Sunday, January 3, 2010
EB-5 INVESTORS IN SD REGIONAL CENTER SUE DAIRY FARM
The Argus (SD) Leader reports:
Four Korean investors in a Clark County dairy farm are suing their business partners after the venture failed.
Yoon Soo Min, Jeong Seon Park, Yong Nan Park and Jae Moon Chung each invested $500,000 in the Willow Lake farm in an attempt to gain permanent U.S. resident status under the government's EB-5 program. Rodney Winter, formerly of Washington, agreed to relocate to South Dakota to establish the farm.
But according to a complaint filed this month in U.S. District Court in Sioux Falls, Winter and his family broke their contract by failing to invest $500,000 in cash and by titling the farm in such a way that left out the Korean investors.
When the Winters failed to make bank loan payments and lost the farm, the investors say they were unable to claim the property.
# posted by Greg Siskind @ 10:33 PM
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Four Korean investors in a Clark County dairy farm are suing their business partners after the venture failed.
Yoon Soo Min, Jeong Seon Park, Yong Nan Park and Jae Moon Chung each invested $500,000 in the Willow Lake farm in an attempt to gain permanent U.S. resident status under the government's EB-5 program. Rodney Winter, formerly of Washington, agreed to relocate to South Dakota to establish the farm.
But according to a complaint filed this month in U.S. District Court in Sioux Falls, Winter and his family broke their contract by failing to invest $500,000 in cash and by titling the farm in such a way that left out the Korean investors.
When the Winters failed to make bank loan payments and lost the farm, the investors say they were unable to claim the property.
# posted by Greg Siskind @ 10:33 PM
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