Stoltmann Law Offices is interested in speaking to investors who invested in Revel Casino Hotel’s power plant in Atlantic, City New Jersey. South Jersey Industries is being sued by a pair of investment funds and companies who built and operated the casino, because they claim the companies duped investors into buying $35 million in spoiled bonds connected to the plant’s construction. Many of the bonds purchased for the construction were in default when investors purchased them, and they continued to lose more than 70% of their value. The bonds were actually conduit bonds, a form of financing where the state, acting as a conduit, issues bonds on behalf of a private company that wants to finance a large capital project deemed to be in the public interest. The borrowing company, not the state, ends up repaying the bondholders. The New Jersey Economic Development Authority was the conduit in this case, issuing nearly $119 million of bonds, $26 million of them tax exempt, at 10.5 to 12 percent interest and loaning the proceeds to ACR Energy Partners who used the money to build the plant. ACR was supposed to repay bondholders by charging Revel Casino Hotel a monthly fee and giving that to the bondholders. ACR then defaulted. Please call 312-332-4200 to speak to an attorney as soon as possible regarding your losses. We may be able to help you recover financial losses invested in Revel Casino Hotel’s power plant. Financial advisers are obligated to make suitable and appropriate recommendations to clients. They are also obligated to perform due diligence on investments prior to recommending them. Failure to do so can make the financial adviser or his or her liable for investment losses that may result.
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