In 2004, the Watergate Hotel in Washington, D. C., obtained a loan from PB Capital. At this time, hotel employees were represented by a union, and under a collective bargaining agreement, the hotel agreed to make contributions to an employees’ pension fund run by the union. In 2007, the hotel was closed due to poor business, although the owner stated that the hotel would reopen in 2010. Despite this expectation, PB Capital—which was still owed $ 40 million by the hotel owner—instituted fore-closure proceedings. At the foreclosure sale, PB Capital bought the hotel and reopened it under new management and with a new workforce. The union sued PB Capital, contending that it should pay $ 637,855 owed by the previous owner into the employees’ pen-sion fund. Should PB Capital, as the hotel’s new owner, have to incur the previous owner’s obligation to pay into the pension fund under the theory of successor liability? Why or why not?
Answer to relevant QuestionsGrand Adventures Tour & Travel Publishing Corp. (GATT) provided travel services. Duane Boyd, a former GATT director, incorporated Interline Travel & Tour, Inc. At a public sale, Interline bought GATT’s assets. Interline ...Dodona I, LLC, invested $ 4 million in two securities offerings from Goldman, Sachs & Co. The investments were in collat-eralized debt obligations ( CDOs). Their value depended on residential mortgage- backed securities ( ...Michael Manin, an airline pilot, was twice convicted of disorderly conduct, a minor misdemeanor. To renew his flight certification with the National Transportation Safety Board (NTSB), Manin filed an application that asked ...Many states have enacted laws that go even further than federal law to protect consumers. These laws vary tremendously from state to state.(a) The first group will decide whether having different laws is fair to sellers who ...Dayton Superior Corp. sells its products in inter-state commerce to several companies, including Spa Steel Products, Inc. The purchasers often compete directly with each other for customers. From 2005 to 2007, one of Spa ...
Post your question