I invested in a senior living facility in Florida 7 years ago. The agreement was that after 5 years, the investors would have the option to be paid back in 3 different ways. My I-829 is still pending after 50 months. The CEO is now using COVID-19 and financial losses as excuses and is considering selling the facility to only pay off the bank loan, resulting in a $500k loss for all investors. Alternatively, we could extend the loan and hope for improvements. Is there any chance of winning this case in court?
Answers
Anthony Cummings
Litigation AttorneysInvestments are as risk of loss. Unless there was some breach of the contract or other actionable behavior, losses happen.
Lynne Feldman
Immigration Attorneys DirectoryYou should consult with a Florida litigator and possibly a business attorney to review and advise on the contract language you signed with the project. EB-5 cases are by definition “at risk” but that doesn’t mean the project can violate their agreement with you.
DISCLAIMER: the information found on this website is intended to be general information; it is not legal or financial advice. Specific legal or financial advice can only be given by a licensed professional with full knowledge of all the facts and circumstances of your particular situation. You should seek consultation with legal, immigration, and financial experts prior to participating in the EB-5 program. Posting a question on this website does not create an attorney-client relationship. All questions you post will be available to the public: do not include confidential information in your question.