Clarifying the position on the Vanderbilt Residences project justice

In the recent decision in Better Puerto Rico, LLC v. Paulson PRV Holdings, LLC, the court clarified that its prior ruling did not mean that Fahad Ghaffar or his entity, Better PR, had not been admitted as a member of Earle HC, LLC, the entity that owns The Vanderbilt Residences project, a tourist residential complex in the Condado area of ​​San Juan.

At the same time, the Court ruled, in Condado Hotel Owners v. Duo Condado JV Holdings, LLC, without further ado, declined to reconsider the judgment requested by Ghaffar and his Condado Hotel Owners Entity.

Hence, the ruling, which found no evidence to support Ghaffar's claim that the owners of the Condado Hotels had a small portion as a member or partner in the entity that owned the La Concha and Vanderbilt Hotels, stands.

The press release that official speaker “Both decisions confirm that, apart from his limited financial interest (only 3.5% net in the case of Condado Hotels), Ghaffar has no management role in either entity,” Access states.

In response to Paulson's legal team's motion for reconsideration in Earle's lawsuit, Judge Alfonso S. Martínez Piovannetti writes: “It is clear that the decision of the Court, in the partial judgment of May 9, 2024, is limited to granting the prohibited remedy of examining the documents requested by the plaintiff in accordance with the special and specific procedure.”

For his part, Juan Casillas, John Paulson's lawyer, indicated in written statements that they were satisfied with the judge's decisions.

“We are satisfied with the findings of the distinguished Judge Martinez Piovannetti who limited his decision to merely providing limited information to Fahad Gaffar and refused to accept Better PR or Gaffar as a member of Earle. Through continued litigation, we will be able to prove that he had an interest in,” Gaffar explained. The project is exclusively economic and not membership-based.”

He also added that he “made an economic investment and in time will receive a reward for it, nothing more and nothing less. For now, under the leadership appointed by John Paulson, Vanderbilt Residences, like the rest of the city, continues on its successful path.” John Paulson's actions in Puerto Rico In connection with the lawsuit, the information has already been provided without delay consistent with the principles of fairness and transparency that have always guided entities associated with Mr. Paulson.

“We are very pleased with the recent court decisions and reaffirm that Abdul Ghaffar has no operational oversight role in any Paulson entity other than United Collection. We are convinced that the ongoing legal processes will continue to develop favorably for Paulson PRV Holdings and its affiliated entities.”