Comstock Reaches Settlement Agreement With Balfour Beatty on Eclipse Condo Litigation
July 26 2011 - 9:55AM
Marketwired
Comstock Homebuilding Companies, Inc. (the "Company" or "Comstock")
(NASDAQ: CHCI) announced that on July 21, 2011, Comstock Potomac
Yard, L.C., ("Comstock Potomac Yard") a subsidiary of the Company,
entered into a definitive settlement agreement with Balfour Beatty
Construction, LLC, successor in interest to Centex Construction
("Balfour"), with respect to a $11,963,002 judgment previously
entered in Comstock Potomac Yard's favor by the United States
District Court for the Eastern District of Virginia, Alexandria
Division (the "Judgment"). The definitive settlement agreement
fully resolves the Judgment which Balfour had previously appealed
to the United States Court of Appeals, 4th Circuit, on March 25,
2010.
Balfour was the general contractor for Comstock Potomac Yard's
Eclipse on Center Park Condominium project (the "Project") in
Arlington, Virginia. The judgment resulted from litigation
initiated by Comstock Potomac Yard in September of 2008 against
Balfour as a result of delays to the Project. The terms of the
settlement are confidential except as disclosed in accordance with
applicable securities laws pursuant to a Form 8-K filed with the
Securities and Exchange Commission by the Company. Comstock Potomac
Yard was represented by Stephen Seeger of Seeger, Faughnan and
Mendicino, P.C.
"We are excited about this matter being resolved because of the
positive impact to our balance sheet," said Christopher Clemente,
Comstock's Chairman and Chief Executive Officer. "This settlement,
along with other recently announced enhancements to our capital
base, positions Comstock to move forward focusing entirely on new
opportunities and enhancing shareholder value."
About Comstock Homebuilding Companies, Inc.
Established in 1985, Comstock is a multi-faceted real estate
development and services company. Our substantial experience in
building a diverse range of products including multi-family,
single-family homes, townhouses, mid-rise condominiums, high-rise
condominiums and mixed-use (residential and commercial)
developments has positioned Comstock as a prominent real estate
developer and homebuilder in the Washington, DC market. Comstock
Homebuilding Companies, Inc. trades on NASDAQ under the symbol
CHCI. For more information on the Company or its projects, please
visit www.comstockhomebuilding.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties that may cause actual
future results to differ materially from those projected or
contemplated in the forward-looking statements. Additional
information concerning these and other important risks and
uncertainties can be found under the heading "Risk Factors" in the
Company's most recent Form 10-K, as filed with the Securities and
Exchange Commission. Comstock specifically disclaims any obligation
to update or revise any forward-looking statements, whether as a
result of new information, future developments or otherwise.
Contact: Joe Squeri Chief Financial Officer 703.230.1229
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