LOS ANGELES, Dec. 21, 2016 (GLOBE NEWSWIRE) -- NMS Properties today issued the following statement after the Court of Appeal granted an immediate temporary stay of all proceedings in the trial court while it considers the petition.
“We are very pleased and encouraged that the Court of Appeal stayed the lower court’s ruling in its sanctions order. The attempt by AEW Capital, a 60-billion dollar Boston-based hedge fund, to immediately seize and sell for below-market prices numerous properties they shared in a joint venture with NMS Capital, a Santa Monica based affordable and market-rate housing developer, will be adjudicated fairly and based on all the facts, not just representations made by AEW. We remain confident that when all the facts come out, the courts will ultimately find that our properties were improperly transferred by AEW.”