Lender loses $ 12 million in fight against NJ Boardwalk business


By Jeannie O’Sullivan (October 13, 2021, 4:20 p.m. EDT) – A New Jersey appeals court on Wednesday overturned a nearly $ 12 million victory for a lender in a dispute over funding for a promenade attraction of Atlantic City, ruling that a lower court must first rule out allegations that the lender had entered into an insider deal with certain members of the company.

A three-judge panel ordered Atlantic County Superior Court to allow further findings on Paul and Maryann Steelman’s counterclaims that lender Ernest Bock LLC violated the implied commitment of good faith and treatment fair regarding the Steelman’s investment in Steel Pier.

The lower court had granted Ernest Bock …

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