Lennar Finds Land Loophole By Michael Corkery, Kemba J. Dunham, and Jonathan Karp >From The Wall Street Journal Online
Lennar Corp. used an unusual argument to get out of a land deal, convincing an arbitrator that it didn't have to pay a $70 million deposit on 1,200 acres of land in Palm Beach County, Fla. The Miami home builder contended the land was tainted by a corruption scandal "therefore giving us the right to the return of our deposit," said Lennar's general counsel Mark Sustana. s More Plots & Ploys columns A former county commissioner, Anthony R. Masilotti, pled guilty to being involved in public corruption, after federal prosecutors said he used his office to enrich himself in land deals. Prosecutors said Mr. Masilotti, who is serving a five-year sentence in a federal prison camp, voted for land use changes on the 1,200-acre property, while having a secret stake in the land. Lennar had planned to buy the land for $200 million from the mining company, Palm Beach Aggregates. Neither company is charged with any wrongdoing in the corruption case. Palm Beach Aggregates' lawyer said he may challenge the arbitrator's ruling. Mr. Masilotti's lawyer had no comment except to confirm that his client is in prison. Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/