Mitsui request denied by judge
A writ filed with the Third Appellate District Court in Sacramento by Mitsui Trust & Banking Co. Ltd., and Secured Capitol Corporation was denied Thursday.
The writ asked the court to reverse a decision made Jan. 20 by Judge Suzanne Kingsbury in El Dorado Superior Court granting KOAR-Tahoe Partners L.P., the group which built and operates the state line Embassy Suites, a temporary restraining order preventing Mitsui from selling an unpaid $53 million loan.
The appellants asked, at a minimum, that the appeals court reverse Kingsbury’s decision not to hold a hearing on the matter until March 2.
The Code of Civil Procedure requires such hearings to be held within 15 days of filing – Feb. 4 in this case.
Further, attorneys for Mitsui and Capitol Securities Corp. asked the court to dissolve the order completely, claiming KOAR has made a legally insufficient showing to obtain any temporary relief from bank proceedings to find a buyer for the overdue loan.
According to the bank’s attorneys, KOAR owes $3 million in outstanding interest, a figure that grows by $1,800 a day.
Not only does the restraining order prevent the bank from selling the loan, it prevents Secured Capitol and Mitsui from “exercising rights to KOAR’s detriment.”
Bank attorneys had claimed the superior court ruled in excess of its jurisdiction and in violation of California law.
Kingsbury, who acknowledged the 15-day rule in court, cited a full judicial calendar as the reason for the delay past what the law permits.
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