A bondholder’s deal to transfer a Dauphin County authority-owned building complex in an effort to satisfy outstanding bonds owed by the authority was not a sale and did not have to be accepted by the authority, a Commonwealth Court judge ruled last week.
The Dauphin County General Authority (DCGA) owned property in Harrisburg known as Forum Place, which consists of parking facilities and a multi-story office building. The authority defaulted on payment of principal and interest on the Forum Place bonds, which total nearly $90 million in principal. The bank went into receivership and attorney Robert Chernicoff was appointed as the receiver. A Trust Indenture was signed between the parties and was amended over the years.
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