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Council hears update on Palm Beach Polo litigation; hearing rescheduled to April 1 and $9.3 million escrow remains held
Summary
Village attorney reported the judge canceled a scheduled hearing on Palm Beach Polo's motion to stay release of escrowed funds; the motion is now set for April 1. Staff said the amount held is about $9.3 million and noted interest is accruing at a judgment rate of 9.3%; if the bond becomes insufficient the village may seek an increase.
Wellington's legal team updated the council on ongoing litigation with Palm Beach Polo, including a motion to stay the release of escrow funds and related efforts to compel an escrow agent to disburse held funds.
"We had scheduled a hearing on the motion, Palm Beach Polo's motion to stay the release of the funds being held ... and that was scheduled for tomorrow. Unfortunately, the judge,…
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