marriott bankruptcy proceedings end with agreement to pay vendors
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on August 20, 2014 at 1:48 PM, updated August 20, 2014 at 9:19 PMTRENTON – The end is in sight for bankruptcy proceedings surrounding the former Trenton Marriott after an agreement was made to pay vendors $85,000 for a portion of back bills, an attorney said today.
The agreement includes the payment of $20,000 to the hotel’s former financial adviser Acquest Realty, which was fired by the board of mayoral appointees which once oversaw the hotel operations, said Lafayette Yard Community Development Corp. board attorney Gregory Johnson.
Acquest was originally asking for the court to grant the company $1.5 million in back payments, but agreed to the claim amount of $135,938. The LYCDC originally disputed the claim saying the company should receive no payment because it was in violation of its contract and also that the contract was invalid.
Johnson said the LYCDC and Acquest came to an agreement on the claim amount after being asked to settle the matter out of court by Judge Michael Kaplan.